It turns out there weren't quite so many shovels ready to be put to good use after all. After changing the standard from job creation to job creation or salvation, the stimulus program's first employment report card came out today and revealed that businesses receiving stimulus contracts created or saved 30,383 jobs. This sounds a bit low. It's almost cause for concern. But we've got a group in DC committed to making sure the unemployment rate is within at least 2% of the level used in the federal budget. They will not stand for this.
Jared Bernstein, the chief economist for Vice President Joseph R. Biden Jr., who is in charge of overseeing the stimulus, issued a statement noting that "it is too soon to draw any global conclusions from this partial and preliminary data."
But he said that the job report exceeded the administration's expectations so far.