From "The Media Fall for Phony 'Jobs' Claims"
By WILLIAM MCGURN
"Saved or created" has become the signature phrase for Barack Obama as he describes what his stimulus is doing for American jobs. His latest invocation came yesterday, when the president declared that the stimulus had already saved or created at least 150,000 American jobs -- and announced he was ramping up some of the stimulus spending so he could "save or create" an additional 600,000 jobs this summer. These numbers come in the context of an earlier Obama promise that his recovery plan will "save or create three to four million jobs over the next two years."
Ever since his trip to the Caterpillar Factory and his promise that his Stimulus Package would save the threatened jobs there, only to have the President of Caterpillar come out immediately after the speech and say the jobs were gone regardless, I haven't believed what Obambi says about the economy.
Well, being they got laid off, if they do get rehired sometime in the future maybe they can count as "created" jobs.
Of course, the inability to measure Mr. Obama's jobs formula is part of its attraction. Never mind that no one -- not the Labor Department, not the Treasury, not the Bureau of Labor Statistics -- actually measures "jobs saved." As the New York Times delicately reports, Mr. Obama's jobs claims are "based on macroeconomic estimates, not an actual counting of jobs." Nice work if you can get away with it.
I'm curious if they are using the same guys to write the program to get this "Saved or Created"
"The expression 'create or save,' which has been used regularly by the President and his economic team, is an act of political genius," writes Mr. Mankiw. "You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus."
It's a "When did you stop beating your wife?" formula. You've got the answer you want no matter the answer.
Now, something's wrong when the president invokes a formula that makes it impossible for him to be wrong and it goes largely unchallenged. It's true that almost any government spending will create some jobs and save others. But as Milton Friedman once pointed out, that doesn't tell you much: The government, after all, can create jobs by hiring people to dig holes and fill them in.
The "Jobs Created" part is what really bothers me. I know that we've got 21 new "czars" with attendant staff and support that are jobs created, but who pays the salaries of these new employees?
Lucky us! We get taxed more to pay some more SOB's in Washington to tell us what else we are going to have sacrifice in our life so they can receive their bennies.
But we must remember that things aren't as bad as we think, just like back in in 2003 things weren't as good as we thought.