On the one year anniversary of the “stimulus”, OpenMarket.org has some numbers on how well the stimulus has worked:
* The unemployment rate has increased since the stimulus bill was enacted, by +1.5% to 9.7%, from 8.2% in Feb 2009.
* The number of people who are unemployed increased by 2.1 million, from 12.71 million in February 2009 to 14.8 million in January 2010.
* The number of states/federal districts with an unemployment rate of 10% or higher increased from Feb 7, 2009 to December 17, 2009 (latest data).
* Payroll employment decreased by 3.3 million (132.823 million in Feb 09; 129.527 million in Jan 2010). Private payrolls are at levels not seen since 1999.
* The construction sector lost 810,000 jobs (6,435,000 in Feb 2009/5,625,000 in Jan 2010).
* The manufacturing sector lost 837,000 jobs (12,377,000 in Feb 2009/11,540,000 in Jan 2010).
* Employment in the federal government (excluding the Post Office) increased by 113,200 (2.068 million in Feb 09 / 2.181 million in Jan 2010). The number of federal, state and local employees is now about twice the number in US manufacturing jobs.
* Most jobs supported by the stimulus so far are public employees.
Sam Staley of the Reason Foundation tells Michigan Capitol Confidential
It was not targeted for job creation of any consequence. It was a backdoor way to continue to fund the projects the Obama administration wanted. Under the mantra of jobs they just packaged a bunch of programs under the stimulus. It’s not part of a strategic or well designed program to stimulate the economy.
Of course, the supporters of the stimulus would readily admit that is simply pork-laden spending, they’re just mad that Republicans are also attending ribbon-cutting ceremonies.