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?