At an elaborate signing ceremony in Denver Feb. 17, Mr. Obama said the stimulus bill would "create or save"" 3.5 million jobs, starting right away. He also said then that he expected to be held accountable for the results.
With unemployment in June at 9.5 percent, and with the President himself now acknowledging the unemployment rate is likely to exceed 10 percent before year's end, it's pretty bizarre for Mr. Obama to say, as he did in his radio address July 11, that the stimulus bill "has worked as intended."
A report from New Hampshire suggests why the stimulus bill hasn't stimulated the economy much.
According to the state office responsible for tracking the money, New Hampshire has received so far $413.6 million in stimulus funds, which have resulted in the creation of 50 jobs, all in government, most of them temporary and only 34 of them full time. That comes to a cost of $8.32 million per job, or nearly $10 million per full time job, if we assume that two of the part-time jobs equal one full-time job.
The Obama Administration claims the stimulus bill has "saved" jobs, but there is no way statistically to verify this, and the state government hasn't reported any in New Hampshire.
Pass me another cup of coffee.....
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