Not really. That’s wishful thinking without any empirical basis noted in the blog post. Note Elmendorf’s disclaimer preceding the disclaimers, which you omited…”That impact may be higher or lower than the reported number for several reasons …”

From personal experience, the majority of jobs “created or saved” to date by the stimulus spending have been local-state government jobs and jobs resulting from local/state contract spending. Life support for local/state government and their local-contractor buddies, as I’ve said previously.

Injecting cash into the economy through government spending artificially increases GDP, but also results in longer-term erosion of future GDP. When funded by debt, there are other adverse long-term effects. It’s not magic money.