$111 Million in stimulus Has Only Created 55 Jobs So Far

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http://patterico.com/2010/09/16/your-st ... n-per-job/

It’s the largest city audit of stimulus dollars to date, and the results aren’t pretty:

CITY CONTROLLER RELEASES AUDITS OF HOW LOS ANGELES HAS USED FEDERAL STIMULUS MONEY

$111 Million in ARRA Funds Has Only Created 55 Jobs So Far

Continuing her efforts to ensure that taxpayer money is spent efficiently and effectively, City Controller Wendy Greuel released two audits today of how the City of Los Angeles has used American Recovery and Reinvestment Act (ARRA) funds. The audits looked at the how the two departments that have received the largest amount of ARRA funding so far – the Department of Transportation (LADOT) and the Department of Public Works (DPW) – have used those funds and how many jobs were created. Los Angeles becomes the largest City in America to conduct an audit of how ARRA funds have been expended.

DPW has received $70.65 million and created or retained 45.46 jobs, though they are expected to create 238 jobs overall (the fraction of a job created or retained correlates to the number of actual hours works). LADOT has been awarded $40.8 million and created or retained 9 jobs, though they are expected to create 26 jobs overall. Overall, the Departments have received $111 million in federal stimulus funds out of the $594 million the City has been awarded so far and created or retained 54.46 jobs.

$111 million for 55 jobs. That’s $2 million per job.

Even if you look at the number of jobs they expect to create (“or save”), it’s only 264. $111 million for 264 jobs is about $420,454 per job.

Hey, can you guys create a 56th job for me? I could use $2 million.

Failing that, can you return my tax dollars that you wasted?

UPDATE: Thanks to Instapundit for the link, and congratulations to Drew for getting his comment quoted!