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Stimulus Swindle: Los Angeles Spent $70 Million in Stimulus Funds to Create 7.76 Jobs
Posted By admin On October 22, 2010 @ 3:42 am In Money Watch | Comments Disabled
Oct 22, 2010
Via: The Upshot :
A new piece of evidence has emerged in the debate over the effectiveness of President Obama’s 2009 stimulus package, and it’s not good for Democrats. According to two newly released audits performed by the Los Angeles controller, L.A. spent enormous portions of the $594 million in stimulus funds it received on projects that created or saved just a handful of jobs. All told, the audits — available here and here [pdf] — examined $111 million in stimulus spending by the city’s Department of Transportation and Department of Public Works, and found that the money went to projects that created or retained just 54 jobs. That works out to roughly $2 million per job.
The $71 million that went to the Department of Public Works, which funded 15 road-surfacing and similar projects, was projected to save or create 238 jobs. But according to the audit, the money created just 7.76 jobs—or slightly more than $10 million per new job—and saved 37.7 (the fractions are a result of calculating the number of jobs by hours worked). The Department of Transportation’s $40 million created or retained just nine jobs, the audit found.
Related: Who Got Stimulated? 
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URLs in this post:
 The Upshot: http://news.yahoo.com/s/yblog_upshot/20100917/bs_yblog_upshot/report-los-angeles-spent-70-million-in-stimulus-funds-to-create-7-76-jobs
 Who Got Stimulated?: http://cryptogon.com/?p=18248
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