Fantasy Jobs

COMMENTARY International Economies

Fantasy Jobs

Feb 18th, 2010 3 min read

Senior Fellow, Manhattan Institute

Last year, White House economists claimed that the $862 billion stimulus would create 3.3 million jobs. Since then, the nation has lost more than 3 million jobs.

That's a 6.3 million jobs gap. By the White House's own standards, the stimulus failed.

So President Obama has shifted his argument. Sure, the economy lost jobs, he concedes -- but without the stimulus, it would've lost nearly 2 million more jobs.

This is nothing but faith-based economics. The White House estimate of "saving" nearly 2 million jobs is based not on observations of the economy's recent performance -- but merely on the administration's unshakable belief that deficit spending must create jobs and growth.

First appeared in The New York Post