Thursday, September 15, 2011

Job Program: $640K Per Job

THIS article from The Washington Post today details how the Obama administration's $38.6 billion 'green jobs' loan guarantee program, which, it was promised, "would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show." To be precise, 3,545 new jobs, according to the Energy Department.

Even if 60,000 further jobs were 'saved' (as opposed to 'created') by the program, an assertion vigorously disputed in this article, that would still mean each job 'saved or created' by this program required $640,000 in loan guarantees.  (The collapse of one solar panel manufacturer that had benefited from such loans may cost the US taxpayers over $500 million.)

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