Obama Pondering New Job Creation

December 7. 2009

U.S. President Barack Obama is pondering a new job creation strategy, debating whether to use the remaining T.A.R.P. money in this endeavor. An article released today confirmed a point the Judiciary Report made on November 14, 2009 in the Obama Calls For Job Summit article, in that the administration's first efforts at job creation was not properly executed.

Based on a new press item today, the Obama Administration's job creation plan, came in at the hefty price tag of $246,436 per job, which is more than some doctors make. Furthermore, the market value of the jobs created are not even 1/5 of the $246,436 per position.

This indicates the budget was not properly planned, nor were funds distributed evenly and accurately, based on current salaries in the marketplace. This wasted a great opportunity. It should not happen again, as it is a waste of taxpayer money, to pay for one job, what should be spent on 12.

Cost-benefit analysis of jobs stimulus

Dec 7, 2009 12:23 EST - Hopefully any new plan will have a better ROI than the current stimulus package. Economic analyst Ed Yardeni runs the numbers:

The Obama Administration is touting that their stimulus program has saved or created 640,329 jobs since it was enacted back in February through the end of October. This number is updated and posted on the Administration’s recovery.gov web site. That amounts to $246,436 per job based on the $157.8bn that has been awarded so far! Total compensation earned by the average payroll employee during October, on an annualized basis, was $59,867. If the government had simply used the funds awarded so far to pay for a year’s worth of labor, that would have paid for 2.6mn jobs!

http://blogs.reuters.com

Obama considers whether to use bailout money for jobs programs

01:34 PM - President Obama said today he is considering the idea of using federal bailout money to develop new programs for job creation.

Speaking with reporters at the White House, Obama noted that the Troubled Asset Relief Program used less money than anticipated, but was "not cheap."

http://content.usatoday.com