NEW YORK (CNNMoney.com) - The White House unveiled Thursday the first hard data on how many jobs the $787 billion recovery act has created.
So far, 30,383 jobs have been created by companies that have gotten $2.2 billion worth of stimulus contracts directly from the federal government. That equates to $71,500 per job based on just the funds that have been distributed.
These firms have been awarded a total of $16 billion.
Stimulus-fueled job creation has become a very controversial issue. The White House has faced blistering attacks by Republicans, who contend that the recovery act has failed to live up to its promise to put Americans back to work.
The Obama administration downplayed the reports released Thursday, saying they represent just a small sliver of the stimulus that's been spent, since the massive recovery act was enacted in February. The first reports detailing the number of stimulus jobs created or saved were submitted last weekend by
recipients of stimulus-funded contracts, grants and loans.
"It is too soon to draw any global conclusions from this partial and preliminary data, as it reports on just $16 billion of the $339 billion in Recovery Act efforts before September 30th, but the early indications are quite
positive," said Jared Bernstein, chief economist for Vice President Joe Biden.
"The direct count by Recovery Act recipients of jobs created or saved from this small percentage of the Recovery Act exceeds our projections."
The majority of stimulus funds spent so far have gone to state and local governments. Their reports will be released on Oct. 30, though some governors have already revealed preliminary data. In California, for instance, stimulus funds received by state agencies have created or saved more than 100,000 jobs.
give me the $71,500 directly and ill make my own job and one for somebody else as well
Just over thirty thousand jobs? That's it?
What happened to the million or so he promised?
Does this take into account the rising unemployment rate?
Maybe it depends on how you look at it. For the average income Americans make, it's a lot. However, if you figure out this is about half of what his czars are making, it's a bargain. ; )
Wow. Two years of my salary to create one artificial job with government-generated dollars. And they want to do my health care, too.
These number are for private sector jobs only. Many, many more public sector jobs (police officers, firefighters, teachers, etc...) have been saved. I'll wait until the states' release their reports on how many jobs were saved before I make any more comments on ARRA.
That's government for you. If there's an inefficient, expensive, way to do something, they'll find it. It would have been cheaper to hold a lottery and give each of 30,000 winners $50 thousand.
And these are the people some of you want to run your health care?
If you think a hospital-supplied Tylenol is expensive now at $30 a pop, wait until the Feds get involved.
"So far, 30,383 jobs have been created by companies that have gotten $2.2 billion worth of stimulus contracts"
Good, now there are 30,383 people who can purchase food for their family, 30,383 people can work so they can pay their rent.
Better than having 0 jobs created
Now that's a bummer, and it sure will invite a lot of carpin' toungues from the cannibalistic conservatives and rattle-raisin' right-wingers.
That number of cost to job creation is a bit misleading. It doesn't fact in how many jobs have been saved by the distribution of these funds. I'd be willing to bet that the funds per job created AND saved would be much lower than this number.
Has anyone noticed nobamas nobel prize was not for economics. Even those idiots who voted him the award, realize nobama is clueless in so many ways including economics.
Yes, this is the kind of return on investment you can expect when the Government intervenes. Just think of what health care reform will do, I bet they can waste two or three times as much with that.
$71,000+ for a job? where do we sign up?!!
Stimulas for job creation would be better served if the goverment would lower the full retirerment age for social security to 60 and double the maximun payout for anyone still working and not currently receiving social security. The stipulation would be that these people who accept this would never be allowed to work full time again or work more than so many hours a week. This would allow more people the ability to retire and guess what the young without jobs could find employment thus lowering the unemployment rate at somewhere close to the same rate as the people who retire. But our politician will give all the money to Fiat in Italy to save Chrysler and in one year they will tell us that social security will soon run out.
Watch how you vote and yes I love America
$71,500, finally some decent jobs in America.
I'll bet the ranch it costs a LOT less to "create" a job in the dreaded private sector. Not to worry. We'll all be working for nanny government soon – and giving 3/4 of our paycheck right back to them.
Why not give everyone $71,500 cash and call it a stimulus plan?
Wait 'till healthcare. Throw the dems out!
Jobs paid for with tax payer money are not job stimulus. Isn't this just great 71,500 per job, such a bargain. Nothing for them to brag about.
it would have bin cheaper handing out $10,000 to those without jobs, rathar than spending 71K.
but hey: didnt the Stimulus save/create over a millino jobs?
Keep in mind, though, that there are many more jobs that will be created down the line, which will considerably lower that average figure.
"The Obama administration downplayed the reports released Thursday"
Of course they down play anything that shows what a failure the stimulus has been.
By the way $2.2 billion divided by 30,383 is $72,408.91 not $71,500. Not sure what kind a rounding you did to come out to $71,500 but it's wrong.
It would been more efficient to give out $10,000 checks to citizens, so they could spend that money and helps stimulate the economy and pay off debt than fund pork.