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Democrats repeatedly promised their massive 2009 stimulus plan would create over 3 million new jobs. It hasn’t. Instead, unemployment climbed to 10 percent as over 2 million more jobs were eliminated. This weekend Vice President Biden took the extraordinary step of suggesting stimulus failed because Republicans made it “too small”:
But:
During the debate leading up to passage of the stimulus bill, Jared Bernstein (Chief Economist and Economic Policy Adviser to Vice President Biden) and Christina Romer (Chair, President Obama’s Council of Economic Advisors) argued that “A package in the range that the President-Elect has discussed is expected to create between three and four million jobs by the end of 2010…We have assumed a package just slightly over the $775 billion currently under discussion.” That $775 billion assumed cost was actually LESS than what CBO estimated the Democrats’ stimulus plan would cost when it was signed into law ($787 billion), which CBO later revised upwards (to $862 billion). Thus the failure of stimulus to create jobs cannot be because it spent too little – since actual stimulus spending is MORE than the level Administration economists said would “create between three and four million jobs.”
The stimulus bill was $862 billion or nearly $3,000 for every man, woman and child in the U.S.
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