While the press is focused on Michael Jackson's passing, the Electric Chair tax and health care, how quick we let go of the sinking Stimulus Ship...(version 1..version 2 is pending..)
The Obonomy has lost more jobs and the unemployment rate is significantly higher than was originally predicted than would be the case if Washington did nothing. In fact, the original projections of Obama's economic pinheads/pencil necked geeks have turned out to be off the mark.
The Obama defense team counters that the economy was worse than it realized at the time it was making its projections, and that the present jobs picture would be worse without the stimulus spending.
The Great One has said that "the American Recovery and Reinvestment Act has saved or created nearly 150,000 jobs." That stat smells of dog crap. The President's Council of Economic Advisers never actually counted those 150,000 jobs. It's a rough projection based on calculations made before the Savior-elect even took office on January 9, 2009.
The Romoer-Bernstein study guessed (among other things) a "rule of thumb" that a one percent increase in economic output (measured by gross domestic product or GDP) roughly equals 1 million jobs. Those are pretty numbers or otherwise known as "fuzzy math." The study authors even said that "Our estimates of economic relationships and rules of thumb are derived from historical experience and so will not apply exactly in any given episode."
Their "fuzzy math" was not even close.
The Obama drool team originally estimated, as an example, that unless a stimulus plan was enacted, the unemployment rate would reach nearly 9 percent sometime in the first three months of next year. But even with the HUGE spending package now in place, the jobless rate blew up to 9.4 percent in May according to the figures from the U.S. Bureau of Labor Statistics.
There are two charts which show just what I am talkin about.
You can see just how far off the Obama genuis team has been.
In the three months after the stimulus bill was signed on February 18th, , the economy lost more than 1.5 million jobs! So even if the Obama's 150,000-jobs claim is correct, that's about 10 percent of the total jobs lost.
Now back to the Michael Jackson death.....
