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A Little Perspective on the “Million Jobs Created or Saved” October 31, 2009

Posted by geoff in News.

So let’s take the administration’s very suspect claims at face value, and say “Sure, I believe that you saved 1 million jobs.” Sounds great, yes? In fact, it sounds so great that it makes me want to plot something up:


At the maximum presumed benefit of the stimulus, it has only saved or created about 1/4 of the jobs needed to keep the unemployment situation from getting worse. Apparently that’s entirely satisfactory to the administration, which is bragging about this anemic result. All their statements over the past couple of months indicate that they’re perfectly content with continuing job losses – we’re just going to have to be content with a jobless recovery, and a long-term unemployment rate over 10%.

Heckuva job Larry, Christine, and Jared.


1. MostlyRight - October 31, 2009

This post destroyed or lost 6 unicorns.

2. Eddie The Bear - October 31, 2009

10% unemployment in a “recovery”? That is very reminiscent of Europe and Japan’s “Lost Decade”.

I recall Bush getting hammered for a “jobless recovery” at 5-5.5% unemployment.

3. HeartlessLibertarian - November 1, 2009

At least someone in the Obama administration finally figured out, “Well, if we are going to lie about 650,000 jobs being ‘created or saved,’ why not lie about a cool million?”

By the end of the year, they’ll be claiming 2 million, and by the end of next year 4 million. There won’t be any way to verify this, of course, but Obama voters won’t care unless they’re eating baby food on the sidewalk while clanging change in an empty Wendy’s cup.

4. Eddie The Bear - November 4, 2009
5. October Job Losses Accelerate Again – 10.2%! « Innocent Bystanders - November 6, 2009

[…] A “million jobs saved?” A drop in the bucket. […]

6. johnfx - December 4, 2009

Even assuming the 1M jobs saved number is accurate and attributable to the $190B of stimulus spending that has been expended so far, that comes to a cost of $190,000 for each job. Given that many of the jobs included in this number are in the public sector which isn’t exactly known for high-paying jobs, this seems like a pricey way to go about reducing the unemployment rate.

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