Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job

[The Rabbi]

The stimulus is a drag on the economy just the same way an individual have 25 credit cards charged to the max experiences a drag on lifestyle as all of his income goes to debt service.

We've already borrowed so much from the future that we can't avoid the economic hangover we are enduring. All Obama did was Make It Worse.

But, we're not spending all our income on debt service. No where near it. Not on the Federal level any way, so, where is this drag you're talking about?

You don't understand much about economics do you?

The size of the Federal Government relative to GDP has increased by 25% in three short years, to nearly 25% of GDP. Official federal debt is now 70% of GDP, rising from 40% three years earlier.

When the government spends that much money on the "business of government", economic growth slows down for a variety of reasons: poor allocation of capital, uncertainty regarding fiscal and tax policies, the growth of the regulatory burden used to justify the increase in the size of government (to name a few).

The Stimulus was an Epic Fail by it's own standards. The Romer-Bernstein report is evidence of that. You and your little Obamaphiles can't change that fact.

You're trying to explain these things to people who think "wealth" consists of bank notes in circulation. And that the most effective way to stimulate the economy is to give everyone food stamps.
It's a "toit in bankes".

 

[Too Tall]

I think it is hilarious that anyone even argues that it worked... it hasn't. We're worse off for sure.. and getting worserer and worserer.

The Republican House and the Bush tax cut extensions own the economy now.

They are the Obama tax cuts now. He signed the bill authorizing the extension.

 

[P@triot]

How can you claim that he created “2.5 million jobs” when unemployment has RISEN since his 3 economic stimulus packages???

[

Unemployment never went above 8% under Bush. It has never gone below 9% under Obama.

Factually incorrect. Or in other words, you're wrong.

Yup. Beat Reagan by a month. Are you pissed cause Reagan doesn't have the record any more? If it makes you feel better, unemployment was higher under Reagan.

Factually incorrect.

The Obama Administration signed the Financial “Reform” bill which has created unnecessary regulations and costs on businesses.

Name some.

And the Obama Administration gave us the nightmare which is Obamacare – another bill creating unnecessary costs on businesses.

Name some.

Everything I posted was 100% FACTUALLY correct! Unemployment has not fallen below 9% since Obama passed his first "stimulus" package which buried the American people in $800+ BILLION in DEBT. Period.

As far as your absurd "name some" - here you go (and perhaps you should turn off the left-wing propaganda and actually learn the truth about what is going on so you do not have to rely on others to provide you with facts):

• Hedge funds that manage over $100 million will be required to register with the SEC as investment advisers and to disclose financial data needed to monitor systemic risk and “protect” investors (registering with the SEC and constantly disclosing financial data creates additional costs and burdens to a company. Someone has to process all that paper work, track all that data, understand and adhere to the new unnecessary LAWS and then act in accordance with them. By the way, investors shouldn’t invest if they don’t know who they are giving their money over to – and the last people I want “protecting” me is this unconstitutional monstrosity of a government).

• Companies that sell products like mortgage-backed securities are required to retain a portion of the risk to ensure they won’t sell garbage to investors, because they have to keep some of it for themselves. (Once again, unconstitutionally FORCING an organization to retain a portion of “risk”. More costs for the businesses, more over head, more risk they didn’t want and don’t need, and more paper work to process and adhere to the laws. Thanks to the Dumbocrats, we’ll all be paying a lot more for everything because businesses are not going to eat these costs).

• It does nothing to address the problems with Fannie Mae and Freddie Mac. Those two helped create the housing mess (forced on the American people by Bill Clinton of course) and then needed a $125 billion bailout, which they haven't even scratched the surface on a payback

• It creates a special protected class of "too big to fail" firms. In section 113, a "Financial Stability Oversight Council" is established, which will choose the firms deemed too big to fail. Hmm, can you think of any other massive financial institutions that don't care if they fail because they know they will be bailed out by the government? Fannie and Freddie. So not only is this bill not doing anything to stop Fannie and Freddie, as they continue to lose hundreds of billions of taxpayer dollars, this bill will create more of them.

• Provides for seizure of private property without meaningful judicial review. The secretary of the treasury can order the seizure of any financial firm that he finds "in danger of default." Again, a bureaucrat arbitrarily getting to make the distinction to just take over a financial firm whenever they feel like it. And, once the decision is approved, it's nearly impossible to reverse.

