Two Los Angeles city departments have spent a combined $111 million from the $862 billion so-called “stimulus” that Democrats in Congress passed in 2009.
The stimulus, you’ll recall, was supposed to “create or save” lots of jobs around the country. So what did Los Angeles get for its $111 million? Only 55 jobs! That’s roughly $2 million for every job “created or saved”! Does that sound like a remotely reasonable investment of U.S. taxpayer dollars?
“I’m disappointed that we’ve only created or retained 55 jobs after receiving $111 million,” Wendy Greuel, the city’s controller, said while releasing an audit of how the stimulus dollars had been spent.
“With our local unemployment rate over 12 percent, we need to do a better job cutting red tape and putting Angelenos back to work,” she told the International Business Times.
Los Angeles showered about $71 million from the stimulus on its Department of Public Works – but got only a few dozen jobs in return. And the city’s Department of Transportation generated or saved only nine jobs with the more than $40 million it got from Uncle Sam.
Is it any wonder the American people firmly – and correctly – believe the stimulus has been a big waste?
And that’s not even the worst of it. While not having the beneficial employment effect that was promised before it was passed, the stimulus has added massively to our alarming national debt.
Shouldn’t it be clear by now that high taxes and heavy government borrowing and spending are no substitute for the free market when it comes to creating and sustaining employment?