Friday, October 16, 2009

Stimulus "Saved or Created" 30,000 Jobs

And at a bargain price of only $16 billion. (Or $339 billion; as usual the Administration is unclear.)

This, of course, was not only predictable, but predicted - by nearly every free market-oriented economist around.

You can't create jobs - which requires the accumulation of new capital - by removing it from Peter and giving it to Paul, with the Feds taking a slice in the middle. You also can't create wealth by simply printing money to make it appear that new wealth exists. Dollar bills are not wealth. They don't create goods and services. You can't create productive jobs by kicking the can down the road or distorting the market for housing, or by any of the dozens of other tragically popular methods employed by the Federal Government.

But, by golly, you sure can claim credit for doing so, by simply pretending that the laws of economics are infinitely malleable.

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