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HomeOff Topics News & Politics › $787 Billion in Stimulus, Zero Jobs “Created or Saved”
01-12-2010 03:44 PM  8 years agoPost 1
Dennis (RIP)

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Oregon

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$787 Billion in Stimulus, Zero Jobs “Created or Saved”

Posted January 12th, 2010 at 10:34am

From The Heritage Foundation:
http://blog.heritage.org/2010/01/12...=Morning%2BBell

On February 11th, President Barack Obama stood on a windy hilltop in front of a dusty construction site in Fairfax County, Virginia, and promised the American people: “Here in Virginia, my plan will create or save almost 100,000 jobs, doing work at sites just like this one.” Standing alongside current Democratic National Committee Chairman and former-Gov. Tim Kaine, the President continued: “Where we’re standing, that could mean hundreds of construction jobs. And the benefits of jobs we create directly will multiply across the economy.” Eleven months later, none of those promised jobs have been “created or saved.” In fact, the Obama administration quietly announced last week that they were dropping the fraudulent “saved or created” terminology altogether.

The failure of Obama’s $787 billion stimulus is particularly acute in Virginia where, as Heritage fellow Ron Utt has documented, despite $695 million in allocated infrastructure funding, only 16% of designated projects had begun. House Transportation and Infrastructure Committee Chairman James Oberstar (D-MN) even publicly complained about Virginia’s slow transportation spending, writing to Gov. Kaine: “your state ranks last among all states [51 out of 51, including the District of Columbia], based on an analysis of the percentage of Recovery Act highway formula funds put out to bid, under contract and under way.”

But even where infrastructure spending has been spent, the hard evidence shows that there has not been any positive effect on unemployment. According to an Associated Press analysis reviewed by independent economists at five universities, the $20 billion spent nationwide on infrastructure so far “has had no effect on local unemployment rates.” And this was just the most recent embarrassing headline for the White House’s signature economic policy. Since the first reporting deadline in October, newspapers and other media outlets across the country have identified 94,341 fake jobs reported by the Obama administration as jobs “created or saved” by the stimulus. After the Government Accountability Office issued a report finding “significant reporting and processing problems that need to be addressed,” Obama administration spokesman Ed Pound offered this defense of the Obama administration’s jobs numbers: “Who knows, man, who really knows.”

Now Office of Management and Budget Director Peter Orszag issued a little-noticed memo last month ending the “saved or created” metric and instead directing agencies to count only jobs “funded” by stimulus dollars. But as Harvard University labor economist Lawrence Katz tells ProPublica, this is not really an improvement: “I just think it’s a silly exercise.” Instead Katz says a more accurate way to account for the effect of the stimulus is to look at the unemployment numbers put out by the Bureau of Labor Statistics.

That is a great idea. The latest BLS report issued last Friday found that the U.S. economy dropped 85,000 jobs in December, bringing the jobs lost total to 2.7 million since the stimulus was passed and 3.4 million since Obama became President. In contrast, the President’s White House Council of Economic Advisers had promised total employment of at least 138.6 million by 2010. Actual employment as of December was reported to be 130.9 million, leaving the Obama jobs deficit at 7.7 million.

The problem with infrastructure spending as stimulus, and really government spending as stimulus, is that Congress does not have a vault of money waiting to be distributed. Every dollar Congress injects into the economy must first be taxed or borrowed out of the economy. No new spending power is created. It is merely redistributed from one group of people to another. Businesses are telling pollsters that among the biggest reasons they are not creating jobs is the prospect of new tax and regulatory burdens. A better solution to reduce unemployment is to simplify and reduce the barriers to business success.

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01-12-2010 04:37 PM  8 years agoPost 2
dilberteinstein

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"Stimulus"?

Perhaps the word should be "StimuBust"!

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01-12-2010 04:45 PM  8 years agoPost 3
SteveH

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Texas

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And I heard the Moron wants even more Simuless money!

November won't come near soon enough.

The government cannot give you anything without first taking it from someone else.

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01-12-2010 05:17 PM  8 years agoPost 4
ScottV

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El Dorado Hills, CA

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If there would have been no stimulus money, do you think the unemployment would have been the same, worse, or better that what it is now?

I am asking a real question, not trying to be funny. What do you guys that follow all the political action really think.

