Via Reuters:
Hopefully any new plan will have a better ROI than the current stimulus package. Economic analyst Ed Yardeni runs the numbers:
“The Obama Administration is touting that their stimulus program has saved or created 640,329 jobs since it was enacted back in February through the end of October. This number is updated and posted on the Administration’s recovery.gov web site. That amounts to $246,436 per job based on the $157.8bn that has been awarded so far! Total compensation earned by the average payroll employee during October, on an annualized basis, was $59,867. If the government had simply used the funds awarded so far to pay for a year’s worth of labor, that would have paid for 2.6mn jobs!”
Of course, the $246,436 per job figure is based on the government’s report of 640,329 new jobs, a number probably grossly overestimated. Which would mean the $246,436 per job number is probably grossly underestimated.
And where did this $246,436 per job money come from? Yep, out of your wallet. Be sure to tell the government “thank you”.
This is some of the Hope And Change you screamed so loudly for last November.
