American Elephants

Understanding the Stimulus, With a Little Visual Help. by The Elephant's Child
June 13, 2009, 10:03 pm
Filed under: Capitalism, Economy, Progressivism

Here’s a dandy visualization from a website called Political Math that compares President Obama’s economic predictions about the stimulus and the actuality of real life.  It’s not a pretty picture.  The President continually refers to jobs “created or saved” which is a convenience that sorts/kinda lets him claim that existing jobs are “saved”.  His predictions are far, far off the mark.

President Obama  has more recently promised 600,000 jobs created and saved this year, as he speeds up the distribution of stimulus money.  The number comes from a guesstimate by his economists that says if you spend this amount, then you should create this number of new jobs. The media, who should have known better, fell for his numbers.

Only 5 percent of the $787 billion stimulus money has been spent so far.  The bulk is not planned to be spent until the middle of 2010.  (Undoubtedly just before the mid-term elections).  In May, 345,000 more jobs were lost.  This was less than expected, so administration spin was in haste to claim that things were getting better. The stimulus hasn’t worked, and it won’t work.  There’s a long history of stimulus attempts.  Might be time to try some of the things that do work.

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