See also:
– $160,000 Per Stimulus Job!?! The White House Calls That ‘Calculator Abuse’ (ABC News)
– Sour ‘stimulus’ plan reduces employment (OneNewsNow)
– Featherbedding stimulus job numbers (Washington Examiner)
NY jobs don’t add up
Just 300 stimulus hires
The feds and the city are using some funny math to inflate the number of jobs created by the $787 billion stimulus program so far — with the tally including thousands of brief, low-wage summer jobs for youths.
New reports just released by the Obama administration claim New York state has “created/saved” 40,625 jobs — including 25,526 in the city.
A spokesman for Mayor Bloomberg told The Post that the city had “created” 3,000 jobs and that the rest represented already employed teachers and other city employees who faced possible layoffs without the federal “shot in the arm.”
The spokesman could not immediately give a breakdown of what the new jobs entailed. But a memo issued by Deputy Mayor Edward Skyler suggested the number of stable new jobs was under 300.
The memo had a footnote explaining that the city used a formula required by the feds to count 2,882 “full-time-equivalent” as created jobs.
That number was based on 19,518 youths who took part in a summer employment program, Skyler said. The seven-week program paid minimum wage — less than $8 per hour — for residents age 14 to 24 to work in local businesses, public facilities and nonprofit groups and included some training, officials said.
“The calculation methodology does not necessarily reflect the actual number of individuals employed as a result of the stimulus,” Skyler explained.
Stimulus-funded construction projects have generated few new jobs, other reports show. For a $175 million project to repair ferry ramps in Staten Island, the city cites 4.17 jobs through Sept. 30.
“Many projects are in their early stages, and as they advance, more hires will be made, like with any construction work,” said Bloomberg spokesman Marc LaVorgna.
“The reporting system needs to be improved,” said Chris Keeley, of Common Cause, a watchdog group. “We need information that indicates ‘Was this a seven-day job, a seven-month job or a seven-year job?’ We also need to know the pay. Were these good jobs?”
By SUSAN EDELMAN
Last Updated: 8:27 AM, November 1, 2009
Posted: 3:30 AM, November 1, 2009
Source: The New York Post
Related information:
– Ron Paul: Be Prepared for the Worst
– Billionaire investor Wilbur Ross: US in The Beginning of a ‘Huge Crash in Commercial Real Estate’
– We Are Facing a Total Breakdown of Financial Markets
– $160,000 Per Stimulus Job!?! The White House Calls That ‘Calculator Abuse’
– More Than 40% of President Obama’s Top-Level Fundraisers Secured Posts in His Administration
– New York Fed’s Secret Choice to Pay for AIG Swaps Squandered Billions of Taxpayer Money
– US bank chargeoff rate exceeds Great Depression: Moody’s
– Economist Andrew Smithers: S&P 500 Overvalued by 40%, Set to Fall
– Citigroup Is In Serious Trouble
– Lazard Asset Management Fund Dumps The US Dollar
– US Bank Failures Stack Up: Now 106 For 2009
– Losing their lifeline: 7,000 people a day run out of unemployment benefits
– Fall Of The Republic – The Presidency Of Barack H. Obama (The Full Movie HQ)
– Wall Street insider Nomi Prins: ‘Recovery is not even on horizon’
– Vice President Joe Biden Declares The US Is in A Depression
– Gerald Celente: ‘Their is no recovery; It’s a coverup. We are already in the Greatest Depression.’
– How The Federal Reserve Banksters Bailed Out The World
– Death of ‘Soul of Capitalism:’ 20 reasons America has lost its soul and collapse is inevitable
– Latin American leaders agree on new currency, sanction Honduras
– Russia ready to abandon US dollar in oil, gas trade with China
– Iran to drop US dollar from forex reserves
– Sumitomo Chief Strategist: US Dollar to Hit 50 Yen, Cease as Reserve Currency
– DOW at 10,000!!! Oh Wait, Make That 7,537
– Marc Faber on Bloomberg: Dollar decline and inflation – Oct. 14, 2009
– David Tice: Gold Heading to $3000 Unless America Hits the ‘Reset’ Button
– Jim Rogers: ‘I Am Quite Sure Gold Will Go Over $2000?, Dollar Will Lose Reserve Status
– US Dollar Reaches Breaking Point as Central Banks Shift Reserves
– Financial Times: US mantra of strong dollar loses its value
– The Federal Reserve buys Fannie Mae bonds; Timothy Geithner is a liar
– Gerald Celente on the demise of the US dollar: ‘The US is failing on it’s most basic level’
– Max Keiser on RT: ‘Dollar to be buried way before 2018?