The federal stimulus package that promised to increase employment by 3.5 million jobs has yet to deliver, according to numbers being released state by state. Back in February, Congress set aside $787 billion, some of which was to be used to provide jobs around the country; however, those jobs haven’t shown on paper to have cropped up in great enormity as of yet.
For example, 24,000 jobs were to be provided to New Hampshire and Wyoming combined. Yet, to date, the stimulus has only added fewer than 1,000 jobs in those states according to published reports – not quite enough. But the White House begs to differ. Representatives say that the numbers aren’t as low as they seem. Instead, the counting system is off making it too difficult to measure job creation.
Currently, one of the more visible measurement tools for evaluating the job market is through unemployment rates. When used, these rates don’t speak well for the stimulus package because joblessness has actually increased since the stimulus act was passed. With a crippled economy, it’s difficult to determine how unemployment would be affected by other economic forces; and this questioned whether the stimulus ever even existed or not.
Since it’s difficult to estimate job creation at all, let alone to even see the numbers created the stimulus (as opposed to monetary policy or private industry activity), economists believe that it is challenging to say whether the stimulus has or has not truly met its mark. According to the chair of the White House Council, the best that can be done for now is to look hard at positions funded by the stimulus. This way, the numbers can be more easily counted for and success or failure can be better determined.
What do you think? – Will this stimulus package be a success or failure?
