It goes like this: Divide the stimulus money spent so far by the estimated number of jobs saved or created. That produces a rather frightening figure on how much money taxpayers are spending for each job.
On Friday, the White House released estimates that $160 billion in stimulus spending created or preserved 650,000 direct jobs.
By the critics' calculations, that's over $246,000 a job – and a terrible deal for taxpayers. Why spend nearly $250,000 to employ a highway worker or a teacher making a small fraction of that?
The reality is more complex.
First, the naysayers' calculations ignore the value of the work produced.
Any cost-per-job figure pays not just for the worker, but for material, supplies and that worker's output – a portion of a road paved, patients treated in a health clinic, goods shipped from a factory floor, railroad tracks laid.
Read the rest on Huffington Post after the click
My comment: During the 2008 Presidential campaign, then Republican candidate, John McCain, experienced a stunning moment of truth telling when he admitted that economics was not his strong suit. (Presumably