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"The same prudence which in private life would forbid our paying our own money for unexplained projects, forbids it in the dispensation of the public moneys."
"To hear the Leftmedia tell it, economists are giving positive reviews to the $447 billion "jobs" bill that Barack Obama proposed earlier this month before a joint session of Congress. It seems, however, that "positive" is a relative term, and that the media are shamelessly carrying Obama's water. Same story, different day.Obama Jobs Plan Prevents 2012 Recession in Survey of Economists spun the Bloomberg headline.http://www.bloomberg.com/news/2011-09-28/obama-jobs-plan-prevents-2012-recession-in-survey-of-economists.html This transparent attempt to candy-coat the story becomes painfully evident by the second paragraph: "The legislation, submitted to Congress this month, would increase gross domestic product by 0.6 percent next year and add or keep 275,000 workers on payrolls, the median estimates in the survey of 34 economists showed. The program would also lower the jobless rate by 0.2 percentage point in 2012."Forgive us for not being impressed, but 0.6 percent improvement in GDP? Unemployment reduced by 0.2 percent? And 275,000 jobs at a cost of $447 billion? Let's look at the math: That comes out to roughly $1.6 million per job, and for an "investment" of $447 billion, GDP will gain less than $90 billion. Headline unemployment would remain at nearly 9 percent, a point higher than we were supposed to see with the first stimulus. Indeed, Wall Street Journal columnist James Taranto's headline was far more accurate:"