Professor Elam

While the market was melting down Friday, the Central Planners were beating their chests with the unsubstantiated and improvable claim that they saved 650,000 jobs with $160 billion of stimulus spending, while celebrating Thursday's  bogus GDP estimate a bit like Nero fiddling as Rome burned. Okay, let's do the math. The Central Planners spent $246,154 for every job that was "saved," by their own admission. That is a lot of money per job, grossly inefficient. Wouldn't $160 billion of tax rebates have done a much better job in stimulating this economy and creating jobs? Brutal.

Robert McHugh, Market Advisory Letter