Jonathan Cohn wrote yesterday at the New Republic site that the Obama stimulus plan was successful. Indeed, he pointed to a study by the Congressional Budget Office that concluded that there were "between 1.0 and 2.9 million more people working" due to the stimulus. Supposedly, this makes the stimulus a big success. What utter nonsense!
Consider this: America spent about $750 billion on the stimulus. If the CBO is correct (which I doubt) and if the number of new jobs is 2.5 million which is in the upper reaches of the CBO figures, then the cost of each of these jobs was $300,000. That's right, this great success got 2.5 million people jobs that pay around $40,000 per year for the mere cost of $300,000 a piece. With a few more successes like this, the country will be destroyed.
Wholly aside from the cost, however, the question arises of whether or not the stimulus did what it was supposed to do. This would normally be the definition of success. Obama promised that unemployment would not rise above 8% if the stimulus were enacted. After the stimulus passed, unemployment quickly rose to more than 10% and it has not been anywhere near 8% in the following two and a half years. What a success!
I get tired reading the BS that the left puts forward to wxplain why their failed policies were actually successful. It seems that they will not give up the fantasy, however. Hopefully, the American people recognize for what it is: pure BS.
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