Monday, July 4, 2011

We're paying for those $278,000 jobs in more ways than one

  Now you may think that the headline of this post merely refers to the fact that the stimulus cost $278,000 per job, as the Weekly Standard notes:
The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.
  Or you may think that the title refers to the fact that the Fed under Bernanke has printed lots of money in response to the spending of the current administration, with its Orwellian title of QE2, with the expectation that even more printing is on the way:
Indeed, it's difficult to envision a course of events that doesn't include printing money a third time, and a fourth time, etc... As famed economist Roubini tweeted: "QE2 will be followed by QE3 and QE4 as QE2 will fail to revive the real economy and to prevent deflationary pressures"  Resorting to printing money back in March of 2009 was bad enough. But the fact that we've resorted to that drug a second time in 20 months is extremely bad news.
  No, the title of this post refers to the fact that we continue to pay for the stimulus projects, such as the Willis Boyer docked in downtown Toledo that hosts 30 visitors per day. Most egregious are the numerous and significant traffic jams around town for construction projects, particularly THIS one over at Dussel and Salisbury.
  The purpose of the project at Dussel and Salisbury is to widen the exit, the highway and raise the bridge running over 475 by about a foot, because, as one show owner explained, of new federal regulations requiring that the bridge be higher, not that there had been any problem with the height of the bridge which had stood for years without a problem.
  This project, as most federal projects, has gone on for years. It's not unusual to see no one working there or many workers standing around watching a couple work. Businesses affected by the construction have closed, such as the Max & Erma's. It is nearly if not impossible to access many of the businesses because of the dug up road, the numerous equipment sitting around and the lack of a road.
  Who knows how many of these projects exist around the country, snarling traffic and giving work (at $278,000 per job) to people, some of whom seem to be suffering from a lack of, um, mission.
  So, yes, the country continues to pay for the stimulus in more ways than one.
  Our lives continue to be influenced by this administration in many ways. Rather than moan and groan that this is the "end of America," as so many have, it might be more expedient to remind ourselves every time we get stuck in one of those nightmarish traffic jams that this is the result of an incompetent, ineffective and generally sophomoric administration that needs to be expelled.
  Let the stimulus stimulate us to be part of the patriot movement, distinctive in its fireworks and celebration of the founding of this great country.

1 comment:

  1. Obama likes to focus on his "shovel ready" jobs that never materialize and rebuilding the infrastructure. Well there are two infrastructures the public infrastructure and the private infrastructure which is much more disrepair than the public one. That is the underlying theme of my last post. Taxes and regulation have gutted the private infrastructure but the administration can't ruin it fast enough through taxes, unattainable EPA rules, health care mandates etc.

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