• This Financial Stability Oversight Council, they've got nine regulatory authorities out there and this expands the reach outside of just financial firms. They can declare if a non-bank financial firm (insurance, finance companies, hedge funds) are "in trouble." And guess what? They can turn it over to the treasury for regulation. Again, this distinction is completely arbitrary and comes from bureaucrats.

• Opens a line of credit to the treasury for additional government funding. Guess who's irrelevant? You are, Congress! No more begging those pesky politicians for billions of dollars, like with TARP. No, we'll just skip that and tap the ATM (American Taxpayer Machine)

• Regulators can guarantee the debt of solvent banks as well. If there is a 'liquidity crisis' ...

• The bill creates a new “Bureau of Consumer Financial Protection”. They just want to “protect” consumers. Uh-huh. This bureau will have broad powers to limit what financial products and services can be offered to consumers.

• Non-financial firms would be subject to financial regulations. Listen to how broad this is: Section 102 defines a "non-bank financial company" as a company "substantially engaged in activities... that are financial in nature." Aren't all companies financial in nature? Sure, bakeries are making cupcakes and bread, but isn’t that financial in nature?

I could go on, and I would, but something tells me that it won’t matter. A person brainwashed by the left-wing Communist/Socialist/Nazi party isn’t going to read the facts anyway. Because, if they did, they wouldn’t be a brainwashed in the first place. However, for the rest of the US Message Board readers, welcome to the new Obama nanny state! Where government will ignore the US Constitution, the will of the people, and the limits of their powers to do what ever they want. I never thought I’d see the day where this could happen in America.

 

[Rozman]

The stimulus was the biggest hoax perpetrated on mankind....I think it was a scam to give the States money to keep the democrat voting public sector employees happy as a reward to keep voting democrat.

 

[P@triot]

How sad that you think it's funny that 5.1M people are needlessly unemployed.

That's True Liberal Compassion.

The stimulus was all tax cuts and borrowed money. There is no way the stimulus was a drag on the economy. The stimulus created or saved 3 million jobs.

You're making the argument that a do-nothing strategy would have first of all created or saved THOSE 3 million jobs,

and then created 2 million more on top of that? That's mental.

How? Where? Why?

Where would they have been working? In what industries, sectors? Where would all the state employees that would have been laid off without state/local governments getting stimulus been working?

Where would the construction workers who worked on road jobs etc., paid for by the stimulus been working had there been no stimulus? Who would have hired them and why?

Use your head for once.

Use YOUR head for once! Creating $5 TRILLION in DEBT in 2.5 years on pork and waste does NOT create jobs. What happened to all of those "workers who worked on road jobs" as you like to say after the road was completed???? Exactly - they went back to being unemployed. Obama used 2 million temporary census workers to artificially boost the insane unemployment thanks to his Marxist policies. Guess what happened to those people once the census was complete? Exactly - they went back to being unemployed. Here are a few facts from the wonderful stimulus that was soooo useful in putting people to work:

$554,763 to replace Windows in Forest Service Visitor Center which closed in 2007 (Amboy, WA)

$762,372 on Interactive Dance Software Development (Charlotte, NC)

$1.2 million to convert abandoned Train Station into a Museum (Glassboro, NJ)

$1.9 million to send researchers to the Southwest Indian Ocean Islands and east
Africa, to capture, photograph, and analyze thousands of exotic ants

$357,710 on old abandoned iron furnace after money was squandered on the same project years before

$89,298 to replaces new sidewalks with newer sidewalks – which lead to a ditch (Boynton, OK)

You know what’s funny? The Dumbocrats demonize the wealthy and paint them as “evil” for having private jets, yet they applaud when Obama spends $800 BILLION in wasteful pork projects. That’s just amazing. Someone who EARNS their money is “evil” for dropping $20 million on a private jet, but the Marxist Obama is a national hero for pissing away $800 BILLION that was literally stolen (against our will) from the American tax payer.

 

[NYcarbineer]

How sad that you think it's funny that 5.1M people are needlessly unemployed.

That's True Liberal Compassion.

The stimulus was all tax cuts and borrowed money. There is no way the stimulus was a drag on the economy. The stimulus created or saved 3 million jobs.

You're making the argument that a do-nothing strategy would have first of all created or saved THOSE 3 million jobs,

and then created 2 million more on top of that? That's mental.

How? Where? Why?

Where would they have been working? In what industries, sectors? Where would all the state employees that would have been laid off without state/local governments getting stimulus been working?

