The contents of the Seventh Quarterly Report on the economic ramifications of the Stimulus came out over the holiday weekend. Its contents however were not as celebratory as we would hope on this Independence Day. Its report, conducted by 3 Obama hand-picked economists in the White House’s Council of Economic Advisors, showed that the stimulus did very little to “help” the economy.
In its findings it was shown in total the stimulus led to the savings and creation of (combined) 2.4 million jobs at a cost of $666 billion. That equates to be $278,000 spent on each job. If the government had simply given each person supposedly employed through the program $100,000, they could have saved $427 billion.
Further discouraging is the fact that since the report two quarters ago, the number of jobs saved or created by stimulus has decreased by 288,000, suggesting the stimulus does not last for extended time or that it actually created a situation in which it is more favorable to shed jobs.
When the Stimulus was being debated, the U.S. unemployment level was at 7.3%. Since its implementation, the level has drastically increased to 9.1% with many more simply dropping out of the job hunt and thus not counting towards a higher stat. Among negative numbers is the national debt. It was risen from $9.986 trillion when Obama took office to near $14.5 trillion.