CBO: Obama Porkulus Spent $4.1 Million Per Job
RUSH: "When [the American Recovery and Reinvestment Act] was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019. CBO now estimates that the total impact over the 2009–2019 period will amount to about $831 billion. By CBO's estimate, close to half of that impact occurred in fiscal year 2010..." The bottom line is this: The amount of money that they calculate the stimulus will cost and add to the deficit equals $4.1 million per job created. That's the efficiency we got from the regime: $4.1 million per job. And the reason it's $4.1 million per job is because there weren't that many jobs created.
More Interesting Economic Numbers from James Pethokoukis
RUSH: Now, some interesting economic numbers here. With today's quiet revision (we mentioned this the first hour), economic growth for the first quarter, originally reported at 2.2%, was (quietly) revised down to a growth rate of 1.9%. That's the robust economy that 3-1/2 years of Obama have given us. During the recovery of the eighties, Ronald Reagan's recovery, the gross domestic product of this country averaged 6% growth!
We can't even maintain 2% with Obama. James Pethokoukis from the American Enterprise Institute, who we cite frequently, has posted the GDP of the five quarters under Obama's recovery: 0.4%, 1.3%, 8.9%, 3%, and now 1.9%. Those are the real growth rates. During Reagan's recovery, the GDP averaged around 6%. Artur Davis voted against Obamacare twice. He was the only member of the Congressional Black Caucus to vote against it. That's right. And Jesse Jackson said you can't be a black man and vote against Obamacare.
So my only point here is, this is purposeful. How can it not be? Now, some Democrats might be thinking, "We're on the right road. We just gotta be patient here and at some point all this gonna rebound, and it's gonna come back, and we're gonna be great." It's impossible, with these policies, the private sector where you and I live and work is shrinking. There's no way it can grow with these kinds of policies. Obama is taking money out of the private sector every day. Obama is killing jobs in the private sector every day.
The government sector can and is, but it doesn't produce anything.
It feeds off of the private sector. It doesn't produce a thing. The public sector redistributes wealth, destroys wealth, but it does not create it. Actually, that's not altogether true. Obama tried to create wealth by giving money to Solyndra but didn't work. But you might say that they could create wealth by transferring to their donors, but that's talking about 25 or 30 people. We're not talking about policy here. Their policy cannot possibly create economic growth.
This is why I wanted it to fail; this is why I've been maintaining from the get-go that this is purposeful. Again, it's Realville -- and it's so simple, it's hard to understand. You cannot raise taxes, which is taking money out of the private sector, and expect it to grow. You can't raise taxes on businesses and expect them to have money to hire people, or to give existing employees raises. You can't make credit so tight that people can't borrow money to grow, and have growth. It doesn't work.
This has never worked. It's never worked anywhere it's been tried. It's why I say Obama is a dinosaur. Obama is 50 years ago. Obama's still living in this mythical world where FDR almost had it right but he just didn't spend enough money. There's nothing "forward" about Obama. There's nothing really "progressive" in the sense that we are engaging in progress or having any, or moving forward in that way. We're going backwards. And the guy in charge thinks that he's making a gigantic transformation for the good!
This is laughably incompetent (but it's not funny). It defies all logic. Economic, political, common-sense logic is being stood on side its head, upside down, for you to believe -- for anybody to believe -- that these kinds of policies are gonna lead to private sector economic growth. And, by the way, the numbers are in, and we ain't growing. That 1.9% is not enough growth to change the direction (which is downward) that we are trending.
Edwards Jury Reaches Verdict on One Count, Well Hung on Rest
RUSH: A verdict was reached on count three, which involved the misuse of campaign funds. That's Bunny Mellon. But I don't know what the verdict is, and the rest of the counts, it's a well-hung jury. (interruption) Oh, the judge sent 'em back to deliberate more? They got a verdict. We don't know what it is. Hung jury on the rest.