More Evidence of the Obvious

You really do have to look at these results which I have taken directly from the Powerline blog which has taken them directly from a report titled, “The American Recovery and Reinvestment Act: Public Sector Jobs Saved, Private Sector Jobs Forestalled” by two economists, Timothy Conleyy and Bill Dupor. (Conleyy is, I might add, from my old alma mater, the University of Western Ontario, the Chicago of the North, as we used to call it.) Their conclusion is in paragraph form but here I will leave the most salient parts as a series of dot points, each one of which needs to be contemplated in full to appreciate the extent to which the Keynesian stimulus was an unparalleled economic catastrophe:

This paper uses variation across states to estimate the number of jobs created/saved as a result of the spending component of the American Recovery and Reinvestment Act (ARRA)….

We estimate the Act created/saved 450 thousand government-sector jobs and destroyed/forestalled one million private sector jobs….

The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services.

Keynesian theory causes great harm and does no net good. It’s not as if any of this goes against common perceptions of what’s been going on over the past two years. If you cannot see it yet you probably never will, but it won’t be for lack of evidence.

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3 Responses to More Evidence of the Obvious

  1. JC

    Steve

    You’re really missing one salient point. Socialists like Nobama or our very own in the Greens/ALP Alliance would think maintaining 450,000 public sector jobs while losing 1,000,0000 private sector ones is not a bad deal.

    They don’t see things the way you or I do.

  2. Louis Hissink

    JC,

    I recall an argument during the 1970’s when an ALP supporting colleague argued that public servants pay tax as anyone else does. Even then they didn’t understand it as well.

    Have they ever????

  3. C.L.

    Wow. He actually destroyed 1000,000 jobs?

    Memo to Jimmy Carter: sorry about that ‘worst ever’ rap, old peanut.

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