Obama's economics team flunks basic math

The whopper of a "stimulus package" that Obama's team is working on and which will probably be close to $1 trillion before all is said and done has some major flaws in it already according to former Treasury Secretary Paul O'Neill.Quote in this Bloomberg piece, O'Neill shows us the incredible numbers involved in Obama's jobs program:The Obama administration’s goal of creating 3 million new jobs by January 2011 will run smack into “the natural demographic flow, which will add 3.2 million people to the workforce” in the same time period, O’Neill said. In effect, “we are going to spend $750 billion, the number of unemployed will rise and the (unemployment) rate will go down slightly.” O’Neill did the math so you don’t have to. Each job “will cost $250,000, which doesn’t suggest much labor intensity for the dollars spent,” he said. “It makes me wonder if any of the planners or commentators are good at...(Read Full Post)