Newt Gingrich has formally jumped in as a candidate for President in 2012. But judging by the quote on the front of Newt.org, I’m not sure if he is running against Obama or against Joe Biden to serve as O’s veep:
About time. Finally, all the evidence needed to shut up those Fiscal Stimulus advocates is in hand. And guess what all you Obamatons, you can finally stop worrying about having to explain the Keynesian economics that you can’t understand because you won’t be defending the stimulus any further!
White House officials heralded the unparalleled transparency in reporting job numbers to the public, but acknowledged there is no consistent standard across states or localities, or among federal agencies giving out stimulus funds, in differentiating between a “saved” job and a “created” job.
The White House argues that the actual job number is actually larger than 640,000 — closer to 1 million jobs when one factors in stimulus jobs added in October and, more importantly, jobs created indirectly, such as “the waitress who’s still on the job,” Vice President Biden said today.
So let’s see. Assuming their number is right — 160 billion divided by 1 million. Does that mean the stimulus costs taxpayers $160,000 per job?
Jared Bernstein, chief economist and senior economic advisor to the vice president, called that “calculator abuse.”
Mr. Bernstein, it’s not quite “calculator abuse”, rather, it’s the only mathematical equation that could have been applied to the situation. Good work at trying to fool me! It didn’t work.