Thursday, October 6, 2011

Stimulus shmimulus and our glorious green economy

A prominent component of the President's first stimulus package included a sharp increase in funds for the Department of Energy's Loan Programs Office.  This program has been in the news lately as the source of taxpayer money for the failed green energy company Solyndra.  According to its own website, this program handed out $39,500,000,000, which led to the creation of 64,776 jobs. 
Obviously, this jobs claim is bogus because claims of this sort are alway bogus.  Nevertheless, taking this number at face value, the average job created under this particular part of the stimulus package cost taxpayers $554,218.

In terms of job creation, this program is one of the most expensive among a litany of boondoggles in the first Obama stimulus package.  The administration itself, using the usual bogus jobs saved or created numbers, calculates a cost of $278,000 per job.

Clearly what's needed is another stimulus package, especially one that includes tax increases just to make sure that even the number jobs created for teachers, etc, will be destroyed for good elsewhere.