The CBO reported Monday that the stimulus has only gone through about a quarter of its total value. Meaning of $700 odd billion dollars only $175 billion has been used. Within the report the CBO is quick to point out that the bill has actually saved/generated 1.6 million jobs, and apologists will be quick to point out the possibilities if the bill had not been passed citing doom and gloom of depression era devastation. Albeit things could be worst, but then things are bad now. Its very much like President Bush declaring Mission Accomplished while troops were still mired in combat in Afghanistan.
Most certainly it is true that if we had eggs we could have ham and eggs…of course we also need ham. Logic by omission is not logic at all and the facts point to the largest job loss since the 1980s with government support where it was to stem this tide. As the government goes about justifying its statistics and adding more impact the reality for many Americans is vastly different. 1.6 million jobs barely stems the bleeding of American jobs. Even spending $175 billion dollars has done little. The Bureau of Labor reports
Twenty-nine states and the District of Columbia recorded over-the-month unemployment rate increases, 13 states registered rate decreases, and 8 states had no rate change, the U.S. Bureau of Labor Statistics reported today. Over the year, jobless rates increased in all 50 states and the District of Columbia. The national unemployment rate rose to 10.2 percent in October, up 0.4 percentage point from September and 3.6
points from October 2008.
By the quickest of math the government has spent $175 billion for 1.6 million jobs. A cost of $109,000 or so per job. If the total stimulus was to work as expected it would only create 7 million jobs in total, perhaps justification for yet more spending, higher deficit. Still can the government stop the bleeding? Is it capable of it? Texas alone is hemorrhaging at an alarming rate with projections of 1.1 million jobs lost, down from 1.2 million. The Federal Government cannot expect to keep up.
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[...] $787 billion, has yet to be completely spent and has shown no signs of improving the job market. Earlier 73 Wire calculated that the government has spent $175 billion for 1.6 million jobs. This makes these supposed jobs [...]