What do you think a dozen or so small businesses could have done with $111 million in stim funds as far as creating jobs over a 19 month period?
Two Los Angeles departments created all of 55 jobs with that chunk of taxpayer money says the LA Times:
Two Los Angeles departments have received $111 million in federal stimulus funds yet have created only 55 jobs so far, according to a pair of reports issued Thursday by City Controller Wendy Greuel.
The reports conclude that the agencies, Public Works and Transportation, moved too slowly in spending the federal money, in part because of the time it takes to secure approval of government contracts. The two agencies plan to create or retain a combined 264 jobs once all the money is spent, according to the reports.
With unemployment above 12%, city officials should move more urgently to cut red tape and spend the money, Greuel said. "The process needs to be changed to make sure we get these projects out as quickly as possible," she said.
Nineteen months after the stim bill was passed and the bureaucrats show absolutely no sense of urgency and carry on with business as usual - namely, making sure they can justify their jobs by sitting on contracts rather than expediting the process.
Meanwhile, the folly of "stimulating" the economy in this manner becomes ever more apparent.