Last week the Obama administration issued a report purporting to show that the President’s $787 billion economic stimulus plan had saved or created exactly 640,329 jobs. Such a precise number for such a fuzzy concept as jobs “saved or created” immediately raised doubts about the veracity of the report in any honest American’s mind.

The mainstream media isn’t as compliant to the whims of the Obama administration on this piece of news. Enter the words “stimulus”, “jobs”, and “report” in a Google News search and these are just some of the headlines you will receive:

Stimulus Job Report Filled With Errors – Stimulus Watch: Salary raises counted as saved jobs - White House Tally Appears to Overstate Stimulus Jobs – Reports Show Conflicting Number of Jobs Attributed to Stimulus Money – Stimulus Watchdog: job counters confused, need guidance – Why stimulus jobs aren’t here to stay – Many California jobs ’saved’ by stimulus funds weren’t in jeopardy

When Mr. Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs. The Bureau of Labor and Statistics has been collecting accepted and standardized data employment data since the 1940s.

Last week the BLS released its monthly jobs report and the numbers speak for themselves. The economy shed another 190,000 jobs in October, bringing the number of jobs lost since Obama was sworn in to 3.8 million. Worse still, the unemployment rate rose from 9.8% to 10.2% percent. With only 130.8 million jobs in the U.S. economy, Obama is now 7.8 million jobs short of what he promised the American people.

That makes Barack Hussein Obama’s stimulus an objective failure.

The Obama stimulus failed because it was based on faulty Keynesian beliefs. Heritage Foundation fellow J.D. Foster explains:

The Keynesian stimulus theory fails for the simple reason that it is only half a theory. It correctly describes how deficit spending can raise the level of demand in part of the economy, and ignores how government borrowing to finance deficit spending automatically reduces demand elsewhere.

Fortunately, the economy’s natural recuperative powers may be ending the recession but already Obama and his ilk are attempting to take credit as they continue to parse the truth about jobs. Last week the Commerce Department reported that the economy grew at 3.5%. But if this recovery is going to include job growth along with GDP growth, then job killing initiatives like Obamacare and cap and trade will have to be abandoned.

Hopefully ObamaCare is DOA at the Senate while Cap and Trade is already in trouble. Indeed!