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I'd also like to congratulate President Obama for passing the $862 billion stimulus package in February 2009. Without it, the oil spill would have been MUCH worse, and we got the added benefit of the stimulus creating 3.5 million jobs, according to the White House's latest
Mr. Obama said recently in Racine, Wisconsin that the economy "would have been a lot worse" and the unemployment rate would have gone to "12 or 13, or 15 [percent]" if government hadn't spent all of that money.
There you go. It "would have been a lot worse." Disprove that, you right-wingers. You can't, and that's the beauty of Obama's rhetoric. It's entirely theoretical. I don't know why Obama doesn't just say unemployment would have been 50% without the stimulus. That would be even more persuasive, especially when he's just pulling numbers out of his ass. What the hell, go the whole nine yards. Oh, btw, at the time Obama made the above statement in Racine, Racine's unemployment rate was 14.2%, falling on the high end of Obama's "a lot worse" category. That's up from Racine's 10.4% unemployment rate in February 2009 when the stimulus package passed, but I'm sure the Keynesian thingy says it's much lower than that, so not to worry. In fact, overall American unemployment was about 7.5% before the stimulus. Now, it's 9.5%, which translates in Obama-ese to the stimulus being a great success.
Having a calculator of my own, a non-Keynesian model, I did a little cipherin' myself. I took the $862 billion in stimulus money and divided it by the imaginary 3.5 million jobs created (or saved !), and that came out to....$246,285.71 spent per job created (or saved !), even if the 3.5 million jobs did exist. Whee-doggies ! Talk about efficient. Wouldn't we have been better off just giving, like, $50,000 to 3.5 million people ? That only would've cost 1/5th the amount of the stimulus package. Then again, if we'd done that, we wouldn't have all those nifty, Obama-praising highway road signs to look at. Check it out:
Cool, eh ? I hear we've only spent between $5-20 million on those babies, and they have that round Obama-like logo and everything. Just one more small example of how the federal government is such a wise caretaker of our taxpayer dollars.
Update - Since I started writing this blog post, I heard the stimulus has now created (or saved !) 3.6 million imaginary jobs. Wow. The news keeps getting better and better. By next week, we could be up to 4 or 5 million, and by, say, early november, it'll probably be a gazillion.