Where would the construction workers who worked on road jobs etc., paid for by the stimulus been working had there been no stimulus? Who would have hired them and why?

Use your head for once.

Use YOUR head for once! Creating $5 TRILLION in DEBT in 2.5 years on pork and waste does NOT create jobs. What happened to all of those "workers who worked on road jobs" as you like to say after the road was completed???? Exactly - they went back to being unemployed. Obama used 2 million temporary census workers to artificially boost the insane unemployment thanks to his Marxist policies. Guess what happened to those people once the census was complete? Exactly - they went back to being unemployed. Here are a few facts from the wonderful stimulus that was soooo useful in putting people to work:

$554,763 to replace Windows in Forest Service Visitor Center which closed in 2007 (Amboy, WA)

$762,372 on Interactive Dance Software Development (Charlotte, NC)

$1.2 million to convert abandoned Train Station into a Museum (Glassboro, NJ)

$1.9 million to send researchers to the Southwest Indian Ocean Islands and east
Africa, to capture, photograph, and analyze thousands of exotic ants

$357,710 on old abandoned iron furnace after money was squandered on the same project years before

$89,298 to replaces new sidewalks with newer sidewalks – which lead to a ditch (Boynton, OK)

You know what’s funny? The Dumbocrats demonize the wealthy and paint them as “evil” for having private jets, yet they applaud when Obama spends $800 BILLION in wasteful pork projects. That’s just amazing. Someone who EARNS their money is “evil” for dropping $20 million on a private jet, but the Marxist Obama is a national hero for pissing away $800 BILLION that was literally stolen (against our will) from the American tax payer.

As entertaining as your outburst was, it has nothing to do with what I was addressing with the other poster.

 

[NYcarbineer]

The stimulus was all tax cuts and borrowed money. There is no way the stimulus was a drag on the economy. The stimulus created or saved 3 million jobs.

You're making the argument that a do-nothing strategy would have first of all created or saved THOSE 3 million jobs,

and then created 2 million more on top of that? That's mental.

How? Where? Why?

Where would they have been working? In what industries, sectors? Where would all the state employees that would have been laid off without state/local governments getting stimulus been working?

Where would the construction workers who worked on road jobs etc., paid for by the stimulus been working had there been no stimulus? Who would have hired them and why?

Use your head for once.

I'd rather not use my head the way you do. Shoving it up the ass is not very comfortable.

The stimulus is a drag on the economy just the same way an individual have 25 credit cards charged to the max experiences a drag on lifestyle as all of his income goes to debt service.

We've already borrowed so much from the future that we can't avoid the economic hangover we are enduring. All Obama did was Make It Worse.

Address my points specifically if you think you know it all.

btw, NOBODY's taxes went up to service the debt created by the stimulus, so your attempted point is worthless.

And, as we see, as usual, when you try to get down to substance with boedicca,

off she goes!! tra la!!!

 

[Avorysuds]

I think it is hilarious that anyone even argues that it worked... it hasn't. We're worse off for sure.. and getting worserer and worserer.

The Republican House and the Bush tax cut extensions own the economy now.

I don't understand, didn't Obama pass the tax cuts? Or wait, the Republican house forced the Senate and Obama to do it their way, just like when the Reps had a minority in the house...

Vote Democrat, because we'll never have enough to do anything, even if we hold a super majority in the House/Senate and have Dem president...

 

[boedicca]

Here you go. Look it up yourself.

U.S. Bureau of Labor Statistics

As long as we're looking things up (I love that by the way) care to address the fact that the Romer Report estimated 137.55M payroll employment and you have it at 139.78M.

I mean, that almost seems like you are proving the Recovery Act beat its own estimates by 2 million jobs! Certainly you're not trying to say that, are you?

So you're saying that the Romer report predicted that employment would DECREASE by nearly 4.4M jobs? 142.2M people were employed when Obama took office.

In hindsight, they're behind their planned job destruction.

 

[Trajan]

How sad that you think it's funny that 5.1M people are needlessly unemployed.

That's True Liberal Compassion.

The stimulus was all tax cuts and borrowed money. There is no way the stimulus was a drag on the economy. The stimulus created or saved 3 million jobs.

You're making the argument that a do-nothing strategy would have first of all created or saved THOSE 3 million jobs,

and then created 2 million more on top of that? That's mental.

How? Where? Why?

