Friday, September 17, 2010

Another Obama success story: $111 million in Stimulus spending saved or created 55 jobs

What a bargain! Only $2,018,000 a job!

An audit of federal stimulus spending by the City Controller of Los Angeles reveals -- I hope you're sitting down -- that $111 million in Stimulus spending... saved or created 55 jobs.

The Mayor of Los Angeles appears to be quite proud that he helped destroy 1,200 private sector jobs in order to rescue 55 public sector roles. Libertius, writing at RedState, does the heavy mathematical lifting and calculates:

...New job creation when wealth is left in the private sector: 1269

New job creation when private wealth is seized by the federal government, strained through multiple levels of bureaucratic inefficiency and redistributed by a command-and-control, politically motivated regime: 55

Remember how Joe Biden, former Senator from Delaware, was assigned by the President to prevent fraud in Stimulus spending? I think the term was 'laser-focused'.

Christine O'Donnell, also of Delaware, appears quite appealing compared to this waste, fraud and abuse.


David L. said...

Hah. I got better than that. I went through Unca Joe's entire report. Project by project.

This $111.0 million boondoggle only resulted in an average of $2,018,181.82 per job "saved or created."

The NV Smart Grid, Livonia Batteries, BATA, KS Broadband, Johnson Controls AND the UQM Tech projects all have that one beat, and Unca Joe is touting these as the most exemplary.

The worst was the UQM Tech project, that brought in a whopping total of nine jobs at $5.0 million each.

Not kidding.

Bones said...

Obvious question. Since the 55 are are not getting the $111 million, where is the money going?

Phil said...

Not exactly on topic, but...
Can you get one of your artist-friends to incorporate a politician's face into this optical illusion?
(If you don't trust the link, Google on "liar optical illusion")

I think it'll be a big hit!