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Wednesday, June 10, 2009

"What if We Did Nothing?"

As the nation’s unemployment rate continues to climb towards ten percent, the public is truly starting to question the job creation potential of President Obama’s stimulus package.

According to a new poll, almost half of Americans do not believe the stimulus is creating jobs. Even Congressional Democrats, such as Senate Finance Committee Chairman Max Baucus, are questioning the Administration’s claims:
You created a situation where you cannot be wrong. If the economy loses 2 million jobs over the next few years, you can say yes, but it would've lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs. You've given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct.
Even still, the President is standing by claims that the legislation has already saved 150,000 jobs. He is even upping the ante, vowing to save or create an addition 600,000 jobs through the summer.

Unfortunately, Vice President Biden was unable to provide much comfort to those looking for real results from the Administration:
Vice President Joe Biden said on a Monday conference call with reporters that it was “above [his] pay grade” to explain in detail the methodology the White House uses to estimate the number of jobs created or saved by the economic stimulus legislation, but stressed that there had been no “reasonable” challenges to the estimates.

During the call, Biden said that the stimulus package, which was signed into law in February, saved or created 150,000 in its first 100 days, and he outlined White House plans to accelerate the pace so that 600,000 more jobs will be saved or created in the second 100 days this summer. …

“I’m sorry I’m not an economist,” Biden said as he was describing the methodology. “My background is foreign policy and the constitution. “
Meanwhile, a new video making the rounds on the web raises an interesting question – what if we did nothing?

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