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The White House Claims One Million Jobs Saved/Created- According to Their Model, Of Course

Travis's picture





 

While no one really knows what kind of jobs were created or saved, what kind of work is entailed or for how long- the White House claims seem to be of one economic model.  Their model, of course.

According to an article written by the Associated Press, White House economists reported thursday that the Obama Administration's recovery efforts have, so far, saved or created more than one million jobs.

Obama has promised that his $787 Billion stimulus package would create or save 3.5 million jobs by the end of next year; and, of course, this figure is right on mark to be achieved. (Saving a million or so every eight months should do the trick?)  Given the stunning turn-around with unemployment hovering closer and closer to 10% every quarter. 

"In its first report to Congress on the stimulus, the White House Council on Economic Advisers said Thursday that the economy would have been far worse without the stimulus..."  Notes Matt Apuzzo of the Associated Press.

Washington's report is sure to draw criticism because the U.S. economy has actually lost some 2.5 million jobs since the stimulus plan was signed in February.  "Because the White House number is based on economic models, it's impossible to say for certain what that number would have been without the stimulus." But it sounds better to note- "we created a million jobs" nevermind "net/net, we're down 1.5 million jobs."

The report is quick to note that, while job losses continue, the rate has slowed considerably from over 700,000 a month in early 2009 to 216,000 job losses just last month.

"These job losses are obviously unacceptable," the White House report says. "But the change does suggest that we are on the right trajectory."

But of course they are.  We're not paying for failure here, now are we?

 

 


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Thu, 09/10/2009 - 15:30 | Link to Comment Sardonicus
Sardonicus's picture

making signs for projects that should be a part of routine mainetence budgets, not special expenditures:

http://www.fox8.com/news/wjw-stimulus-signs-txt,0,7422868.story

Thu, 09/10/2009 - 15:31 | Link to Comment Mos
Mos's picture

$787 B divided by 1 million jobs=$787 thousand per job

 

Money well spent....

 

Okay lets be fair, lets say through the life of the stimulus plan 2.5 million jobs will be created.  Then it's only $314,800 per job.

Thu, 09/10/2009 - 15:49 | Link to Comment Anonymous
Thu, 09/10/2009 - 17:09 | Link to Comment bonddude
bonddude's picture

I'd like to be the Soprano gettin' the vig on that deal cuz that's gotta be 3-4x what's in dude's paypack.

Thu, 09/10/2009 - 17:06 | Link to Comment E Thomas St.
E Thomas St.'s picture

Exactly what I said in another thread. This is a terrible way to spend money if the goal is merely keeping people from being unemployed (which it isn't).

Thu, 09/10/2009 - 15:31 | Link to Comment Sardonicus
Sardonicus's picture

Probably huge surges in credit counseling and suicide prevention staff nationwide as well.

Thu, 09/10/2009 - 15:33 | Link to Comment Howard_Beale
Howard_Beale's picture

Off topic--Harvard still the top loser with Yale only down 30% in the last year.

Thu, 09/10/2009 - 15:47 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

for the quality of students Harvard puts out; they should've gone bankrupt years ago. Overrated university with even more overrated graduates. Maybe 10% of Harvard graduates would get their diplomas if they were enrolled in one of the top EU universities; i.e Gottingen or Heidelberg. It is a well known fact that people go to Harvard to make connections, not to actually gain some respectable education. Harvard has become a meme. Nothing else. And im glad they are down 30%, should be more if you ask me.

Thu, 09/10/2009 - 15:55 | Link to Comment ZerOhead
ZerOhead's picture

Hey Cheeky... My brother did a post doc there. Got a huge research grant and moved it to another gig. Ha ha ha ha harvard...

Thu, 09/10/2009 - 16:00 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

sorry ZerOhead. I should've make my statement more clear. I primarily addressed their MBA and Economics departments. The rest is good; they have a good math department; or they used to; i'm not sure if Barry Mazur still runs the show there. The rest is mediocre at best. For me; Princeton is number 1, has been, is, and will always be.

Thu, 09/10/2009 - 16:11 | Link to Comment Howard_Beale
Howard_Beale's picture

So you approve of the former head of the Princeton economics department? C'mon.

Thu, 09/10/2009 - 16:14 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Harvard or Princeton ? I was thinking in therms of the quality of courses and pedagogic approach of Princeton vs. the same thing at Harvard. I don't have any idea who either Princeton's or Harvard's former head of econ-dep is. enlighten me.

