President Barack Obama said at a fundraiser held in a private residence in Washington, D.C., on Thursday evening that the $447 billion American Jobs Act he has proposed will create 1.9 million American jobs—which works out to a cost of about $235,263 per job.

“It’s estimated that the American Jobs Act would add two percentage points to the GDP, and add as many as 1.9 million jobs, and bring the unemployment rate down by a full percentage point,” Obama said, according to the official White House transcript of his remarks.

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