February 18, 2010

February 18, 2010 | Commentary on Economic Freedom, Economy

Fantasy Jobs

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.

About the Author

Brian M. Riedl Grover Hermann Fellow in Federal Budgetary Affairs
Thomas A. Roe Institute for Economic Policy Studies

First appeared in The New York Post