“This is truly a stunning effect”

That’s the Obama Administration describing the impact of the Stimulus Bill on economic recovery and particularly job creation.

I kid you not:

The Obama administration, offering evidence that its much-maligned efforts to spur economic recovery have begun to take hold, said Tuesday that the $787-billion stimulus program saved or created 1.5 million to 2 million jobs last year.

These latest figures from the White House Council of Economic Advisors are certain to be challenged by Republicans, but the employment and economic effects of the stimulus cited in the report are generally in line with estimates from some leading private economists as well as the nonpartisan Congressional Budget Office.

“This is truly a stunning effect” of the Recovery Act, Christina Romer, chairwoman of the council, said in a conference call with reporters.

She expressed confidence that the package of tax cuts and government spending — the largest of its kind in U.S. history — ultimately would fulfill President Obama’s promise of boosting employment by 3.5 million jobs by the end of this year. As of the end of last year, about a third of the $787 billion had been spent, although about half of the total has been committed.

The council’s report, mandated by Congress as part of the stimulus act and released late Tuesday, came as Obama mounted a full-court press to defend his record on jobs. That’s a major vulnerability for the White House and Democrats in Congress as they head into midterm elections in November with double-digit unemployment predicted for all or much of the coming year.

Even with the stimulus, the U.S. economy lost more than 4 million jobs last year, including 85,000 in December, according to the Labor Department. And the unemployment rate last month was 10% — a figure that is widely expected to inch higher in the months ahead.

In its first quarterly report on the stimulus, issued in September, the White House estimated that the Recovery Act had raised employment levels by more than 1 million jobs as of the third quarter. The new report incorporates data from stimulus recipients who said they saved or created 640,000 full-time-equivalent jobs as of the third quarter.

Stimulus recipients who said they saved or created jobs.  Well shoot, why should we not trust them?

And what else did the Administration proffer to substantiate this “stunning effect”:

The White House’s estimate of stimulus-induced jobs for 2009 is based on economic modeling and projections and as such is likely to be met with considerable skepticism from Republicans and other critics who have not only questioned the methodology but also documented cases in which stimulus money went to dubious projects.

Considerable skepticism indeed… try Googling “bogus jobs saved or created” and see how many hits you get.

The lies this Administration is telling are reaching new heights.

Thankfully, the American people are wising up to it all.


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