The "saved or created" job figure is now apparently up to between 2.5 and 3.6 million (notice the range wide enough to drive an eigteen wheeler truck through).
At today's planned congressional testimony, Christina Romer, head of the White House Council of Economic Advisers, is claiming that the stimulus bill "appears to be stimulating private investment and job creation at a time when the economy needs it most." The claim also contends that every $1 from the stimulus bill is matched by $3 in private money.
On the other hand, the Federal Reserve reported last Thursday that nonfinancial companies had socked away $1.84 trillion in cash and other liquid assets as of the end of March, up 26% from a year earlier and the largest-ever increase in records going back to 1952. Cash made up about 7% of all company assets, including factories and financial investments, the highest level since 1963.
Where is the private sector enthusiasm that the Administration is eluding to?
If they were paying any attention to the U.S. Chamber of Commerce and National Association of Manufacturers, they too would know that unless they are focusing on corporations that are in bed with the government (i.e. G.E., various alternative energy manufacturers, etc.), there is nothing in the way of government policy to give private sector any confidence to expand or undertake new ventures.
Yes, the American public is generally detached from policy issues, but not when unemployment, despite the ongoing census keeping the rate artificially low, is still near 10% and under employment at 17%. This is the type of detachment from reality that will make 1994 rout of Democrats look like a walk in the park in comparison to what is about to happen to them in November 2010.