- Prison Planet.com - http://www.prisonplanet.com -

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 [1]:

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? [2]

Having A Supply Of Healthy Foods That Last Just Makes Sense (AD) [3]

Stimulus Swindle: Los Angeles Spent $70 Million in Stimulus Funds to Create 7.76 Jobs  140910banner5 [4]

Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/stimulus-swindle-los-angeles-spent-70-million-in-stimulus-funds-to-create-7-76-jobs.html

URLs in this post:

[1] 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

[2] Who Got Stimulated?: http://cryptogon.com/?p=18248

[3] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[4] Image: http://www.homegain.com/homevalues

[5] Biden: ‘Nobody Can Look You in the Eye and Tell You … Stimulus Did Not Create Jobs;’ Yes, at $412,500 Per Job: http://www.prisonplanet.com/biden-%e2%80%98nobody-can-look-you-in-the-eye-and-tell-you-stimulus-did-not-create-jobs%e2%80%99-yes-at-412500-per-job.html

[6] 1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus: http://www.prisonplanet.com/1-9-million-fewer-americans-have-jobs-today-than-when-obama-signed-stimulus.html

[7] Economic Fallacies 101: Government Does Not Create More Jobs Through “Stimulus” Debt Spending: http://www.prisonplanet.com/economic-fallacies-101-government-does-not-create-more-jobs-through-stimulus-debt-spending.html

[8] Obama Administration Says Most of $787 Billion Stimulus Funds ‘Spoken For,’ But only 50% Spent So Far To ‘Jolt’ Economy: http://www.prisonplanet.com/obama-administration-says-most-of-787-billion-stimulus-funds-%e2%80%98spoken-for%e2%80%99-but-only-50-spent-so-far-to-%e2%80%98jolt%e2%80%99-economy.html

[9] The Full List Of How Obama Spent $792 Billion On Fiscal Stimulus: http://www.prisonplanet.com/the-full-list-of-how-obama-spent-792-billion-on-fiscal-stimulus.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.