When President Biden and his Democratic allies passed their $1.9+ trillion “American Rescue Plan” in March 2021, they promised it would create millions of jobs. Roughly nine months later, we now have fewer jobs than if we didn’t pass the “stimulus” legislation at all.At least, that’s the conclusion reached by a new analysis from the right-leaning American Enterprise Institute (AEI). Senior Fellow Matt Weidinger ran the numbers and checked in to see how the Biden administration’s promises have aged. The White House projected that with their massive spending legislation, the economy would add 10.25 million jobs in 2021. The nonpartisan Congressional Budget Office projected that without the plan, the economy would create 6.25 million jobs—a number Biden called “dismal.”
Per AEI, the economy only created 6.1 million jobs in 2021… even less than was projected without the stimulus spending. So, not only did the 4 million jobs promised by President Biden, Nancy Pelosi, and his many progressive allies fail to materialize. The Democrats spent $1.9 trillion in taxpayer money—roughly $13,250 per federal taxpayer—and ended up with even fewer jobs overall than was expected if we spent nothing.
Yes, you read that right.
How could “stimulus” legislation lead to worse economic outcomes? It’s actually pretty …