Saturday, September 18, 2010

The Last Laugh: $111 Million = 55 Jobs

It bothers me when I hear people say how they don't understand why Americans or upset. Or worse yet, we are upset because we are racist against black people. It's things like this story that upset us.

Seems that when Los Angeles got some stimulus money, they didn't use it too well.
"I'm disappointed that we've only created or retained 55 jobs after receiving $111 million," said Wendy Greuel, the city's controller. "With our local unemployment rate over 12 percent we need to do a better job cutting red tape and putting Angelenos back to work."

According to the audit, the Los Angeles Department of Public Works spent $70 million in stimulus funds -- in return, it created seven private sector jobs and saved seven workers from layoffs. Taxpayer cost per job: $1.5 million.

The Los Angeles Department of Transportation created even fewer jobs per dollar, spending $40 million but netting just nine jobs. Taxpayer cost per job: $4.4 million.

Now this is from the city's own audit, so it could be worse. I guess it's not that funny that we have wasted billions of dollars and not much has changed. Unemployment is going up, foreclosures are still rising, and well that Change everyone voted for sure doesn't look that good right about now.

My favorite quote of the article though;
"I would say maybe in a grade, a B- in creating the jobs," Greuel told Fox News.
Really a B-?!?!? for 55 jobs and you got $111 million?!?!? It's things like this that Americans are upset about.

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