Where would they have been working? In what industries, sectors? Where would all the state employees that would have been laid off without state/local governments getting stimulus been working?

Where would the construction workers who worked on road jobs etc., paid for by the stimulus been working had there been no stimulus? Who would have hired them and why?

Use your head for once.

no, pay attention the 'stimulus' according to the CBO ( whose NEW numbers for the 666 b and 2.4 million jobs the Obama wh claims are to low) said earlier BETWEEN 1.4 and 3.3.....

 

[NYcarbineer]

Here you go. Look it up yourself.

U.S. Bureau of Labor Statistics

As long as we're looking things up (I love that by the way) care to address the fact that the Romer Report estimated 137.55M payroll employment and you have it at 139.78M.

I mean, that almost seems like you are proving the Recovery Act beat its own estimates by 2 million jobs! Certainly you're not trying to say that, are you?

So you're saying that the Romer report predicted that employment would DECREASE by nearly 4.4M jobs? 142.2M people were employed when Obama took office.

In hindsight, they're behind their planned job destruction.

The stimulus wasn't passed the day Obama took office and wasn't immediately put into effect the day it was passed.

 

[oreo]

How can it be possible not to understand why we are in such dire straights. So whats the next trick of this administration?

Obama

This is what the Federal Government does BEST. Waste other people's money. Heck they're not even talking about the 2 billion out of the economic stimulus bill that went to China for them to build Wind Turbines for us--

PolitiFact | Palin claims that most of the renewable energy stimulus dollars have gone to Chinese turbinemakers

 

[NYcarbineer]

I think it is hilarious that anyone even argues that it worked... it hasn't. We're worse off for sure.. and getting worserer and worserer.

The Republican House and the Bush tax cut extensions own the economy now.

I don't understand, didn't Obama pass the tax cuts? Or wait, the Republican house forced the Senate and Obama to do it their way, just like when the Reps had a minority in the house...

Vote Democrat, because we'll never have enough to do anything, even if we hold a super majority in the House/Senate and have Dem president...

And I said Obama was an asshole for doing so.

The Republicans own the economy now because they got their stimulus passed in December...

...and obviously it aint working that well.

btw, the GOP stimulus in December cost the same as the 2009 stimulus. Funny you people aren't crying about that.

 

[American Cowboy]

Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job

Libs don't care. They think Obama worked a SWEET deal at $278K per job. What a Deal!!!!

 

[oreo]

The Republican House and the Bush tax cut extensions own the economy now.

I don't understand, didn't Obama pass the tax cuts? Or wait, the Republican house forced the Senate and Obama to do it their way, just like when the Reps had a minority in the house...

Vote Democrat, because we'll never have enough to do anything, even if we hold a super majority in the House/Senate and have Dem president...

And I said Obama was an asshole for doing so.

The Republicans own the economy now because they got their stimulus passed in December...

...and obviously it aint working that well.

btw, the GOP stimulus in December cost the same as the 2009 stimulus. Funny you people aren't crying about that.

Republicans weren't on board for borrowing and spending 878 BILLION dollars in Obama's flood the basement economic policy. And that is when Obama bought and now owns this economy.

 

[NYcarbineer]

There are 2.5M less people working now than when the Stimulus was passed. The White House can spin as much nonsense as they want about jobs SAVED or created, but employment overall is down.

And there is a reason why: Obamanomics is an Epic Fail which has Made Things Worse.

Then tell us how many more or less people would be working had there been no stimulus.

And be specific.

5.1M more people would have jobs if the Stimulus had not been passed.

According to the Romer report on the stimulus, by the end of Q2-2011, if the stimulus were not passed, unemployment would be at 7.5%.

Based upon stats from the Bureau of Labor Statistics, I did a simple analysis which assumes:

Labor force participation rates remain the same as February 2009 (the month the stimulus was passed). I applied this rate to the eligible population base, calculated unemployment, and then netted the total employed. Note, as the June 2011 figures have not been released, I'm using May as a proxy. The net changes in column (d) are (c) minus (a).

Voila. 5.1M more jobs.

Revisiting Unemployment Predictions | e21 - Economic Policies for the 21st Century

http://www.politico.com/static/PPM116_obamadoc.html

Top Picks (Most Requested Statistics) : U.S. Bureau of Labor Statistics

You're making the insane assumption that the Romer number was right.

The Romer number for 2011 Q2 WITH the stimulus was about 6.7%, so we know their whole model was off by at least 2 points, ie, 2 points low,

so instead of using 7.5% (which btw isn't even the right number, it was more like 8) you should be working from that number +2.