Thu, 09/10/2009 - 16:15 | Link to Comment Howard_Beale
Howard_Beale's picture

I think his name is....uh, give me a moment, oh yeah. Ben Bernanke.

Thu, 09/10/2009 - 16:22 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

LOL. Fuck it; i'm not omniscient; thanks for reminding me. But to be fair; he's an excellent academic ( IMHO ) but an utter FAIL when it comes to get shit done in a orderly manner. Or get shit done for that matter. Knowledge without execution is like a gun with no bullets. It can only get you so far when shit hits the fan and you need to stard shooting at something/ someone. http://bewilderedsociety.com/blog/wp-content/uploads/2008/09/20080923__82875236aw011_senate_holds_failp1.jpg

 

 

Thu, 09/10/2009 - 16:24 | Link to Comment Howard_Beale
Howard_Beale's picture

I love you CB...just having some fun!

Thu, 09/10/2009 - 16:50 | Link to Comment Hephasteus
Hephasteus's picture

Standford University is the biggest of the sewers.

Thu, 09/10/2009 - 17:07 | Link to Comment E Thomas St.
E Thomas St.'s picture

You sound like a Cal man.

Thu, 09/10/2009 - 15:58 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

They should be bankrupt by now if you ask me. Why doesn't someone just put them out of their misery? Perhaps the US Dollar going up in flames will accomplish that task.

Thu, 09/10/2009 - 16:05 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

hey man; they have Larry " i sleep in the most awkward places " Summers there. And that means there's a bailout waiting somewhere if SHTF. And like 80% of fortune 500 execs are Harvard MBA's.

Thu, 09/10/2009 - 16:10 | Link to Comment ZerOhead
ZerOhead's picture

Hey he did great work in Lithuania and Russia didn't he? Drove the stake right through the heart of the beast...

Hey where's that turd sandwich working these days?

Thu, 09/10/2009 - 16:03 | Link to Comment Anonymous
Thu, 09/10/2009 - 22:48 | Link to Comment Pork Fried Rice
Pork Fried Rice's picture

And how much the 2 managers of their funds make last year?

 

Meanwhile the Yale formula of entrusting the fund to over a hundred talented managers and stick with them long term is actually winning

Thu, 09/10/2009 - 15:44 | Link to Comment Daedal
Daedal's picture

Just like they'll 'save' money on public health care.

Thu, 09/10/2009 - 15:47 | Link to Comment Printfaster
Printfaster's picture

The one million must be the sum of all the birth/death model jobs that were created.

I guess we need to go to the graveyard to find these jobholders among the silent majority.

 

Thu, 09/10/2009 - 16:17 | Link to Comment Cursive
Cursive's picture

I was going to post this.  Imagine what the real number is w/o the BS from the BLS.

Thu, 09/10/2009 - 16:26 | Link to Comment Printfaster
Printfaster's picture

Hey these were green jobs.  By moving to the graveyard, these green jobholders saved millions in carbon credits.

And they are pushing up green grass above them.

 

Thu, 09/10/2009 - 17:25 | Link to Comment thegreatsatan
thegreatsatan's picture

more like Soylent Green. Beware new wonderfoods on the market.  Soylent Green is People!

Thu, 09/10/2009 - 20:27 | Link to Comment ddtrader
ddtrader's picture

Filet O'Fish here we come!!!!

Thu, 09/10/2009 - 22:59 | Link to Comment Missing_Link
Missing_Link's picture

Ah!  So *THAT'S* where the green shoots are coming from!

Thu, 09/10/2009 - 15:47 | Link to Comment mule65
mule65's picture

It's too painful being short.

Thu, 09/10/2009 - 15:53 | Link to Comment straightershooter
straightershooter's picture

Yeah, I believe the whitehouse did create a few jobs down here in the scenic route. God damn it. Every few hundred  foot, there is either a sign  of " do not pass" Or "pass with care". I wonder what the double yellow line on the road means..... That stupid whitehouse stimulus package. Now I guess there will be a few more jobs created by removing the annoying and stupidity sign of do not pass and pass with care after enough complaints are lodged.

Thu, 09/10/2009 - 15:54 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

ROTFLMFAO.

Thu, 09/10/2009 - 15:55 | Link to Comment earnyermoney
earnyermoney's picture

As long as 3.5 million people are employed at the conclusion of 2010, it's a true statement. Of course that means the unemployment rate will reach historic levels.

