9-17-2010 11:00 AM EST
The big news story ( funny how these always come out on Friday ?) is that 2 DEPARTMENTS in Los Angeles SQUANDERED $111 MILLION of our tax dollars they received in the FAILED Stimulus plan championed by the CLOWN IN CHIEF in the White House .
How bad is it ? Worse than you can imagine ,as this report only covers 2 departments in Los Angeles.
Check this link to see what is going on in your neck of the woods ...
The REASONABLE conclusion to draw here is that when more AUDITS are done this will be the NORMAL pattern .
Check the link and type in your city and state .
Sadly you will find that MOST of this money went to pay rent , provide meals on wheels , and rebuild housing projects .
The rest of the money appears to be PREVENTIVE MAINTENANCE for existing government facilities .
SO , in reality , it's WELFARE payments and boosting the bottom line of municipal budgets that have been drained by UN NEEDED social programs .
Perhaps the few construction workers that turned a shovel had work for a couple of weeks , very few if ANY of these monetary awards created a entity that produces goods or services and has a CONTINUING revenue stream .
Let's take a look at the NUMBERS :
The two departments highlighted in the report are :
the Department of Transportation (LADOT)
Department of Public Works (DPW)
American Recovery and Reinvestment Act (ARRA) is CODE for STIMULUS /TARP
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.
What does this mean ? The 54.46 is a CLEAR indication that some of this is a SAVED JOB !!!
The really sad story ?
IF these two departments HAD met their goals we are still talking NONSENSE.
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.
The public works agency has shielded 37 public employee jobs from elimination as a result of the city's ongoing budget crisis and created eight public or private jobs.
Although projects were designed to support 26 jobs, nine have been created or retained so far, Greuel's report said.
So their we have it !
45 SAVED Jobs and 9 jobs that were created !!!
So is the real cost $111 MILLION divided by 9 jobs ?
That would be $12,333,333 per JOB !!
THE GOOD NEWS ?
"I would say maybe in a grade, a B- in creating the jobs," Greuel told Fox News. "
The clown masquerading as a President gives himself a B- and so does the idiot in LA ?
Does this mean SLIGHTLY more jobs will be created OR does this report reveal the " cream of the crop "?
Fascinating 40 page report ....
Read the articles at ( Main article is LA TIMES )
INTERNATIONAL BUSINESS TIMES