So long and thanks for all the fish!
`·.¸¸.·´¯`·.. ><((((º>`·.¸¸.·´¯`·.¸><((((º>

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01-12-2010 05:20 PM  8 years agoPost 5
Dennis (RIP)

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Oregon

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If there would have been no stimulus money, do you think the unemployment would have been the same, worse, or better that what it is now?
Not being an expert, I would say it would be a wash. No difference. Any jobs created by the so called stimulus, would be temp jobs and go right back on unemployment.

Besides, "Job Saved" cannot be measured with any accuracy. Its just a nonsensical political statement that no body believes except the loons in Washington.

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01-12-2010 08:28 PM  8 years agoPost 6
1stPlace

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Ohio USA

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If there would have been no stimulus money, do you think the unemployment would have been the same, worse, or better that what it is now?
Unemployment would be lower because the value of the dollar would not be falling as fast. The worst effect from the stimulus is because of the "new money" that is being printed. Every dollar that is printed devalues existing dollars in the economy. The U.S. dollar is down 20 percent against the euro in the past 12 months. Now, the federal reserve is printing another 2 trillion dollars. That is going to result in hyper inflation. Just like the 1970's, we are going to see double digit interest rates. only this time, much more money has been printed. When it is pulled back out of the economy, get ready for all hell to break loose!

We would have already seen an upswing in the economy had the government not bailed out the banks and created a false stimulus program. The stimulus money that has been spent, along with the bank bailouts has only lined the pockets of ultra-wealthy bankers and businessmen. It has not trickled down into the economy. Nor, has it been used to create jobs.

The stimulus bill is bad, really bad. I would be very surprised if the economy ever recovers. We are more likely to see the system collapse, and a new world currency used instead of individual countries printing their own currencies.

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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01-12-2010 09:12 PM  8 years agoPost 7
nick79$

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Cedar Falls Iowa USA

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I dont understand what is so hard about this concept... a ton of jobs went overseas. So we dont have not enough here, wich means nobody has any money to buy products from the few American companies that are still here.
Why cant we force all companies to bring jobs back or place huge tarrifs on any goods that are imported. Forget tax credits, with all of the loopholes, they seem to keep jobs overseas and get the tax credit.

I'm sure someone will ask whats this guys background??

OK,, Dad was a union worker so ofcourse I grew up hearing that stuff. Also I'm a production Manager at a company that does do out sourcing. So I can see both sides, companies need to be profitable, but why not level the playing field so nobody can outsource. That way they are profitable here and our economy does well.

I'm not trying to start sh7t here, I'm just curious to hear why this would not work.

Nick

'If something hasn't broken on your helicopter, it's about to.'

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01-12-2010 09:17 PM  8 years agoPost 8
Dennis (RIP)

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Oregon

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I'm not trying to start sh7t here, I'm just curious to hear why this would not work.
Because its supposedly a free market. You put government involvement in it, you can wreck havoc. Much like it is now.

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01-12-2010 09:35 PM  8 years agoPost 9
1stPlace

rrApprentice

Ohio USA

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I dont understand what is so hard about this concept... a ton of jobs went overseas. So we dont have not enough here, wich means nobody has any money to buy products from the few American companies that are still here.
That's correct.
Why cant we force all companies to bring jobs back or place huge tarrifs on any goods that are imported.
Our politicians are hell bent on leveling wages of workers throughout the world at our expense.
Forget tax credits, with all of the loopholes, they seem to keep jobs overseas and get the tax credit.
Tax cuts always boost the economy. But, no amount of reduction in taxes is going to make the U.S. competitive with countries where workers only make a couple of dollars a day.
why not level the playing field so nobody can outsource. That way they are profitable here and our economy does well.
American wages have been artificially inflated over the past 50 years by union demands and wage legislation. We cannot compete on a global level any longer. It is time to pay the piper, and there isn't a damn thing we can do about it. Our country is being downsized now, just like American companies have done over the past 40 years to American workers.

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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01-12-2010 09:41 PM  8 years agoPost 10
nick79$

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Cedar Falls Iowa USA

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What if free market, (business) is responsible for this? After all if the owners are making good money, they dont give two craps about everyone else. Sounds harsh but every place I've ever worked,, thats how it is. And I hate to say it if I was a business owner I'd prob. do the same thing.

'If something hasn't broken on your helicopter, it's about to.'

