Obama: Get ready for 600,000 new stimulus jobs

posted at 3:05 pm on June 8, 2009 by Ed Morrissey

Uh, sure, just like Christine Romer predicted that Porkulus would prevent unemployment from hitting a stratospheric 8.8%.  And, of course, it did — it’s now up to 9.4% and rising and we have $800 billion more debt on our hands.  Never mind the earlier missed predictions, Barack Obama says, and get ready for Stimu-Jobs!

Eager to show action on the ailing economy, President Barack Obama promised Monday to speed federal money into hundreds of public works projects this summer, vowing that 600,000 jobs will be created or saved.

Surrounded by his Cabinet, Obama emphasized what has become a dominant issue of public concern — an economy that keeps bleeding jobs — on the day after returning from a week of diplomacy and sightseeing in the Middle East and Europe.

He concentrated in his remarks on the billions of dollars from a taxpayer-funded plan that will be disbursed this summer, although much what he was described was already in the works, spurring new debate about just how much the $787 billion stimulus plan is helping so far.

When Nancy Pelosi locked Republicans out of the Porkulus drafting process, the GOP instead told the media that massive government projects would not create jobs in the near term, nor would it stimulate the economy quickly enough to keep unemployment from skyrocketing.  In response, the Obama administration and the Democrats promised that they would expedite the cash to the projects, and that Republican tax-cut proposals would not work as well to get private industry hiring, presumably because employers would sit on the sidelines while the economy tanked.  They insisted on pushing through the massive spending plan in February instead of focusing  on keeping capital in the market.

Give the AP’s Brett Blackledge some credit here.  He at least wonders aloud whether the stimulus has worked as promised.  The employment numbers should have proven that it hasn’t, since joblessness has far exceeded the White House predictions with a stimulus in place.  The US is heading for double-digit unemployment, and thus far the only significant hiring the Porkulus bill has produced is several thousand temporary Census workers.

Mike Pence, meanwhile, points out in a press release that Obama has already run through $112 billion with no job creation in sight:

FictionWhen he signed the stimulus, President Obama said that the legislation “will create or save 3.5 million jobs over the next two years.”

RealityAccording to the Administration, $112 billion from the stimulus has been spent or obligated so far.  Assuming that the President’s unsubstantiated claim that the legislation has saved 150,000 is correct, each job saved by the first $112 billion in stimulus spending cost $746,600.  At that rate, the entire stimulus would “save” 1 million jobs—far less than the 1.6 million lost since the stimulus was signed.  At a total cost of $787 billion, that is a net loss of at least 600,000 jobs.

So a gain of 600,000 jobs at this point would just bring us to break-even — a rather expensive status quo ante, even assuming for the sake of argument that the administration’s right.

Don’t hold your breath waiting for those jobs, and certainly don’t expect the media to ask Obama to accurately document them.


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Comments

How many people does it take to clean the trash on the side of the highway?

Employers are in full freak mode over the coming taxes. They aren’t hiring or spending money. As another astute poster stated, they’re turtling up.

dogsoldier on June 8, 2009 at 6:18 PM

Barry never was really any good at math.

GarandFan on June 8, 2009 at 7:02 PM

White House Wants 600,000 News Jobs by the End of Summer
06.08.2009 5:27PM by Anne Marie Riha

That’s the headline on Fox News’ Political page.

Freudian slip?

Real wish of the Oministration?

600,000 more reporters kissing his *ss would
help Bubblehead’s popularity.

Timothy S. Carlson on June 8, 2009 at 7:19 PM

Fiction: When he signed the stimulus, President Obama said that the legislation “will create or save 3.5 million jobs over the next two years.”

But…but, he didn’t say which 3.5 million jobs would be saved now, did he? LOL!

Mission accomplished! The electorate is stone cold stupid thanks in large to public education and the media hags from “news” and reality programing.

larvcom on June 8, 2009 at 8:41 PM

Barry never was really any good at math.

GarandFan on June 8, 2009 at 7:02 PM

Wasn’t real good at Constitutional law either. Where’s the Birth Certificate, school records and passport records?

larvcom on June 8, 2009 at 8:44 PM

I wonder is that were his new civilian security force is coming from. Brown Shirts as a public works program, who could have think of it?

El Coqui on June 8, 2009 at 9:57 PM

Sorry Dave, but your job is not done until there are 600,000 “HA’s” in that string.

“Words have meaning. Numbers, not so much.” (BHO)

Yoop on June 8, 2009 at 3:41 PM

LOL-Its gonna be a long night.

-Dave

Dave R. on June 8, 2009 at 10:28 PM

Dude, you gotta say something like “627,454.3 jobs” in order to make it sound more realistic and that you actually know what you’re talking about…or a facsimile thereof.

Where’d they get that number? Sounds like James Gregory reading a number off of steak sauce bottle.

Dr. ZhivBlago on June 8, 2009 at 10:50 PM

We should have elected Pelosi. Then there’d be 600 MILLION new jobs!

Sign of the Dollar on June 8, 2009 at 3:54 PM

…per month.

mankai on June 8, 2009 at 10:55 PM

Just let me know when they’re going to show up to adjust my mortgage balance down to zero, and buy me the new car.

J.E. Dyer on June 8, 2009 at 11:44 PM

I don’t get why none of you people get it, I mean while 350,000 people lost their jobs this month 100 Million didn’t lose their jobs, Barack saved all 100 Million of those jobs, plus the jobs of people working in China, Europe, South America and Mars.

Rbastid on June 9, 2009 at 1:22 AM

Barry does realize that renaming it “Funemployment” doesn’t make it a job, doesn’t he?

SuperCool on June 9, 2009 at 5:50 AM

I love the fact that the unemployment is really at 16% but that is funemployment and 9.4% is actually a 26 year high. This guy is going to poop more to save jobs at the sewage treatment plant.

Tremmy on June 9, 2009 at 9:46 AM

600,000 Jobs GONE by the end of summer, Un-employment will once again spike, suprising the experts.

Come on 2012, it is time for another change in DC!!!!!

RealMc on June 9, 2009 at 2:16 PM

If universal health-care passes, how many insurance jobs will be lost? A couple million? All that for 600,000 new government jobs.

Huff-FluffOpponent on June 9, 2009 at 2:27 PM

Dude, you gotta say something like “627,454.3 jobs” in order to make it sound more realistic and that you actually know what you’re talking about…or a facsimile thereof.

Where’d they get that number? Sounds like James Gregory reading a number off of steak sauce bottle.

Dr. ZhivBlago on June 8, 2009 at 10:50 PM

I think it’s because there have been so many jobs save, forgot the number, and so much of the bill has been used. I think they are saying that at that rate, approximately 600,000 jobs will be saved/created. But yeah, an exact number would be funnier, but has a higher probability of being wrong than does an approximation.

Huff-FluffOpponent on June 9, 2009 at 2:32 PM