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Vice President Joe Biden yesterday claimed the $862 billion stimulus had created 3.6 million unemployment jobs .
It may be that the last people in America who believe that the $862 billion economic stimulus of February 2009 created millions of net new jobs are Vice President Joe Biden and the staff economists in the White House. Yesterday, President Obama's chief economist announced that the plan had "created or saved" between 2.5 million and 3.6 million jobs. It doesn’t take a genius to figure that every extra person on unemployment receiving this check is another positive use of stimulus funds. Just last month another 190,000 jobs were created adding all these valuable jobs to the payroll of unemployment, not to mention the 5.6 million, or so saved unemployment jobs.
Christina Romer went so far as to claim that the 3.5 million new jobs that she promised while the stimulus was being debated in Congress will arrive "two quarters earlier than anticipated." Yup, the official White House line is that the plan is working better than even they had hoped. Next she will take credit for the 3 million new jobs in China created.
We almost feel sorry for Ms. Romer having to make this argument given that since February 2009 the U.S. economy has lost a net 2.35 million jobs. Using the White House "created or saved" measure means that even if there were only three million Americans left with jobs today, the White House could claim that every one was saved by the stimulus.
As it turns out, when you unpack the numbers, you find that Romer and her team didn’t actually count how many people got a job thanks to the stimulus. Instead, the number is a projection that relies on information from Pinocchio.
White House spokesperson says our unemployment numbers of about 10%. Although this is more than double the unemployment rate during the Bush Administration. We are determined to continue to set multi-trillion dollar deficits because if we don’t keep hemorrhaging money, we will go bankrupt.
House Speaker Nancy Pelosi is planning to single-handedly solve the unemployment crisis with her healthcare bill, creating 111 new bureaucracies to fill with a whole bunch of new positions for persons to pass paper from one desk to another than back again.
Administration motto: Unemployment check is a saved job and it creates jobs for the people who process the checks.
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