Wednesday, July 14, 2010

Stimulus "Saved" Millions More Jobs: Pricetag of Each Job $239,444

This sounds so good right?:

Updating its estimate of the impact the controversial new law has had, the White House now projects that the vast spending act has created or saved between 2.5 million and 3.6 million jobs.

That's up from the estimate of 2.2 million to 2.8 million jobs that was released in the first quarter of the year from the White House Council of Economic Advisers. The new estimate says the act is on track, if it hasn't already reached, the promise that the stimulus act would save or create 3.5 million jobs by the end of 2010.

Well, if you actually break that number down. They spent $862 billion to "save" 3.6 million jobs. That means that each job cost $239,444 to save. If each of those jobs paid the median yearly wage of $32,140 that means that $207,304 extra was needed to generate each job. I know that most of that amount was funneled off for Democrat pet projects and shovel ready BS but you get the point.

The funny part is the White House is crowing about the stimulus like it was anything but a dismal failure. The unemployment rate was still 10% when it was promised to be 8%. Also the total jobs lost during the recession was 7.9 million. So even with the stimulus we are still 4.3 million jobs short of a full recovery. The more you look at it the more you can say that they took $862 billion and just set it on fire.

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