WSJ Calls BS

[BillsNYC]

http://online.wsj.com/article/SB124451592762396883.html

 

"The expression 'create or save,' which has been used regularly by the President and his economic team, is an act of political genius," writes Mr. Mankiw. "You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus."

 

Mr. Obama's comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and -- presto! -- you have the president claiming he has "saved or created" 150,000 jobs. It all makes for a much nicer spin, and helps you forget this is the same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%. (its now at 9.4)

 

"You would think that any self-respecting White House press corps would show some of the same skepticism toward President Obama's jobs claims that they did toward President Bush's tax cuts," says Mr. Fratto. "But I'm still waiting."

[DC Tom]

http://online.wsj.com/article/SB124451592762396883.html

 

"The expression 'create or save,' which has been used regularly by the President and his economic team, is an act of political genius," writes Mr. Mankiw. "You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus."

 

Mr. Obama's comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and -- presto! -- you have the president claiming he has "saved or created" 150,000 jobs. It all makes for a much nicer spin, and helps you forget this is the same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%."

 

"Create or save X number of jobs" is pretty much politics as usual; I remember the previous administration using that line as well.

 

As for the bolded: if that was even said (I don't recall either way), that's still less an indictment of the stimulus than it is a cautionary tale against making stupid policy statements. The government doesn't exercise that much control over the economy.

[/dev/null]

The government doesn't exercise that much control over the economy.

 

If the government doesn't exercise that much control over the economy as you said....how is Obama going to save the economy?

[BillsFan-4-Ever]

http://online.wsj.com/article/SB124451592762396883.html

 

In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and -- presto! -- you have the president claiming he has "saved or created" 150,000 jobs.

 

And what is it exactly you are looking for? -- presto -- the economy and job markets to magically return to what it was years ago?

 

Companies just don't work like that. It's not -- presto -- lets hire 1000 nw employees. They have financial plans set from the prior year. AND if the need arises they will still take months to decide how to increase via short term or full time!!

[GG]

Using that logic, Bills created or saved 21 wins in the three years of DJ's tenure.

 

I feel better already.

[DC Tom]

If the government doesn't exercise that much control over the economy as you said....how is Obama going to save the economy?

 

He's not. The economy will recover all on its lonesome, and he'll get credit because he sits in the big, armor-plated chair.

 

 

I should point out, too, that the stimulus wasn't Obama's anyway, it was Pelosi's and Reed's. But again...Obama's ass is in the chair...

[Fastback]

If the government doesn't exercise that much control over the economy as you said....how is Obama going to save the economy?

 

Ask the TOTUS...I'll bet he knows.

[IDBillzFan]

And what is it exactly you are looking for? -- presto -- the economy and job markets to magically return to what it was years ago?

 

Companies just don't work like that. It's not -- presto -- lets hire 1000 nw employees. They have financial plans set from the prior year. AND if the need arises they will still take months to decide how to increase via short term or full time!!

But...but...but...we were told; pass the stimulus and unemployment will never see double digits.

 

Tom is 100% correct here. Stupid policy statements, but statements nonetheless that people fully supported in the wake of an economic freefall leading to the worst economic conditions since the great depression!!!.

 

Part of what you're starting to watch is the accountability of words. This accountability has been lacking, and will continue to be lacking as a good portion of the MSM spends more time talking about date night and less time talking about things like NK, a stalled economy, nationalized health care, government motors, and a frighteningly deep debt owed to China. But at some point, you simply can not ignore the fact that spending your way out of debt simply won't work, has never worked, and will put this recession into a holding pattern that no one will ultimately be able to ignore.

 

But until then...relax, hombre! It's Date Night In America! We're all feeling the love.

[RkFast]

And what is it exactly you are looking for? -- presto -- the economy and job markets to magically return to what it was years ago?

 

Companies just don't work like that. It's not -- presto -- lets hire 1000 nw employees. They have financial plans set from the prior year. AND if the need arises they will still take months to decide how to increase via short term or full time!!

 

I hate to tell you, but companies DO work like that. Maybe not every time they grow, but quite often, a new product launch, new project initiative, etc. results in a mass hiring.