Obama’s Top Economists Reveal Hefty Price Tag For Failed Stimulus Debacle
Since liberal U.S. Senator Joe Manchin (D-WV) lobbied on behalf of President Barack Obama’s $787 billion stimulus, 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-Manchin 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, Manchin’s support for wasteful deficit spending in Washington stands in stark contrast to his campaign rhetoric as he postures in advance of a tough reelection bid.
“Senator Manchin will have a tough time finding many West Virginians who agree with him and President Obama that it was a good idea to spend $787 billion to lose 1.9 million jobs, or that it’s 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. “As he prepares to appear side-by-side on the ballot with his friend President Obama next year, Manchin is attempting to paint himself as fiscally responsible, but he’s done the exact opposite with his rubberstamp support for Obama’s wasteful deficit spending in Washington.”
Background Information:
In December 2008, Manchin Said Obama’s Plan For An Economic Stimulus Package With Funding For Infrastructure Projects Would Jumpstart The U.S. Economy Immediately By Creating Jobs And Demand For Construction Materials. “After meetings with President-elect Barack Obama on Monday and Tuesday, Gov. Joe Manchin said he is convinced Obama will move quickly on economic stimulus packages for the states. Manchin said federal funding for highway construction and other infrastructure projects would jump-start the U.S. economy by immediately creating jobs and demand for construction materials. ‘With infrastructure projects, these jobs are ready to go tomorrow,’ Manchin said Tuesday afternoon, after Obama met with the Democratic Governors Association Monday evening and the National Governors Association Tuesday morning in Philadelphia.” (Phil Kabler, “Obama Will Help, Manchin Says,” The Charleston [WV] Gazette, 12/3/08)
- “Manchin Said, ‘He’s [Obama’s] Not Just Throwing Money At This (Recession). He Wants To Make Sure There Are Investments And Value.’” (George Hohmann, “Manchin Says Obama Here To Help,” Charleston [WV] Daily Mail, 12/3/08)
