"Obama Is Still Economically Fatuous," Says His CEA Staff Report

Obama promised us the world. And what have we gotten? Double-digit unemployment, home sales numbers still plummeting, home values dropping, a $14.5 TRILLION DOLLAR deficit (see the US Debt Clock in real time here) and engagement in four concurrent wars -- two of them started by The One himself: Libya and Syria.

The Obaka Admin released its Seventh Quarterly Report, which -- if actually read -- displays a staggering series of facts.

Primary Fact: the "stimulus" is now causing the economy to shed jobs.

Written by the president's very own White House Council of Economic Advisors (three experts hand-picked by Mr Obama), the report (released this past Friday, July 1st) was noted by The Weekly Standard, which wrote:

The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

In other words, 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.

Furthermore, the council reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now. In other words, over the past six months, 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 yes yes, Bush started it with TARP. Which provided nothing but debt. However, Mr Obama stepped in and ratcheted debt up to a rate and danger heretofore unprecedented in the history of the planet.

A final damning paragraph:

All sides agree on these incriminating numbers — and now they also appear to agree on this important point: The economy would now be generating job growth at a faster rate if the Democrats hadn’t passed the “stimulus.”

And trust me, there's another one on the horizon. Just you wait.

BZ

P.S.
Mr Obama is "done" with Slow Joe Biden. His 2012 running mate? Andrew Cuomo.