From the Washington Post: Obama’s economic team released a report on the stimulus impact on jobs:
The 27-page report defends Obama’s view that the stimulus package will create or save 3.5 million jobs by the end of next year, though its predictions were partly based on 2007 Labor Department data put together before the worst of the crisis hit the economy.
Listening to and refuting Obama’s economics is getting tiring, so I’ll let Henry Hazlitt in Economics in One Lesson do it for me:
Therefore, for every public job created by the bridge project a private job has been destroyed somewhere else. We can see the men employed on the bridge. We can watch them at work. The employment argument of the government spenders becomes vivid, and probably for most people convincing. But there are other things that we do not see, because, alas, they have never been permitted to come into existence. They are the jobs destroyed by the $10 million taken from the taxpayers. All that has happened, at best, is that there has been a diversion of jobMore bridge builders; fewer automobile workers, television technicians, clothing workers, farmers.s because of the project.