Stimulus Price Tag:
$2,000,000 Per Job Created
Government bean-counters in Los Angeles are finding out how little good the Obama Administration's stimulus gravy train is doing them.
The City Controller found after an audit that each new stimulus-created job came with a whopping price tag: $2 million.
- L.A. received $111 million in stimulus funds under the American Recovery and Reinvestment Act (ARRA).
- According to the City Controller's report, that $111 million created only 55 new jobs. Dividing $111 million by 55 gives you a figure of just over $2 million per job created.
- The city's unemployment rate continues to top 12%.
- The Los Angeles Department of Public Works created just 45 jobs from its $70.65 million share of stimulus money.
That comes out to over $1.5 million per job created.
The Department's goal was 238 jobs.
- As bad as that is, it's still better than the Department of Transportation, which got $40.8 million in stimulus money and created only 9 jobs from it.
That averages out to more than $4.5 million per job.
Read the whole article here.
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