Re: ROSENGREN SAYS STALEMATE COULD HURT ECONOMY
posted at 10/2/2013 10:04 PM EDT
93% of economists...who were these economists? Were there any conservative economists, or was the usual gang of Government suckups polled?
Joe Biden said the Obama stimulus economic policy came directly from their "genius" advisor ... Jon Corzine !!
Lawrence Lindsey, who served as economic adviser to President George W. Bush, argued in a Weekly Standard essay that the proposition made by Obama's stimulus was absurd on its face.
"Everyone except flacks for the White House knows that the 2009 stimulus package failed miserably to produce the promised results,"
They made a rock solid promise thta the stimulus would make unemployment under 6%, instead it went up over 10%...but facts dont matter, if you spend a trillion to bribe Dem interest groups, all is well..
"But even if you buy the White House's argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide."
As time passes, the math on Obama's stimulus plan gets worse -- even if you accept the most optimistic analysis of how many jobs it has created.
In the second quarter of 2012, CBO estimates, somewhere between 200,000 to 1.2 million people have jobs they otherwise would not have were it not for the stimulus. Assuming, optimistically, that the number is 1.2 million, that means each of those jobs cost taxpayers $692,500.
As time goes on, the maximum number of jobs sustained by Obama's stimulus will decline rapidly. By the first quarter of 2013, it will sustain between 100,000 and 600,000 jobs, says CBO. If it is 600,000, each of those jobs will have cost taxpayers $1,385,000. By the fourth quarter of 2013, the maximum number of jobs it sustains will be 400,000 -- at a cost to taxpayers of $2,077,500 per job.
It is true that Obama entered office in the midst of a deep recession.
But, according to the National Bureau of Economic Research, that recession ended in June 2009... Since then, America has been in a "growth" cycle, but a pathetic one. Real gross domestic product growth peaked at 3.9 percent in the first quarter of 2010, and Obama is now in real danger of being the first U.S. president since World War II not to see at least one quarter of economic growth at 4 percent or higher in a first term.