 

[NYcarbineer]

I don't understand, didn't Obama pass the tax cuts? Or wait, the Republican house forced the Senate and Obama to do it their way, just like when the Reps had a minority in the house...

Vote Democrat, because we'll never have enough to do anything, even if we hold a super majority in the House/Senate and have Dem president...

And I said Obama was an asshole for doing so.

The Republicans own the economy now because they got their stimulus passed in December...

...and obviously it aint working that well.

btw, the GOP stimulus in December cost the same as the 2009 stimulus. Funny you people aren't crying about that.

Republicans weren't on board for borrowing and spending 878 BILLION dollars in Obama's flood the basement economic policy. And that is when Obama bought and now owns this economy.

View attachment 14003

The December bill cost 800 billion. That was the Republican bill that Obama went along with.

 

[American Cowboy]

[ame=http://www.youtube.com/watch?v=T_v5SlfXjEo&feature=related]YouTube - ‪Wilkow Majority 06/02/2011 Scott from Florida‬‏[/ame]

Scott says unemployment went down with Obama's Stimulus

 

[P@triot]

The stimulus was all tax cuts and borrowed money. There is no way the stimulus was a drag on the economy. The stimulus created or saved 3 million jobs.

You're making the argument that a do-nothing strategy would have first of all created or saved THOSE 3 million jobs,

and then created 2 million more on top of that? That's mental.

How? Where? Why?

Where would they have been working? In what industries, sectors? Where would all the state employees that would have been laid off without state/local governments getting stimulus been working?

Where would the construction workers who worked on road jobs etc., paid for by the stimulus been working had there been no stimulus? Who would have hired them and why?

Use your head for once.

Use YOUR head for once! Creating $5 TRILLION in DEBT in 2.5 years on pork and waste does NOT create jobs. What happened to all of those "workers who worked on road jobs" as you like to say after the road was completed???? Exactly - they went back to being unemployed. Obama used 2 million temporary census workers to artificially boost the insane unemployment thanks to his Marxist policies. Guess what happened to those people once the census was complete? Exactly - they went back to being unemployed. Here are a few facts from the wonderful stimulus that was soooo useful in putting people to work:

$554,763 to replace Windows in Forest Service Visitor Center which closed in 2007 (Amboy, WA)

$762,372 on Interactive Dance Software Development (Charlotte, NC)

$1.2 million to convert abandoned Train Station into a Museum (Glassboro, NJ)

$1.9 million to send researchers to the Southwest Indian Ocean Islands and east
Africa, to capture, photograph, and analyze thousands of exotic ants

$357,710 on old abandoned iron furnace after money was squandered on the same project years before

$89,298 to replaces new sidewalks with newer sidewalks – which lead to a ditch (Boynton, OK)

You know what’s funny? The Dumbocrats demonize the wealthy and paint them as “evil” for having private jets, yet they applaud when Obama spends $800 BILLION in wasteful pork projects. That’s just amazing. Someone who EARNS their money is “evil” for dropping $20 million on a private jet, but the Marxist Obama is a national hero for pissing away $800 BILLION that was literally stolen (against our will) from the American tax payer.

As entertaining as your outburst was, it has nothing to do with what I was addressing with the other poster.

LMAO! You were addressing the stimulus and what it did for jobs. So what I posted (which was far from an "outburst") had EVERYTHING to do with what you were addressing with the other poster. It's just that liberals hate facts, so they have to dance around them rather than acknowledge them. The stimulus was a complete and total failure. Period.

 

[P@triot]

The Republican House and the Bush tax cut extensions own the economy now.

I don't understand, didn't Obama pass the tax cuts? Or wait, the Republican house forced the Senate and Obama to do it their way, just like when the Reps had a minority in the house...

Vote Democrat, because we'll never have enough to do anything, even if we hold a super majority in the House/Senate and have Dem president...

And I said Obama was an asshole for doing so.

The Republicans own the economy now because they got their stimulus passed in December...

...and obviously it aint working that well.

btw, the GOP stimulus in December cost the same as the 2009 stimulus. Funny you people aren't crying about that.

The Republicans "own" the economy now?!?!? Even though the Democrats own the White House and the Senate, meaning they have total power over legislation!!! That statement is the most out of touch statement I have ever read. Clearly you are unware of how our government works.