By the time most of the money is “spent,” the recession is long over.
Just how it was do that was not clear, but officials said it would “save or create” 600,000 jobs in the next 100 days.
Not full-time jobs necessarily, but temporary part-time jobs. Or as Mr. Bernstein told CNBC on June 8: “The 600,000 jobs are full-time equivalence, meaning that if there are two part-time jobs, they count as one full-time job.”
Then there is the question of how much of the $800 billion in stimulus money been spent so far. Pressed to come up with hard numbers, Mr. Bernstein mighty $14 trillion economy out of its recession.
How much more will be obligated or spent this summer to meet the White House’s 100-day jobs goal? “We’re unable to make that estimate at this point,” Mr. Bernstein says.
But back to Mr. Obama’s 150,000 jobs claim. Keith Hall, commissioner of the Labor Department’s Bureau of Labor Statistics — whose job it is to count the number of jobs there are in the economy — was asked at a Joint Economic Committee hearing last Friday if he could sub-