Obama’s Top Economists Reveal Hefty Price Tag For Failed Stimulus Debacle
Since liberal U.S. Senator Bob Menendez (D-NJ) helped ram his party’s $787 billion stimulus into law, America has lost nearly 1.9 million jobs and our national debt has skyrocketed to a record-high $14.3 trillion. Now, President Obama’s own top economists estimate that Menendez and the Democrats’ stimulus debacle cost taxpayers an average $278,000 per job.
As the Weekly Standard notes:
The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job. In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the “stimulus,” and taxpayers would have come out $427 billion ahead.
Notably, Menendez’s wasteful deficit spending in Washington stands in stark contrast to his campaign rhetoric as he ran for the Senate in 2006, when he routinely presented himself as a proponent of fiscal responsibility.
“Senator Menendez will have a tough time finding many New Jersey taxpayers who appreciate his decision to spend $787 billion to lose 1.9 million jobs or agree with him that it is reasonable to spend $278,000 in taxpayer money for each temporary stimulus job he now touts,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond. “Menendez came to the Senate on a promise to bring fiscal responsibility to Washington, but he’s done the exact opposite with his rubberstamp support of his party’s tax hikes and wasteful deficit spending.”
As a reminder, Menendez is the only sitting U.S. Senator currently under federal investigation by the U.S. Department of Justice.
Background Information:
MENENDEZ: “And Lastly The Enormous Debt That The President Is Generating By Virtue Of His Fiscal Policy Is The Debt That Their Children And Grandchildren Will Pay. I Think That That’s Immoral.” (ABC’s, “This Week,” 9/24/06)
MENENDEZ: “What’s Irresponsible Is The Republican Attitude Of The Credit Card Mentality They Have For The Future.” (Herb Jackson, “Tax Policy Sharply Divides Menendez And Kean,” The [Bergen County, NJ] Record, 10/13/06)
