Proof of Obama bailout failures...incredible.

User offline. Last seen 12 years 34 weeks ago.
Jackie Fiest
Number 727
Jackie Fiest's picture
Conspirator for: 14 years 11 weeks
Posted on: September 20, 2010 - 8:21am

According to Wendy Greuel, the City Controller of Los Angeles, the city recieved $111 million dollars in American Recovery and Reinvestment Act (ARRA) stimulus money. And with that money, they created....>drum roll<...54.46 jobs.

http://controller.lacity.org/stellent/groups/electedofficials/@ctr_contr...

Now, this raises two questions in my mind.

#1 How do you create less than half a job? .46?

#2 I wonder how many jobs would have been created in the private sector, if for example, someone was able to start a private business with $111 million dollars?

...and people wonder why I'm a Free Market Anarchist. It's not bad enough that money was stolen at gunpoint from my neighbors, but it was pretty much wasted.

 

 

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Jackie Fiest

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User offline. Last seen 12 years 32 weeks ago.
Nich
Number 632
Conspirator for: 15 years 5 weeks
Posted on: September 21, 2010 - 1:14am #1

Its not that surprising.  I'm currently in Columbia MO and they spent over $250,000 replacing the sidewalks on about 3 blocks.  This was just sidewalk work; no rerouting lines,drainage, etc.  Just replacing old run-down sidewalk.  

Notice the language "created or retained".  It didn't even actually create 55 jobs.  Also this line made me laugh:

"While it doesn't appear that any of the ARRA funds were misspent, the City needs to do a better job expediting the process and creating jobs."

Unbelievable.

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User offline. Last seen 12 years 34 weeks ago.
Jackie Fiest
Number 727
Jackie Fiest's picture
Conspirator for: 14 years 11 weeks
Posted on: September 21, 2010 - 1:58am #2

Indeed. It's right along the lines of this. Gard mentioned this in his podcast.

http://www.realclearmarkets.com/articles/2010/09/08/obamas_50_billion_is...

Obama wants to spent $50 billion dollars repaving roads. When I first saw that I felt angry and "why even bother?" all at the same time. That's so stupid. $50 billion dollars to create jobs that will, at best, be temporary. Imagine how many permanent jobs could be created in the private sector?! 

Ugh. Who wants to go in on an island somewhere? :(

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