The report from the White House Council of Economic Advisers said the stimulus added 2.3 to 3.2 percent to gross domestic product in the first quarter relative to what it otherwise would have been.Note the twice-used phrase, "relative to what it otherwise would have been." This phrase alerts you to the fact that the White House is using imaginary numbers. We do not know what would or would not have happened if there had been no stimulus package, because there was a stimulus package. The economy could have gotten worse, or it could have improved had the government not borrowed and spent a bunch of money we didn't have. We just don't know for sure. And since we don't know, the numbers the president is pushing are completely imaginary. He could just as easily have claimed the stimulus raised GDP by 5% "relative to what it otherwise would have been," or that it increased employment by 6 million jobs. Since the numbers aren't real, it doesn't matter. These numbers were chosen to appear somewhat plausible, and to convince those gullible enough to believe them.
The stimulus package also increased employment relative to what it otherwise would have been by between 2.4 and 3.6 million jobs, the report said.
Friday, July 1, 2011
More Imaginary Numbers From Obama
President Obama is a big fan of using imaginary numbers to tout the imaginary success of his policies. We got some more today.