Posted by: Bill | June 9, 2009

Stimulus report

Yesterday, we learned that the stimulus has “saved or created” 150,000 jobs in the US since it passed. “Saved or created” is an interesting phrase and, as the economist Greg Mankiw points out in the article linked above:

“The expression ‘create or save,’ which has been used regularly by the President and his economic team, is an act of political genius,” writes Mr. Mankiw. “You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus.”

The article also mentions another important fact. This is the “same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%”. Oops! It just hit 9.4%.

The article is mad at the media for not calling out the administration on this economic voodoo. I haven’t followed this close enough to see if they have, but yesterday I discovered C-SPAN radio and listened to a journalist pepper one of Obama’s boys with questions about how all of this can actually be measured. So yes, I might actually be defending the MSM on this one, but I will probably have to do a bit more reading first.


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