Obama’s Stimulus Efforts Costing Millions Per Job Created

President Obama’s green jobs stimulus has, so far, created less than 3,600 jobs at a cost of $4.85 billion. That’s about $1.347 million per job, but a positive bargain compared to the new stimulus loan guarantees the Department of Energy just approved which have the cost at $23 million per job:

The Department of Energy is set on Thursday to announce whether nine federal loan guarantees amounting to $6.5 billion for green energy projects will get final approval.

The number of full-time, permanent jobs they would create? According to the DOE’s own figures, a grand total of 283. That is nearly $23 million per job.

It’s also a drop in the bucket toward the five million green jobs President Obama promised as a candidate in 2008.

And it doesn’t stop there, either. All of this spending is coming from the 2009 stimulus bill. Obama’s new stimulus bill, called the American Jobs Act, is more of the same according to Andrew Stiles:

…according to the median estimate of the 34 economists surveyed, the president’s jobs bill would “add or keep” 275,000 jobs in 2012, and just 13,000 in 2013. That comes out to a total of 288,000 jobs ‘kept or added’ over the next two years. That figure is far more sobering (and credible) than the Democrats’ economist du jour Mark Zandi’s extravagant prediction that the president’s bill would add 1.9 million in 2012 alone. Obama’s bill, meanwhile, carries a $447 billion price tag, which works out to a little more than $1.6 million for every job ‘kept or added.’

With budget deficits on track to be over $1 trillion for a record-setting third year in a row, how much more of this sort of economic stimulus can we afford?

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters.

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  • WOOF

     What is the name of the engineer of the train that left Denver ?

    • Anna830

      The name of the engineer was “the Engineer” The passenger was Preston and the theorem … was, hmmm.. time to google

      • Anna830

         oops.. guess it is Prescott, my bad (but close for an old lady like moi)

  • Anna830

    Obama has failed Econ 101 and passed Econ of the Insane

  • robert108

    Jobs shouldn’t cost the taxpayers anything; they should produce wealth and revenues.

  • mickey_moussaoui

    Didn’t we all say from day one that EVERYONE including the government would of been better off if “they” (government,specifically Obama’s government) just divided that stimulus equally and gave every citizen a check in the mail. Not only would we all benefit but the post office would still be in the black.

    sigh, liberalism is so stupid

    • Choppermek

      I’m with you, Mickey. Gerrymandering of the Tax Code has become the government’s favorite past time. “Let’s give everyone a ‘tax holiday’ and borrow more money to create and save jobs in the green energy industry.” Great idea, except it doesn’t work. Jobs in a heavily subsidized industry are bound to go away when the subsidies run out. How much more efficient would it be to simply give everyone10k dollars and tell them to do whatever they like with it? Total cost…3 trillion… if I got my decimal places right. We wouldn’t be in the hole anymore than we are right now and we would be using that money to improve our quality of life, pay bills, mortgages, buy groceries, etc.