Obama stimulus spending: $246,436 per new job
December 8, 2009
According to its own shovel-ready recovery numbers, the nearly 11-month-old Democratic administration claims to have created 640,329 good ol' American jobs so far this year by spending $157.8 billion of that stimulus money.
Now, that works out to a cost of $246,436 per job created, according to figures dug up by the eagle-eyed James Pethokoukis over at Reuters.
Total compensation earned by the average American payroll employee during the month of October was $59,867 on an annualized basis, Pethokoukis reports. That's only 24% of the nearly quarter-million dollars it costs the federal government to create that spot.
Had Obama and Biden simply handed out to unemployed individuals $60,000 as a year's salary, they could have paid for 2.6 million jobs -- four times as many jobs that have been created. That's the kind of disastrous return on investment that could cost a banker his bonus.