A very interesting chart. And then The Hill states that only 30,000 jobs were saved or created by the first stimulus bill.
The data posted Thursday was the result of the government's initial attempt at counting actual stimulus jobs. Obama administration officials stressed that data was partial -- it represented just $16 billion out of the $339 billion awarded -- but they said it exceeded their projections.
This mean there will be a total of around 650,000 jobs created if my math is correct when all of the money get spent. There could be a multiplier effect resulting in more jobs, but this doesn't give a lot of hope to the unemployed.
Michigan has only created 397 jobs from 650 million in stimulus, not the 19,500 claimed.
The Bureau of Labor has made a mistake and the job losses are worse than first estimated.
When we combine the weak job numbers with declining wages, tight credit, record household debt and the impending explosion of home foreclosures, the chances of a sustainable economic recovery looks exceedingly slim. Yet, for the third time in this decade the stock market is off on another binge not based on reality. Such flights into fantasy always end badly.
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