Obama’s Stimulus May Have Cost As Much as $4.1 Million Per Job
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The Congressional Budge Office is out with its latest analysis of the impact and cost of the Obama stimulus, the $787 billion–make that $825 billion–make that $831 billion spent under the American Recovery and Reinvestment Act of 2009. It found that the stimulus accounted for an increase in employment of between .2 and 1.5 million people. That comes to a cost per job ranging from a high of $4.1 million to just over half a million. That does not include the financing cost of ARRA. The Obama Administration had to borrow that money, and as we reported, the interest cost in just the first ten years of the loan from China and elsewhere comes to $347 billion.
Our calculations, which include interest, found that the average cost per job in New Mexico created or retained by the Obama stimulus came to $335,310. The numbers reached above in an article in The American come in so high because, we think, they applied only those jobs for the last quarter against the cumulative total for stimulus spending. We addressed the shortcomings of this approach in our report.
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[...] the above calculation would come to $30,000 a job. By comparison, estimates of the job creation of the stimulus program are in the range of half a million to $4.1 million a [...]