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CBO: 'Impossible to Determine How Many of the Reported Jobs Would Have Existed' Without Stimulus

10:04 AM, Dec 3, 2009 • By JOHN MCCORMACK
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As Obama convenes his jobs summit and his allies in the media hail a new CBO report that supposedly shows the stimulus spending "has saved or created more than 640,000 jobs, and possibly as many as 1.6 million," make sure to check out this post by the American Spectator's Joseph Lawler, who highlights this key paragraph from the CBO's report on the simulus:

Recipients report that about 640,000 jobs were created or retained with ARRA funding through September 2009. Such reports, however, do not provide a comprehensive estimate of the law's impact on employment in the United States. That impact may be higher or lower than the reported number for several reasons (in addition to any issues about the quality of the data in the reports). First, it is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package. [Emphasis added.].

More here.

On the homepage, Gary Andres argues that Texas is the model for spurring job creation.

Eric Cantor outlines "a few common sense" proposals at NRO:

*First, we must tear down self-imposed obstacles to economic growth and wealth creation. Therefore, Congress and the Obama administration should stop the deluge of detrimental rules and regulations.

*Second, we should agree to block any federal tax increases until unemployment drops below 5 percent. Americans of all political stripes can agree that the government should never raise taxes during periods of high unemployment.

*Third, we need to restore confidence in America's economic future. Record deficits and debt - coupled with runaway spending - have shaken confidence in that future. Many believe that the only solution will be to increase taxes or inflate the dollar, which promises lasting pain for small businesses and working families.

*Fourth, we should reform the unemployment system to help people out of work find jobs.

*Fifth, we need to approve three promising free-trade agreements with Colombia, South Korea, and Panama that have stalled under the new administration. Recently the president stated that increasing U.S. exports by just 1 percent would create over 250,000 jobs.

*Sixth, we must take action to reduce regulatory and tax barriers that inhibit domestic job creation.

*Finally, we must deal swiftly and honestly with the looming commercial real-estate collapse. Congress should move to give bank regulators incentives to deal responsibly with banks and their borrowers.