WASHINGTON – White House economists said Thursday that the Obama administration's recovery efforts have saved or created more than one million jobs so far, an optimistic report that economists cautioned was preliminary and uncertain.
President Barack Obama has promised that his $787 billion stimulus plan will create or save 3.5 million jobs by the end of next year. But the economy has fared worse than the White House predicted when it pitched the jobs plan and officials have sought to beat back criticism that the results did not justify the huge combination of tax cuts, state aid and government spending.
In its first report to Congress on the stimulus, the White House Council on Economic Advisers said Thursday that the economy would have been far worse without the stimulus.The report attributes the million job figure to the stimulus and other policy actions but says the driving force behind the job creation is the stimulus. Economists cautioned, however, that the estimates must "be regarded as preliminary and understood to be subject to considerable uncertainty."
The report is certain to draw criticism because the U.S. economy has actually lost about 2.5 million jobs since the stimulus was signed in February. Because the White House number is based on economic models, it's impossible to say for certain what that number would have been without the stimulus.
I suspect they use the same models for Global Warming since the solution, excessive spending and government control ends up being the same solution.
House Financial Services Committee Chairman Barney Frank has officially agreed to hold hearings on HR 1207! The hearings are tentatively scheduled for Friday, September 25 at 9:00 am.
ReplyDeleteC'mon, lets see a post from the mind of the verdiblog giving his 2 cents on the Fed... the audit train is a rollin
What is the basis of the White House's claim that they have increased the employment rate in the country? Why would they declare such a number when it is "subject to considerable uncertainty"?
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