A new economic report issued by the White House’s Council of Economic Advisors is causing quite a stir days after its July 1 release.
The “Seventh Quarterly Report” outlined for Congress the effects of the American Recovery and Reinvestment Act — also known as the “must pass” stimulus package — that was rushed through in 2009.
The report stated the “stimulus” added or saved 2.4 million public and/or private jobs. What it did not point out was that the figure was, in fact, a drop of more than 288,000 jobs from what it reported just two quarters ago. The direct price tag for this “stimulus” package is estimated at $666 billion or $278,000 per job. The indirect cost is seen in other economic data: 9.1 percent unemployment and a 70-percent increase in the national debt ($9.986 trillion to $14.34 trillion).
The Weekly Standard summarized it this way:
“Again, this is the verdict of Obama’s own Council of Economic Advisors, which is about as much of a home-field ruling as anyone could ever ask for. In truth, it’s quite possible that by borrowing an amount greater than the regular defense budget or the annual cost of Medicare, and then spending it mostly on Democratic constituencies rather than in a manner genuinely designed to stimulate the economy, Obama’s ‘stimulus’ has actually undermined the economy’s recovery — while leaving us (thus far) $666 billion deeper in debt.”
FOR MORE INFORMATION
Read the “Seventh Quarterly Report.”
View the U.S. Bureau of Labor Statistics’ Unemployment Rate (Graph and Grid).