Thu, 09/10/2009 - 15:55 | Link to Comment Anonymous
Thu, 09/10/2009 - 15:55 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Travis:

I've been hating on your avatar cuz it looks like someone whacked the top of your head with a machete, so I Gimped you a new dome. I'll attach to an email and send to tips@zerohedge.com in case you want to use it.

Thu, 09/10/2009 - 15:56 | Link to Comment Anonymous
Thu, 09/10/2009 - 15:56 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

i plan to submit my application to the Treasury for 2 trillion $ line of credit with minus 25% rate; with nothing but a promise that i will either save/ or create 2 million jobs. I think that would suffice for me to get the funding. And also i plan to re-locate the funds i receive to the development of i-phone applications and Internet start-ups which do nothing except spam peoples e-mails every 2 minutes with notifications how their friends send them a goat via " Send you a goat " application and how the got a " Fuck you Hank Paulson " fan page reuest.

Thu, 09/10/2009 - 17:53 | Link to Comment Hrundi V. Bakshi
Hrundi V. Bakshi's picture

$1 million per job saved or created seems to be a fair rate of return however if you can save 3 million jobs i will give $4 trillion those are the returns i can live with.

Thu, 09/10/2009 - 16:00 | Link to Comment tradertim
tradertim's picture

there is no metric for determining how many jobs were saved so they can claim any number they want.

just so you all know...i saved 2 million jobs and you can't prove otherwise. naner naner :))

im gonna call Michelle Caruso Cabrera Conchita Alonzo Herrera Fernando Gonzalez and tell her the good news of how many jobs i saved.

i feel an interview with Dennis Kneale coming on.

Thu, 09/10/2009 - 16:31 | Link to Comment Veteran
Veteran's picture
“Oh, people can come up with statistics to prove anything. 14% of people know that.”

 

-Homer Simpson

Thu, 09/10/2009 - 16:02 | Link to Comment Anonymous
Thu, 09/10/2009 - 16:08 | Link to Comment JohnKing
JohnKing's picture

Yummy White House chatter so much better than cable chatter.

 

Thu, 09/10/2009 - 16:09 | Link to Comment Anonymous
Thu, 09/10/2009 - 17:01 | Link to Comment Anonymous
Thu, 09/10/2009 - 16:11 | Link to Comment AN0NYM0US
AN0NYM0US's picture

John Mack announces retirement and the way Bloomberg is talking its the financial equiv of Teddy Kennedy going to meet his maker  - (that is the revisionist version of TK)

Thu, 09/10/2009 - 16:14 | Link to Comment Steak
Steak's picture

An angry populace too preoccupied with the daily struggle that is life in the USSA was unable to directly respond to this BS pronouncement.  So they sent...the monkey

 

 

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Thu, 09/10/2009 - 16:26 | Link to Comment max2205
max2205's picture

He Lies!!!  lol

 

The only thing getting better are the markets...period.

 

Everything else is in the toilet or making it's way into the rim.

 

 

Thu, 09/10/2009 - 16:31 | Link to Comment civilmanus1
civilmanus1's picture

the FASB must be allowing them to use Mark to Model. Not losing an extra 1.0-million jobs is the same as creating 3-million jobs.

Good Grief.

Thu, 09/10/2009 - 16:57 | Link to Comment Anonymous
Thu, 09/10/2009 - 17:14 | Link to Comment Anonymous
Thu, 09/10/2009 - 18:13 | Link to Comment Veteran
Veteran's picture

Say that reminds me, the government has hired a whole shitload of people to 'temporary' positions, set to expire in a year. These jobs counted in the million figure perhaps?  Who am I kidding, of course they are

Thu, 09/10/2009 - 20:03 | Link to Comment Anonymous
Thu, 09/10/2009 - 20:16 | Link to Comment Anonymous
Thu, 09/10/2009 - 22:53 | Link to Comment Pork Fried Rice
Pork Fried Rice's picture

Guys just wait, Obama has another trick up his sleeve.

 

In November, he shall create 10 more jobs by building a basketball court in the White House lawn

Thu, 09/10/2009 - 22:58 | Link to Comment Anonymous
Thu, 09/10/2009 - 23:11 | Link to Comment Anonymous
Thu, 09/10/2009 - 23:13 | Link to Comment Anonymous
Fri, 09/11/2009 - 08:19 | Link to Comment Anonymous
Fri, 09/11/2009 - 10:56 | Link to Comment spekulatn
spekulatn's picture

Well done, Travis. 

 

"MARK IT ZERO, DUDE"

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