Barack Obama went on national television yesterday to insist that his jobs bill would add up to economic growth. CNS News points out that the math itself doesn’t add up:
At a White House press conference on Thursday, President Barack Obama said the legislation he has proposed to create jobs could “grow the economy as much as 2 percent.” However, the White House estimates that the plan itself will cost $447 billion — or 2.97 percent of the 2011 GDP of $15.012 trillion that is currently projected by the federal Bureau of Economic Analysis. (See chart: GDP Chart from BEA.xls.)
Let’s spend 3% of our GDP in order to get 2% back! That sounds like Obamanomics, all right. And it also sounds like a better deal than we got from Porkulus I, when we spent nearly 6% of our GDP in order to get, er, almost nothing back.
Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at [email protected] with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.
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