Thursday, January 15, 2009

$221,429 for each new job created by "stimulus"


Let's put these numbers in context:

  • The $221,429 figure is roughly four times the average total compensation cost of employing workers in private industry, $56,305 or $27.07 per hour, according to the Bureau of Labor Statistics. For the sake of argument, if the entire $775 billion were going to "create" jobs, it could pay for more than 13.7 million workers in the private sector.
  • The $221,429 figure is nearly 10 percent higher than the median cost of an existing single family home ($200,000 according to the National Association of Realtors). This means that for the same amount of money the government could buy outright more than 3.8 million homes. This is nearly four times the 1 million homes that were actually foreclosed on in 2008.