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01-12-2010 09:52 PM  8 years agoPost 11
1stPlace

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Ohio USA

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What if free market, (business) is responsible for this?
It's not because of a free market. In a free market, minimum wages would not exist. Import/Export tariffs would not exist. Excessive taxes would not exist. The economy is crashing because the American market has been artificially inflated for nearly a hundred years by government meddling.
After all if the owners are making good money, they dont give two craps about everyone else. Sounds harsh but every place I've ever worked,, thats how it is.
That may be how it is where you have worked. But, there have been years where my employees made a heck of a lot more than I did. The company that my wife worked for (with over 400 employees), the owners went without pay for months at a time, in order to insure that the company had operating capital and they could pay their employees.
And I hate to say it if I was a business owner I'd prob. do the same thing.
I doubt that... The fact of the matter is, most business owners struggled for years before they succeeded. They took the financial risks, the family hardships, and poured everything into their success. They should reap just rewards for that. But, most workers never seem to take that into consideration when they think about their "rich" bosses.

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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01-12-2010 10:37 PM  8 years agoPost 12
nick79$

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Cedar Falls Iowa USA

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It just sucks that nothing works!!! thats all there is to it.

There was my political rant for the year!!!!!! LOL

Thanks,
Nick

'If something hasn't broken on your helicopter, it's about to.'

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01-12-2010 10:43 PM  8 years agoPost 13
Dennis (RIP)

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Oregon

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I doubt that... The fact of the matter is, most business owners struggled for years before they succeeded. They took the financial risks, the family hardships, and poured everything into their success. They should reap just rewards for that. But, most workers never seem to take that into consideration when they think about their "rich" bosses.
No offense to workers. I was one once myself.

But, most workers do not have a clue to the hard work and what it takes to create and run a business.

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01-12-2010 10:47 PM  8 years agoPost 14
1stPlace

rrApprentice

Ohio USA

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It just sucks that nothing works!

It's not that nothing works. A responsibly regulated market does work. By not putting tariffs on countries where the workers earn slave wages, we are condoning those wages. Most of China has a minimum wage of about $.80 an hour. We never should have allowed American companies to outsource to countries where wages are that low and child labor is normal. We shot ourselves in the feet by allowing that to happen. As long as consumers keep buying the lowest priced goods, we will continue to support slave labor.

Until we demand responsible government, responsible businesses and responsible consumers, the only thing that's going to change, is that America is going to keep getting poorer.

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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01-12-2010 11:48 PM  8 years agoPost 15
dilberteinstein

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texas - USA

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Our politicians are hell bent on leveling wages of workers throughout the world at our expense.
Absolutelyyyyy.

But other countries' (China, India, others) leaders are going in the other direction to bend things to help their businesses....can you blame them?

There is such a "hate" against American companies by our government. The USA corporate tax is the SECOND highest in the world.

Our corporate tax is second only to Japan. We are higher than France!

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01-13-2010 01:49 AM  8 years agoPost 16
baby uh1

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St. James, Mo.

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There is no reason that a buisness owner shouldn't expect a reasonable return on his/her's investment. Workers walk in from the street and expect to make as much as the people who spent their lives making a buisness work! The unions ran the American auto companies out of buisness and the socialists in DC are finishing off any chance American companies would have had to compete in the world market. Now you can't go back and try to put tariffs on countries like China because they will call in our debt and wipe us out.
Just be ready to work much harder for much less in the future!

Anything is possible if you don't know what you are talking about!

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01-13-2010 01:56 AM  8 years agoPost 17
oysifly

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Bentonville, AR

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We own part of a Car Company and have paid out Billions in bonus' to people who have taken tax money for their own gain. This Stimulus package is the worst thing that ever happened to our country....our kids kids will be paying for it.

What should have happened is divide that money into the amount of people that live in the US and given 'cash in hand' to the people, that would have stimulated the economy!!!

There are 305 million people in the US, take that divided by the $787 billion...Equals $2580 for every american in the country!! Tell me that would not have stimulated the economy.... Democrats are idiots

Quick...here comes my wife....hide that new Heli !!!!

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01-13-2010 02:08 AM  8 years agoPost 18
flustercluck

rrVeteran

Newnan Ga (Just S. of ATL)

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If you're going to explode the deficit, why not do it with TAX CUTS (payroll, personal income, corp income) that stimulate demand by putting more money in the hands of consumers- precisely when they need it most?!?!?!

Scrap this stupid Keynsian deficit spending for these make-work jobs! Sheesh! Do I have to figure everything out for you people????

Ok I think I'm better, now that the nice men have shown up.

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