The Obama Administration's stimulus package -- officially, Public Law 111-5, The American Recovery and Reinvestment Act of 2009, signed February 17, 2009 -- cost $787 billion. Under Section 1512 of the law, companies that directly receive stimulus money, via any "grant, loan, or contract," must report the funding and the number of jobs created. As recently as September, the White House predicted the package as a whole would create or save one million jobs.
The first data set was released last week. What do the numbers show? I'm not sure.
According to the official Recovery.gov website, $16 billion worth of contracts have been awarded, of which $ 2.2 billion already was received. And, as of early October, the same website says 30,383 jobs were created or saved as a result of directly awarded money (additional jobs could have been added as a result of other stimulus spending). The White House believes that each new job reported creates one further indirect job.
That means that each job cost $ 267,000 per awarded funding or about $ 36,000 for funding already received. Or, without the assumed job multiplier, twice those figures (about $ 533,000/$ 72,000).
I have no idea which number is right. Nor, I think, does anyone else. Bueller?