(CNSNews.com) - 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.
Obama did not say who made the estimate in question, but his remarks mirrored the conclusions of an analysis made by Mark Zandi, the chief economist for Moody’s Analytics. “The plan would add 2 percentage points to GDP growth next year, add 1.9 million jobs, and cut the unemployment rate by a percentage point,” Zandi wrote.
In a fact sheet published by Office of the Press Secretary, the White House itself has estimated that president’s new jobs plan will cost a total of $447 billion.
$447 billion divided by 1.9 million equals approximately $235,263.