You know those stories you’ve been hearing about the hundreds of thousands of jobs we’ve lost over the past few months? Well, you don’t know how lucky you are.
The Obama administration’s fiscal stimulus plan will meet previous estimates to save 3.5 million U.S. jobs by the end of 2010, but the unemployment rate at that time may be higher due to further deterioration in the economy, a senior administration official said on Monday.
The official said the administration was monitoring closely the results of the $787 billion spending and tax-cut package to determine whether additional actions are needed as “mid-term” economic forecasts are prepared by the White House.
Ah, yes, the magic “save or create” phrase again. Notice how the “create” part has disappeared entirely? Just consider that another campaign promise thrown under the bus. Now we’re down to the fairy-dust claim that the administration has saved almost 4 million jobs.
How do we know? What proof can the administration offer?
I don’t know, but I have the feeling that when it arrives, it will smell like unicorn farts and look kind of rainbow-y.
On the other hand, I do have evidence that the President hasn’t saved any jobs. Interestingly enough, the evidence comes from the President himself, thanks to a some nice work done by Geoff at Innocent Bystanders.
These are the numbers laid out by the Obama administration(pdf link) to sell us on his trillion-dollar spending plan. You can see what they thought unemployment would be with and without it.
See those red triangles? Geoff added those. They represent the actual unemployment numbers for March and April this year. As you can see, unemployment with President Obama’s ridiculous spending plan is exactly the same as he said it would be without it. So, either the President estimate was laughably wrong or he and the Democrats spent a trillion dollars for nothing at all.
Oh, speaking of laughably wrong, the CBO just re-estimated how big a deficit President Obama’s new budget is going to create. The old estimate was $1.2 trillion. The new one?
That’s only a little, bitty nudge, right? What’s $600 billion dollars?
That budget, by the way, doesn’t fully include his plan to nationalize health care or any revisions to Social Security or Medicare that will have to happen to keep those programs from blowing a hole in the hull of our economy.
Again, a picture.
Of course, conservatives were over here telling you all that the President’s economic plan was full of crap, but you weren’t listening. Are you listening now or are you still under the delusion that people who voted for the trillion dollar fraud are somehow “moderates” and should be trusted with even more of your money?