Daily Wisdom

September 04, 2009

Stimulus Spending And Job Growth: Update 3

In June I wrote an article called "Stimulus Spending And Job Growth". In the article, I pointed out that Barack Obama said his stimulus package would create approximately 4 million new jobs over two years. As you can see from the following graph, the trend of job loss continues. I have revised July's job losses according to the latest published figures. The number of jobs lost for the month of August was 216,000 which means that Obama's goal of 4 million new jobs in 24 months keeps getting more difficult to attain...

Instead of the 166,667 jobs per month he originally needed to reach his target, he now needs to create 360,111 jobs per month -- in order to make up for the 2,482,000 jobs that have been lost since the stimulus bill was signed. C'mon Mr. Obama... we haven't forgotten your promise, and we're still waiting.


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