Update
September 12, 2011: One day after posting the note below, a talking head on CNBC said the same thing -- Obama is wiling to spend $750,000 for a $50,000 job.
Original Post
From The New York Times: CEOs say "jobs plan" won't create jobs. Does anyone ever do the math? The article says the $447 billion jobs program "could" create anywhere from 500 thousand to 2 million jobs next year. At 500,000 jobs that works out to $894,000/job; at 2 million jobs, it works out to $238,500. Wouldn't it be more effective to just give 4 million folks $100,000 to spend on retail for the year.The big question: who provided the analysis that suggested as many as 2 million jobs? The same folks who said the earlier trillion dollar programs would keep unemployment rate from going above 8%?
A big thank you to the reader alerting me to this. I posted the story elsewhere but even I didn't do the math. The "500,000 to 2 million jobs" statistic was buried deep in the article.
I can't make this stuff up.
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