‘If Obamanomics happens, it’s all over.’ – Jim Rogers
– New Record: Americans on Food Stamps Tops 36 million – Study: Half of US Kids Will Receive Food Stamps
President Obama creates 640,329 jobs at a cost of $323,739.83 per job.
Inquiring minds are asking the question “How many jobs were created out of the various stimulus programs so far and at what cost per job?”
That is a good question. Not that we can believe the reported number of jobs created, but let’s assume for the sake of argument that the figures provided by the administration are correct.
White House Hails Stimulus Jobs
The Financial Times is reporting White House hails 650,000 stimulus jobs.
The US economic stimulus programme has directly created or saved 640,000 jobs so far, the White House said on Friday as it battled to find ways to show that its $787bn package was working, despite persistently high unemployment.
Data this week showed that the US economy had started to grow again but the Obama administration has faced rising criticism that it wasted taxpayers’ money on the stimulus.
The White House tried to counter this by championing the jobs figures and even uploading videos to its website showing the dollars in action. The figures showed around half of the jobs were in education and 12.5 per cent were in construction.
“These reports are strong confirmation that…we are on-track to create and save 3.5m jobs through the Recovery Act by the end of next year,” said Joe Biden, vice president.
But criticism has mounted this week over the accuracy of some preliminary stimulus data released by the White House. Even the Economic Policy Institute, a left-leaning think-tank which has fervently supported the stimulus, said there were serious problems with the figures.
Bear in mind it is impossible to prove how many jobs were created and it is beyond preposterous to think one can estimate the number of jobs saved.
However, let’s take the administration’s estimates at face value.
Inquiring minds want the official numbers on which to base the cost per job created. So please consider the administration’s own numbers as reported on Track The Money Recovery.Gov as of October 30, 2009.
Let’s do the math.
Math To Date
Funds paid out so far = $83.8 billion + $52.1 billion + $71.4 billion = $207.3 billion
$207,300,000,000 / 640,329 = $323,739.83 per job created
Plan Goals Math
Now let’s assume this stimulus package will eventually create (or save) 3.5 million jobs and all the money (but no more) will be spent.
Here’s the math again.
$787,000,000,000 / 3,500,000 = $224,857.14 per job created
There is much more information on the site and a quick look at the projects shows many of them are for temporary jobs such as highway repair and weatherizing homes.
Amazingly, the White House is championing the above numbers. Apparently they forgot to do the math (or they are praying no one else will).
Mike “Mish” Shedlock
Saturday, October 31, 2009
Source: Global Economic Analysis
– Prof. William Black: Timothy Geithner ‘Burned Billions,’ Shafted Taxpayers on CIT Loan
– Citigroup and JPMorgan are hoarding cash as if another crisis were on the way
– CIT’s Bankruptcy Erases $2.33 Billion of Taxpayer Money, May Help Bondholders And Gives Goldman Sachs $285 Million ‘Windfall’
– 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
– CIT Bankruptcy Filing Expected in Days; $2.3 Billion Taxpayer Money to Be Wiped Out; Goldman Sachs Receives $285 Million In Termination Fees
– $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
– Lord Christopher Monckton: Is President Obama Poised to Surrender the Constitution and US Sovereignty to World Government?
– 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
– China Containerised Freight Index drops for first time since June – Global economy could be in for a double dip recession
– 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
– Niall Ferguson (’Ascent of Money’): The US Dollar Is Dying a Slow Death; There Has Been No Stock Market Rally
– 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’
– Glenn Beck: What If Oil Will No Longer Be Traded In US Dollars? Deficit Spending, Printing, Monetizing Debt, The Dollars Demise
– Max Keiser on RT: ‘Dollar to be buried way before 2018?
– The demise of the US dollar
– Iran Replaces The US Dollar With The Euro
– US: Hyperinflation Nation
– China advertises silver and gold investment on TV; Cheap dollars are sowing the seeds of the next world crisis