Happy First Birthday “Stimulus”!

The “stimulus” worked exactly as intended. What, you didn’t think it was supposed to create jobs, did you?

/Michael Ramirez

Why Defend The Failed Stimulus?

Recovery: Is the president right when he says the stimulus kept the U.S. from falling into a depression? No. In fact, too much government tinkering and spending, not too little, has given us the jobless recovery we have now.

Democrats in charge of both the White House and Congress are firing all their guns at once to tout the benefits of the $862 billion stimulus package passed a year ago this week. They’ve even planned a 35-city tour to support it. Their message?

“One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility,” President Obama said Wednesday. The stimulus act has created 2 million jobs, he claimed, predicting 1.5 million more this year from the program.

Is it just a coincidence that the 3.5 million jobs he is claiming is exactly what the White House predicted early last year? We doubt it. But whatever the case, Obama’s claims are false.

Start with this: Stimulus didn’t save us from an economic cataclysm. Obama himself said so back in March, noting that the economy was “not as bad as we think,” and that he was “highly optimistic.” It’s clear he didn’t think we were on the brink of a Depression.

He was right. In an editorial at the time, we pointed to 13 separate economic indicators signaling an imminent economic recovery — with all of them flashing before the stimulus was in place.

We knew at the time that our resilient private economy would climb out of its hole, and that politicians would try to claim credit. That’s why we wrote: “No politician who voted for these job- and growth-killing measures should claim any credit for our eventual rebound.” Following Wednesday’s fact-bending dog-and-pony show, we think that bears repeating.

The claim that stimulus has “created or saved” 2 million jobs is complete fiction. It rests on the obviously false idea that money can be taken from the productive private sector and given to the nonproductive public sector and create a net gain in jobs.

Based on the imaginary existence of a so-called “Keynesian multiplier,” this kind of thinking hypothesizes jobs that don’t really exist. Sadly, when we count actual jobs, the reality is a bit starker: 8.4 million jobs lost since December 2007, the start of the recession. And more than 4 million lost since the start of 2009.

So when Vice President Biden says Americans are “getting their money’s worth” from stimulus, it should be treated as a punch line — not a policy view.

Hey “Gordon Gecko” Obama, why do you need to wreck this country?

/because it’s wreckable, alright!

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The First Stimulus Has Been A Total Disaster So Naturally Democrats Plan To Waste Even More Borrowed Money On More Useless Stimulus

Hey, I know, the first “stimulus” isn’t working, so let’s spend more money we don’t have on a second “stimulus”. Nevermind that we haven’t even spent one third of the first trillion dollar “stimulus” yet.

Insanity: doing the same thing over and over again and expecting different results.

/Albert Einstein

STIMULUS WATCH: Unemployment Unchanged by Projects

A federal spending surge of more than $20 billion for roads and bridges in President Barack Obama’s first stimulus has had no effect on local unemployment rates, raising questions about his argument for billions more to address an “urgent need to accelerate job growth.”

An Associated Press analysis of stimulus spending found that it didn’t matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry, the analysis showed.

With the nation’s unemployment rate at 10 percent and expected to rise, Obama wants a second stimulus bill from Congress including billions of additional dollars for roads and bridges — projects the president says are “at the heart of our effort to accelerate job growth.”

Transportation Secretary Ray LaHood defended the administration’s recovery program Monday, writing on his blog that “DOT-administered stimulus spending is the only thing propping up the transportation construction industry.”

Road spending would total nearly $28 billion of the Jobs for Main Street Act, a $75 billion second stimulus to help lower the unemployment rate and improve the dismal job market for construction workers. The Senate is expected to consider the House-approved bill this month.

But AP’s analysis, which was reviewed by independent economists at five universities, showed the strategy of pumping transportation money into counties hasn’t affected local unemployment rates so far.

“There seems to me to be very little evidence that it’s making a difference,” said Todd Steen, an economics professor at Hope College in Michigan who reviewed the AP analysis.

And there’s concern about relying on transportation spending a second time.

“My bottom line is, I’d be skeptical about putting too much more money into a second stimulus until we’ve seen broader effects from the first stimulus,” said Aaron Jackson, a Bentley University economist who also reviewed AP’s analysis.

And what if your “stimulus” isn’t creating even a fraction of the jobs you promised? Well, as they say, if you can’t dazzle them with your brilliance, baffle them with your bull[expletive deleted]!

White House Inflates Stimulus Job Creation With Accounting Gimmicks

The Obama administration is changing the way it counts jobs created or saved by stimulus spending in a way that will make the programs look far more successful.

Under the old rules, only jobs that were actually newly created or not lost because of stimulus money were counted. Now the administration plans to count all jobs for projects funded by stimulus money—even if that job already existed and the person was never in danger of losing the job.

The changes were made in a little noticed memo sent to federal agencies by OMB director Peter Orszag, according to a new report from ProPublica.

See also:
More Stimulus? Analysis Finds Funds for Roads, Bridges Has Had No Impact
Stimulus? There’s No Stimulus Here
Where Are The Stimulus Jobs?
U.S. road projects don’t help unemployment
Study: Road projects don’t help unemployment
No Unemployment Impact from Road and Bridge Spending
White House Changes Stimulus Jobs Count
White House changes how stimulus jobs are counted
Farewell “Saved or Created”: Obama Administration Changes the Counting of Stimulus Jobs
Counting jobs
White House panics on jobs
SUBJECT: Updated Guidance on the American Recovery and Reinvestment Act – Data Quality, Non-Reporting Recipients, and Reporting of Job Estimates

/Democrat’s “stimulus”, throwing money in the money hole, what’s the difference?