From the Wall Street Journal Online, Oct 30 2009: White House Data Shows 650,000 Jobs From Stimulus:
WASHINGTON — The Obama administration said Friday that the government’s fiscal stimulus program has helped create or save almost 650,000 jobs…
The new jobs figure — 640,329 specifically — represents direct stimulus spending through Sept. 30 on projects or activities…
[T]he reports cover only $160 billion of the $339 billion in stimulus spending that has occurred through Sept. 30.
I’m not an economist or a mathematician or a politician, but I can do basic math:
$160 billion divided by 640,329 equals $249,871.55 per job created or saved.
As a comparison: the median full-time salary for a U.S. worker was $27,756 in 2005 (source).
Why does it cost $250,000 to create or save a job in a market where the average worker makes under $30,000? Can someone explain to me how spending a quarter of a million dollars to save one job is a smart way to spend money?
Seriously, can someone explain?!?!