Upon celebrating the one-year anniversary of the federal wealth destruction “stimulus” act, the President and VP defended the act with claims of jobs created or saved.
Vice President Biden today delivered a report to the president about the progress of the stimulus. The report states that $453 billion, about 57 percent of the money has been used, but questions remain as to whether that funding has been used wisely.
The Obama administration credits the stimulus with saving or creating two million jobs.
I know what you’re thinking, and lucky for you I have a calculator handy. Using their own estimates, that works out to $226,500 per job “created or saved.” That sounds like North Carolina ABC Commissioner money.
But seriously, the administration’s estimates are meaningless, because government can not create jobs. For a more technical breakdown of why their methodology is useless, see economist Arnold Kling’s discussion.