CBO: Barack Obama Stimulus Plan May Have Cost As Much As $4.1 Million Per Job
Direct from the Congressional Budget Office (CBO) comes the following reports and further displays the Obama waste of tax payer dollars. Barack Obama and his reelection minions have the audacity to attack Mitt Romney when it comes to jobs and business, really? $4.1 million per job, way to go Barack.
When [the American Recovery and Reinvestment Act] was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019. CBO now estimates that the total impact over the 2009–2019 period will amount to about $831 billion.
By CBO’s estimate, close to half of that impact occurred in fiscal year 2010, and more than 90 percent of ARRA’s budgetary impact was realized by the end of March 2012. CBO has estimated the law’s impact on employment and economic output using evidence about the effects of previous similar policies and drawing on various mathematical models that represent the workings of the economy. …
On that basis CBO estimates that ARRA’s policies had the following effects in the first quarter of calendar year 2012 compared with what would have occurred otherwise:
– They raised real (inflation-adjusted) gross domestic product (GDP) by between 0.1 percent and 1.0 percent,
– They lowered the unemployment rate by between 0.1 percentage points and 0.8 percentage points,
– They increased the number of people employed by between 0.2 million and 1.5 million,
– They increased the number of full-time-equivalent jobs by 0.3 million to 1.9 million. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers.)
As stated at The Enterprise blog, so without the stimulus, there would be anywhere from 200,000 to 1.5 million fewer people employed right now? That means the current cost-per-job created is somewhere between $4.1 million and $540,000. With this type of Obamanomics in play, just how much will America go into debt putting the millions of unemployed back to work?
Posted June 4, 2012 by Scared Monkeys
Barack Obama, Business, Economy, Government, Hope and Change, Jobs, Obamanation, Recession, Stimulus Bill, Unemployment | no comments
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