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Posts tagged with ““Saved Jobs””

Quote of the Day

From a memo to House Republicans by Alan Meltzer, Economics Professor at Carnegie Mellon University.

There is no greater recognition of the failure of the stimulus program to create jobs than the efforts to mislead the public into believing the program had saved thousands, or millions, of jobs.One can search economic textbooks forever without finding a concept called “jobs saved.” It doesn’t exist for good reason:  how can anyone know that his or her job has been saved? The Administration can make up any number it pleases.  The number has no meaning.  The Council of Economic Advisers gets a number for jobs saved using the same model that Dr. Christina Romer and Jared Bernstein used when they forecast that the $787 stimulus program would keep the worst unemployment rate in this recession at about eight percent.  But as we all know, since that bill became law, our economy has shed some three million jobs and the unemployment rate is nearing double digits.

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Our National Punchline for Today

Just got this email from Politico.

White House officials, under pressure from the economy’s continuing job losses, plan to announce Friday that President Barack Obama’s $787 billion stimulus plan “has created and saved at least 1 million jobs” since he signed it in February.

You can read the entire article at Politico here.

How did they come to this number?  We have no idea.  The AP has already debunked the first round of numbers.

Hell, even CBS News isn’t buying it.

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