Friday, July 8, 2011

Report from Obama's own Council of Economic Advisors proves stimulus is a failure.

News from Ilario Pantano
July 8, 2011

The newest quarterly report on the stimulus from Obama’s Council of Economic Advisors released last Friday proves that the Obama Stimulus, supported by our Congressman and Ilario’s likely opponent Mike McIntyre, failed at creating jobs and stimulating the economy.  And the new unemployment numbers released today by the Bureau of Labor which show that our nation’s unemployment rate rose to 9.2% in the month of June while only 18,000 new jobs were added to the economy last month .

In fact, the Council’s report shows that the only thing the “stimulus” stimulated was our nation’s skyrocketing debt.  The report states that the stimulus added or saved a little under 2.4 million jobs while costing taxpayers $666 billion. That translates to about $277,500 per job!  $277,500 of our tax money!

As Jeffrey Anderson writes for the Weekly Standard in a review of the report, “the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the ‘stimulus,’ and taxpayers would have come out $427 billion ahead.”

Anderson further writes that according to the Council’s report “the economy would have added or saved more jobs without the ‘stimulus’ than it has with it. In comparison to how things would otherwise have been, the ‘stimulus’ has been working in reverse over the past six months, causing the economy to shed jobs.”

Yes, you read that right. Over the last six months the Obama Stimulus strongly supported by our Congressman McIntyre has cost our economy jobs!  And remember, this admission is coming from a report generated by Obama’s own Council of Economic Advisors.  Imagine what an independent review of the impact of the stimulus might find!

While Obama and his stimulus have failed at adding jobs to our economy, the “stimulus”  and Obama have added to one thing: our national debt.  Including the $666 billion in debt created by the stimulus , our national debt has increased by nearly $5 Trillion since Obama took office to $14.5 trillion.

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