The number of jobs in the U.S. is currently 129.7 million. So to justify the Administration’s current claim of 2.8 million jobs “created or saved” by stimulus, they need to also claim that without that stimulus there would be only 126.9 million jobs. That’s exactly what they do, displayed as the “baseline projection” level in the graphic below from an April 14, 2010 report:
An inconvenient truth, at least for the Obama Administration, is that once upon a time, in their January 2009 Romer/Bernstein Report they told America that without their stimulus there would be 133.9 million jobs. That’s right, in order to make it look like their stimulus has “created or saved” 2.8 million jobs, the Obama Administration first had to whack 7 million jobs from their previous estimates.
Here’s the math:
Step 1: How many jobs does the Administration currently claim there would be, without stimulus?
129.7 million Current number of U.S. jobs
– 2.8 million Jobs currently claimed to be “created or saved”
126.9 million Jobs the Administration currently claims there would be without stimulus
Step 2: How does that compare with the number of jobs the Administration used to say there would be without stimulus?
133.9 million January 2009 projection of jobs without stimulus
– 126.9 million Current claim of jobs without stimulus
= 7 million Jobs removed from the Administration “baseline” to justify their latest stimulus job creation claims
Here’s the story problem:
This year 11-year old Jane’s class is studying money and budgets. In September every student wrote down their savings, and what they wanted in savings by the end of school in June. Jane started with $134, but wants to do better and have $137 ($3 more) saved by year’s end. She figures that will be easy, since she will get birthday money in a few months. But now it’s late May, and Jane has only $130, because she spent her birthday money, and then some. What should Jane do in her final report on the savings project?
- Be honest and admit she didn’t reach her goals of $3 more in savings, totaling $137, due to her spending habits; or
- Say at the start of the year she only “really” thought she would have $127 saved by year’s end, and claim “success” for ending up with $3 more than that and see if her teacher notices.
- $600,000 in Federal Stimulus Money Went to Planting Trees in Denver Yards, Wealth No Object (reason.com)
- Fed Sticks to Stimulus, Worried About Growth Soft Spots (dailyfinance.com)
- Saving America – Update on Chuckit Todd’s “It’s not media’s job’ – ‘WATCH: This Is How You Debunk Right-Wing Lies’ (thelastofthemillenniums.wordpress.com)