Obama’s Porkulus: A Slush Fund and Money Laundering Operation

Tim Conley and Bill Dupor (I’m not sure how you pronounce it) have a new paper — Harvard economists — on “The American Recovery and Reinvestment Act.” That’s the Porkulus bill. Here’s what they say: “Our benchmark results suggest that the [Porkulus bill] created/saved approximately 450,000 state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because [Porkulus] funds were largely used to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment.

“The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services.” Wait, now, I’m not sure these two guys want… I’m not sure one of them is Harvard. I know that Greg Mankiw, M-a-n-k-i-w, who is writing about it, is a respected Harvard economics professor. Regardless, El Rushbo was right again, and let me remind you what this really was: It was a money laundering operation, as is all of public sector union employment. It’s a money laundering operation. So the stimulus bill has now been confirmed by academics who have studied it, who have traced it.

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