Obama Says Jobs Plan Can Grow GDP as 'Much as 2%'--But WH Estimates It Will Cost 3% | CNSnews.com: (CNSNews.com) – At a White House press conference on Thursday, President Barack Obama said the legislation he has proposed to create jobs could "grow the economy as much as 2 percent." However, the White House estimates that the plan itself will cost $447 billion -- or 2.97 percent of the 2011 GDP of $15.012 trillion that is currently projected by the federal Bureau of Economic Analysis. (See chart: GDP Chart from BEA.xls.)
The president also said at the press conference that his plan could create "as many as 1.9 million" jobs. If that is true, based on the plan's estimated $447 billion cost, those jobs would cost an average of $235,263 to create.
Obamanomics ....
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