Simple, yet scathing
The New York Times says…
administration officials are counting on a lift this summer from the $168 billion economic stimulus package that Congress passed last week and from the Federal Reserve’s recent decisions to reduce short-term interest rates….[CEA Chair Edward Lazear] predicted that the stimulus package would create an additional 500,000 jobs this year.
Economics professor Greg Mankiw adds…
In other words, each job created adds $336,000 to the national debt.
Good deal!
A minimum wage job, at $7.15 / hr, would pay (gross) about 366K after 25 years. Godd deal, indeed.
Why don’t we just skip the middleman and send the 168 Billion straight to China?
how does this job creation cause debt? Jobs are being created rather then not, their contributing to the tax base