Obama touts results of stimulus today
Original post made by jimf01, another community, on Oct 21, 2009
What is that difference? ‘The Recovery Act has supported over 33,000 loans to small businesses that have already helped save or create nearly tens of thousands of jobs - nearly $13 billion in new lending.'
Help me out here, what is the claim? What is nearly tens of thousands?
$13,000,000,000 / 33,000 small businesses = $393,939.39 average per business
33,000 small business / 10,000 jobs = 3 jobs per business, or $131313 per job created?
Sorry, I am an ignorant FNC viewer with no advanced degree.
I guess when stimulus results are falling a bit short of projections Web Link then the admin is going to have to be careful about their claims.
CBS news does a little more digging into the stimulus results here Web Link
They calculate that federal contracts have spent over $500k per job. Since that money was only 5% of the recovery money spent so far, the White House accounted for the other 95% of the money by taking the 30,000 jobs created by federal contracts and multiplying it by 20. Then they doubled that number! Reason being, they say, is each direct job creates one indirect job somewhere else in the economy. Where? No one knows.
Anyhoo, viola! 1.2 million jobs saved or created by the stimulus. Sounds a lot better than the actual unemployment statistics from the US DoL, which is 2.7 million jobs lost since the stimulus was passed.