QOTD

From Tim Conley and Bill Dupor, The American Recovery and Reinvestment Act: Public Sector Jobs Saved, Private Sector Jobs Forestalled (May 2011), an analysis of the effect of President Obama's Stimulus Package (at 2):

Our benchmark results suggest that the ARRA created/saved approximately 450 thousand state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because ARRA 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.

I'm not surprised.

(via Greg Mankiw)