James PethokoukisPolitical Risk» See all analysis and opinionCost-benefit analysis of jobs stimulus Dec 7, 2009 12:23 EST stimulus | unemployment Hopefully any new plan will have a better ROI than the current stimulus package. Economic analyst Ed Yardeni runs the numbers: The Obama Administration is touting that their stimulus program has saved or created 640,329 jobs since it was enacted back in February through the end of October. This number is updated and posted on the Administration’s recovery.gov web site. That amounts to $246,436 per job based on the $157.8bn that has been awarded so far! Total compensation earned by the average payroll employee during October, on an annualized basis, was $59,867. If the government had simply used the funds awarded so far to pay for a year’s worth of labor, that would have paid for 2.6mn jobs! James Pethokoukis is the money and politics columnist/blogger for Reuters Breakingviews. Previously, he was the economics columnist for U.S. News & World Report where he wrote the monthly Capital Commerce magazine column. Pethokoukis was also the managing editor of the magazine’s Money & Business section. He has written for many publications including the New York Times, the American, USA Today, Investor’s Business Daily, and TCS Daily. Pethokoukis is also an official CNBC contributor and appears frequently on that network’s Kudlow & Company, Power Lunch, and The Call shows. In addition, he has appeared numerous times on MSNBC, Fox News Channel, Fox Business Network, CNN, and Nightly Business Report on PBS. A 1989 graduate of Northwestern University where he double majored in Soviet politics and American history and a 1991 graduate of the Medill School of Journalism, Pethokoukis is a 2002 Jeopardy! champion.james.pethokoukis@thomsonreuter s.com
And don't forget that they'll be paying taxes on that $60k year, so the net is more like $45k/yr. How very intellectual!
It basically keeps with the premise that for every dollar the government collects they wast 70 cents. In this case they are wasting 76 cents per dollar, per salary created or saved. I am sure their healthcare administration will be tip top, and be far more efficient and cheap than the private sector is now. Obama said so. Oh, and if you care to look next year social security goes bust. By bust I mean they are projected to take in about 680 billion, and pay out over 700 billion. more government efficiency.
so..I've been paying into social security for about 20 years. I just got a statement. Said that based upon current earnings until retirement, i would receive about 5,000.00 a month in social security at 65. now..bare with me because i'm trying to figure this out...if im paying into a system, and if it goes bankrupt...what happened to my money? has congress been stealing out of it? if so, should they go to jail?
Yes. They have also been taking money from the general fund, and putting it into SS in order to keep it solvent which is a no no according to the ss fund. You see about 120 billion in "other revenue" on the ss statement. Oh, and that 5k per month you are supposed to get they have decided to tax you on that income even though it was garnered from you in the form of tax in the first place. Allsome.
