The cost of Obama’s latest jobs program is in — and it’s costly.
The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.
So that’s $250,000 per job, before interest expense. Wouldn’t it be better just to have a free national lottery and mail $200,000 checks to a lucky 1.9 million people?
Those workers aren’t going to be getting $250,000 in wages. So where’s the money going? My estimate is bureaucracy, overheads, “administration”, and Obama’s cadillac.