Obama’s Top Economists Reveal Hefty Price Tag For Failed Stimulus Debacle
Since liberal U.S. Senator Debbie Stabenow rammed her $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, the White House’s own top economists estimate that the 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.” (Jeffrey Anderson, Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job, Weekly Standard, 07/03/11)
Notably, as a candidate for U.S. Senate in 2000 Stabenow bragged about her fiscal record. But since arriving in the Senate, Stabenow has broken her promise to Michiganders, joining her liberal Democrat colleagues as they continue to abdicate their basic responsibility to pass a federal budget.
“Senator Debbie Stabenow will have a tough time finding many Michiganders who think it was a good idea for her to spend $787 billion to lose 1.9 million jobs, or that it was reasonable for her to spend $278,000 in taxpayer money for temporary stimulus jobs,” said National Republican Senatorial Committee (NRSC) spokesman Jahan Wilcox. “Stabenow came to the Senate on a promise to bring fiscal responsibility to Washington, but she’s done the exact opposite with her rubberstamp support of President Obama’s wasteful deficit spending.”