Happy Birthday, Mr. Stimulus

It’s time to blow out the candle on the One Year Anniversary (Belatedly I know) of the Greatest Economic Recovery Program ever created, The Stimulus Package, Over $800 Billion dollars over pure Liberal love that saved not only the country but the universe itself!

House Majority Leader Steny Hoyer of Maryland: The Recovery Act has already worked to save or create as many as 2.4 million jobs, according to the non-partisan Congressional Budget Office.  In one year, the Recovery Act has provided $120 billion in tax cuts for 95% of working families as well as businesses across the country; loaned nearly $20 billion to small businesses to expand and create jobs; funded more than 12,500 transportation projects nationwide; kept teachers, police officers, and firefighters on the job; and accomplished much more. (USAToday)

The Greatest thing since sliced bread!

“So far, the Recovery Act is responsible for the jobs of about 2 million Americans who would otherwise be unemployed.” — President Obama

  • Context:  Both government and private economists have made wide-ranging estimates for jobs created and saved by the stimulus. The non-partisan Congressional Budget Office (CBO), for example, has estimated that the stimulus was responsible for between 800,000 and 2.4 million jobs in 2009. The White House Council of Economic Advisers pegs the range at between 1.5 million and 2 million

What is “saved or created” but Orwellian BS??

“We gave relief to states that were struggling to balance their budgets — relief that has allowed 300,000 teachers and education workers to keep their jobs, as well as tens of thousands of cops and firefighters and first responders and correctional officers.” — Obama

  • Context: About 389,000 jobs were reported saved or created in the last quarter of 2009 by recipients of $25.5 billion in aid from the Education Department. But funding runs out in 2011, leaving some states and school districts worried that they will have to cut programs and lay off teachers. “That’s something that we’re watching and we’re concerned about,” Obama said. For example, Education Secretary Arne Duncan visited a Virginia school Wednesday, touting a stimulus-funded program that provides extra classroom time for students. That program will be eliminated next year, however. “It’s not because we didn’t think this was a good program,” Fairfax County school spokesman Paul Regnier said. “There isn’t enough money.”

So you’re just delaying the  inevitable.

Charles Krauthammer:  This idea of jobs saved or created — the Bureau of Labor Statistics has hundreds of numbers and statistics. It does not have a statistic dealing with, say, jobs. And the reason is that it can’t be measured. It doesn’t exist. It’s a fiction.

The administration repeats it saved a million jobs, a million and a half or two million. All we know for sure is that the huge expenditures that were given to states to bail out the ones that had overspent or were almost bankrupt did for a year or two of the stimulus keep a lot of bureaucrats and state governments employed.

So, perhaps you could say, well, in the midst of a real recession you wanted to bottom out the trough, but $1 trillion dollars is a high price for a very small and temporary effect.

Mort Kondrake: Now, the problem here is that if the Obama administration claims that 2 million jobs have been saved, let’s accept that, that number, although we can’t prove it. You spend $282 billion — if my math is correct, that’s something like $140,000 per job saved, which seems like an awful lot of money.

Brett BAIER: Charles, quickly, the administration and top Democrats on Capitol Hill are not calling it another stimulus, but the jobs bill is shaping up to be much like the first one, isn’t it?

KRAUTHAMMER: It’s exactly the same idea with a new name. They understand that stimulus is not good PR. People hate stimulus. As you said, six percent believe it worked, seven percent of Americans believe Elvis is alive, so it’s, you know, neck and neck in those two beliefs.

They rename it a jobs bill. It’s the same idea. And I think there is a lot of skepticism as to whether you can really have a government create a job that is going to be a real job as opposed to just hanging on to a bureaucratic job for a year or two.(FoxNews)

So here it is by the Numbers (atr.org):

$787 billion      size of the “stimulus” package as signed into law on February 17, 2010
$862 billion     size of the “stimulus” package per CBO’s updated January review
$288 billion     claimed total tax cut amount in “stimulus” package
$214.6 billion     actual total tax cut amount in “stimulus” package (some of the tax cuts were in fact spending)
3.6 million     jobs “stimulus” package was supposed to create per the Administration’s estimations
3.3 million     number of jobs lost since signing of “stimulus” package
67,000          number of federal civilian employees added since “stimulus” package was signed
$270.7          billion cost to taxpayers* for these new government employees
7.6 percent     unemployment rate at signing of “stimulus” package
8 percent     rate under which unemployment was supposed to be held with “stimulus” package in place
10.2 percent     highest unemployment rate since signing of “stimulus” package
9.7 percent     current unemployment rate
440             number of non-existing Congressional districts in which the “stimulus” package was supposed to  have “saved and created” jobs according to Recovery.gov
$224,525.22     cost per job “saved or created” in 440 phantom districts
94,341 (and counting) number of jobs clearly not saved/created by “stimulus” package
6 percent     number of Americans who think the “stimulus” package has actually created jobs
$17 billion     Cost added to “stimulus” package due to Davis-Bacon prevailing wage requirements

It worked so well, let’s call Stimulus II: the Sequel a “Jobs” bill!

Orwell would be proud.

And aren’t you happy that all that debt was worth it!! 🙂