Tuesday, June 9, 2009

Jobs created or saved

William McGurn writes in The Wall Street Journal about the notion of jobs created or saved, quoting Greg Mankiw:
"The expression 'create or save,' which has been used regularly by the President and his economic team, is an act of political genius," writes Mr. Mankiw. "You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus."

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