The myth of the multiplier

Reason
by Veronique de Rugy

10/19/09

Give us money, and we’ll give you jobs. That was the promise President Barack Obama made when he asked Congress for a $789 billion stimulus bill. The cash, he said, would create millions of jobs during the next two years. Without the stimulus, the administration warned in a January report by economic advisers Christina Romer and Jared Bernstein, unemployment by the end of 2010 would reach as high as 9 percent. Well, Obama got his money. Since then, the economy has shed more than 2 million jobs and the unemployment rate has climbed to 9.4 percent. By May 2009, the Council of Economic Advisers (CEA) had changed its message. Now the stimulus would ’save or create’ 3.5 million jobs by the end of 2010...

//reason.com/archives/2009/10/19/the-myth-of-the-multiplier


Informant: Thomas L. Knapp



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