Obama’s Top Economists Reveal Hefty Price Tag For Failed Stimulus Debacle
Since liberal U.S. Senator Bob Casey (D-PA) 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-Casey 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, Casey’s wasteful deficit spending in Washington stands in stark contrast to his campaign rhetoric as he ran for the Senate in 2006, when he said “we’ve got to move this country in a brand new direction. We cannot stay on this road of deficit and debt,” and promised “I believe in a balanced budget. Government should live within its means, like any small business.”
“Senator Casey will have a tough time finding many Pennsylvanians who think it was a good idea for him and President Obama to spend $787 billion to lose 1.9 million jobs, or that it was reasonable for him to spend $278,000 in taxpayer money for each temporary stimulus job he now touts,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond. “Casey 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 President Obama’s wasteful deficit spending.”
Background Information:
Casey Campaign Ad: “I Believe In A Balanced Budget. Government Should Live Within Its Means, Like Any Small Business.” MR. RUSSERT: “Let me find out how you would implement something that you’re promising the voters of Pennsylvania. Here’s a Casey campaign ad about our budget.” (Videotape, Bob Casey campaign ad): MR. CASEY: “I believe in a balanced budget. Government should live within its means, like any small business.” MR. RUSSERT: “How would you get a balanced budget?” MR. CASEY: “It’s not easy, Tim, but here are the steps we should take. First of all, when it comes to the budget, what’s missing principally is a lack of fiscal responsibility, you know that. We’ve gone from about two, 236 of, of surplus down to 296 in deficit. We need some fiscal discipline.” (2006 Pennsylvania Senate Debate, “Meet The Press,” 9/3/06)
- Video Here: http://www.youtube.com/watch?v=mPYUwCYLBOk
In 2006, Casey Attacked His Opponent For Voting To Raise The Debt Ceiling. MR. CASEY: “I’m for, I’m for fiscal responsibility. Hey, Rick, you’re–there’s only one guy sitting at this table running for the Senate who voted for those record deficits and voted to raise the debt number more in, in a couple of years than every president from George Washington to, to Bill Clinton. You’ve got a lot of explaining to do. I’m, I’m the one who’s been fiscally responsible in my work. You ought to try it.” (2006 Pennsylvania Senate Debate, “Meet The Press,” 9/3/06)
- Video Here: http://www.youtube.com/watch?v=De7Fa_6Tnwg
Casey: “We Have To Take A Different Course. I Really Believe That We’ve Got To Move This Country In A Brand New Direction. We Cannot Stay On This Road Of Deficit And Debt And Division.” (Pennsylvania Senate Debate, www.c-spanvideo.org, 10/12/06)
- Video Here: http://www.youtube.com/watch?v=5D4-Q3piPjg
