If this is "Working as we hoped" I don't want to see failure.

[BobRossi]

"WASHINGTON -- Seven months into the massive federal stimulus program, the vast majority of government grants, contracts and loans in Michigan so far have created or retained virtually no jobs, a Free Press analysis shows."

"The analysis also revealed that others who have been promised or have received stimulus money have overstated -- in some cases greatly -- the number of jobs created or protected.
Obama administration and state officials say it's too early to draw conclusions about the overall impact of the $787-billion nationwide program to stimulate the economy and generate jobs. They promise that job growth will follow as more funding arrives."

"It looks to us like the program is unfolding much as we hoped in Michigan," said White House economic adviser Jared Bernstein"

http://www.freep.com/article/20091115/NEWS15/311150005/1202/RSS

[valleywine]

1. Seems in some cases "projected" is not true...

The analysis also found:
• Three of every four stimulus grants, contracts and loans approved in Michigan created or retained one job or less.
• Fewer than 700 awards had received some money, and nearly half of those -- 327 -- had created one job or less, at a cost per job of $2.7 million.
• Some job estimates were wrong: General Motors Co., for instance, reported 105 jobs saved or created for a government purchase of 5,000 vehicles but later said no jobs were saved or created. The City of Detroit reported 342 jobs it now says were projections -- not jobs already created or retained.
Peter Morici, a University of Maryland economist, said the results suggest the stimulus won't deliver promised results.
"All those claims," he said, "are ridiculous."

[stray cat]

2. The administration didn't either - they seemed to think not doing anything would be really bad

[leeroysphitz]

3. rah rah

[MercutioATC]

4. The "hope" was that Wall Street wouldn't collapse.

...and it worked.



...for now.

[Bluenorthwest]

5. Except that the the ariticle is quoting the administration about

how it is working in Michigan, not on Wall Street. And it has not 'worked' in Michigan at all. And that is the subject matter, not Wall Street, Michigan. Obama's hope might have been for Wall Street, but Michigan's hope was for Michigan.

[MercutioATC]

6. Expand your thinking.

What's good for Wall Street is good for Michigan.


:eyes:

[truedelphi]

7. And Obama kept saying that the Geithner/Bernanke guarantees

And "loans" to the big boys would be transferred at some point to the small businesses, which are really the bread and butter of this nation.

But that has not happened.