Apparently Barack Obama’s claim that Caterpillar’s chief executive told him that he’d hire back workers if the stimulus bill passed was another distortion. Jim Owens, CEO of the the world’s largest construction equipment manufacturer, actually says that more people will get laid off.

EAST PEORIA, ILL. — President Obama today repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., “said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off.”…

But after the president left the event, Owens said the exact opposite

Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, “I think realistically no. The truth is we’re going to have more layoffs before we start hiring again”

“It is going to take some time before that stimulus bill” means re-hiring, he said.

I wouldn’t be surprised if Obama kept using the story even after Owens’ denial. It’s a convenient anecdote regardless of whether or not it’s true.

Hot Air:

Yesterday’s banner Drudge headline is today’s comedy gold. Note the reason, too, why he can’t re-hire people right away: Because the stimulus simply won’t do any stimulating fast enough.