President Barack Obama is trumpeting a new White House estimate that his top economist calls "stunning": His stimulus plan has already created or saved up to 2 million jobs.No, what's stunning is these people think they can simply lie to our faces with impuntiy and everyone will just pretend as if they're telling the truth.
The analysis is part of the administration's quarterly report to Congress on the controversial $787 billion package of spending and tax cuts he signed weeks after taking office.
Obama planned to highlight the report Wednesday during a visit to a Lanham, Md., training center for union electricians that specializes in "green" technology.
Republicans have denounced the stimulus plan as an expensive flop, pointing to a national unemployment rate stuck at 10 percent and December figures showing the economy shed 85,000 more jobs.
But the report from the President's Council of Economic Advisers said the economy is a lot better off than it would have been without the stimulus. Citing its own analysis plus a range of private sector summaries, the council estimated the annual growth rate last year would have been roughly 2 percentage points lower, and there would have been 1.5 million to 2 million fewer jobs.
"That's truly a stunning and important effect", Christina Romer, the council's chairwoman, said in a conference call with reporters. "It has done exactly what we have anticipated it would do."
When he signed the stimulus Obama said unemployment would not go above 8%. Since it's now at 10% and climbing, I'd say his stmulus is a stunning failure.