Yesterday, President Obama released a report claiming the Stimulus has lifted employment by between 2.5 million and 3.6 million jobs.
A quarterly White House report estimated Obama's $862 billion economic stimulus package, which he signed last year, has so far lifted employment by between 2.5 million and 3.6 million jobs, while giving growth a big boost.
That is a false claim.
The economy is actually in the hole for 4.6 million jobs since Obama made his Stimulus claim. Where are the Obama administration getting these bogus job creation numbers? They are getting them from the same inaccurate economic models that predicted the stimulus would prevent unemployment from ever rising above 8%. The models equate money spent with jobs created. They have little correlation to the real economy.
So what does the actual objective real world data show? When the President first began selling his stimulus plan to the American people in November 2008, he promised it would create 2.5 million jobs. But as employment fell at the end of 2008, President-elect Obama increased his employment promise by one million to 3.5 millions jobs created. At the time, employment stood at about 135.1 million. Using these two data points, one can objectively establish the Obama jobs target for December 2010 at 138.6 million. Fast forward to July 2010 and the latest jobs report shows total U.S. employment at almost 130.5 million. This means President Obama’s stimulus has failed to meet its own standard for success by 7.4 million jobs.