Great news: $111 million in stimulus money to L.A. produces … 54 jobs
Actually, to be precise, the money produced 54.46 jobs, so it’s almost half a job better than it sounds. And in fairness, some of the waste is doubtless due to mismanagement by California’s horrible municipal governments. Who knows? With a solid leadership at the local level, this hundred mil could have produced, say, 70-80 jobs.
Department of Public Works (DPW) has received $70.65 million and created or retained 45.46 jobs, though they are expected to create 238 jobs overall (the fraction of a job created or retained correlates to the number of actual hours works). Department of Transportation (LADOT) has been awarded $40.8 million and created or retained 9 jobs, though they are expected to create 26 jobs overall. Overall, the Departments have received $111 million in federal stimulus funds out of the $594 million the City has been awarded so far and created or retained 54.46 jobs.
$111 million for 55 jobs. That’s $2 million per job.
Even if you look at the number of jobs they expect to create (”or save”), it’s only 264.
$111 million for 264 jobs is about $420,454 per job.
Hey, can you guys create a 56th job for me? I could use $2 million.
Failing that, can you return my tax dollars that you wasted?
Elsewhere in the document, the comptroller concedes that it’s “difficult to distinguish between ARRA-related expenditures and expenditures using City funds.” In other words, to credit the stimulus money with creating — or saving! — even 54 jobs might be too much.
And that’s what we’ve got going on tonight in the “your tax dollars at work” department