Obama’s Top Economists Reveal Hefty Price Tag For Failed Stimulus Debacle
Since liberal U.S. Rep. Tammy Baldwin (D-WI) helped President Barack Obama ram his $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 the Obama-Baldwin 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.
“Tammy Baldwin will have a tough time finding many Wisconsinites who agree with her and President Obama that it was a good idea to spend $787 billion to lose 1.9 million jobs, or that it is reasonable to spend $278,000 in taxpayer money for each temporary stimulus job she now touts,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond. “This is yet another reminder that Wisconsin families and small businesses simply cannot afford any more of Tammy Baldwin and the Democrats’ costly, failed economic agenda in Washington.”