Friday, September 17, 2010

Great news: $111 million in stimulus money to L.A. produces … 54 jobs

And these idiots have to pay it all back....

Via Patterico, who’s trumpeting the gruesome per-job breakdown. 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.
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). 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.

“I’m disappointed that we’ve only created or retained 55 jobs after receiving $111 million in ARRA funds. With our local unemployment rate over 12% we need to do a better job cutting the red tape and putting Angelenos back to work,” said City Controller Greuel. “While it doesn’t appear that any of the ARRA funds were misspent, the City needs to do a better job expediting the process and creating jobs. We’re going to continue to audit how these funds are spent, to ensure that they are expended quickly and correctly. I’m pleased that since our auditors completed their field work, the Departments have begun to implement the changes we identified to help get this money out the door faster.” READ MORE...

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