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On stimulus jobs reporting, a big 'Oops'

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posted on Oct, 17 2009 @ 09:05 PM
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On stimulus jobs reporting, a big 'Oops'


money.cnn.com

Error in Recovery Act accounting raises doubts about government's ability to precisely track the flow of funds and jobs.

By David Goldman, CNNMoney.com staff writer
Last Updated: October 16, 2009: 4:53 PM ET

NEW YORK (CNNMoney.com) -- Gaffes in federal reports this week about stimulus have called into question the government's ability to accurately track how many jobs are being created by the massive $787 billion Recovery Act.

The data in Thursday's reports were filled with mistakes, including an error that made it look like a French vaccine maker received the largest stimulus con
(visit the link for the full news article)




posted on Oct, 17 2009 @ 09:05 PM
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Pretty disturbing news regarding the Stimulus Reports when one considers that the Congress swore there would be ample safeguards and oversights in how the money was spent.

The initial reports being published by the Government on a revamped 17 million dollar website are being compiled not by the Government but by the recipients of the money and are coming back laden with errors.

Ultimately the government is trying to ascertain how many jobs the stimulus has created. Evidently by all early indications not too many have been and a shockingly low number of jobs have been created by some of the biggest recipients of funds. One company that received over 348 million dollars in funds actually only created 58 jobs with it! That’s roughly 1 job per each 6 million dollars invested!

It truly is amazing what our government has done to us this time!


money.cnn.com
(visit the link for the full news article)



posted on Oct, 17 2009 @ 09:09 PM
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Government research organization OMB Watch said its assessment of the reports revealed many inconsistencies in the job data.

"The data is rife with mistakes," said Craig Jennings, senior federal fiscal policy analyst at OMB Watch. "When you put out data that hasn't yet been checked, it undermines transparency, because you are putting out wrong information."

According to the Recovery Board, a non-profit, government-funded organization that operates stimulus data tracker recovery.gov, the government expected mistakes and is reviewing reports of them.

Uncovering how many jobs stimulus created is critical to the debate about the Recovery Act's value. Critics argue that the mammoth funding simply represents more government spending and is not effectively being used to create jobs. But proponents say stimulus is a crucial shot in the arm for the economy, and that the labor market would have fallen further without it.



I guess like 9-11 Americans will never be told the truth about where all the Bailout Money went to and what if anything it accomplished.

Considering the unemployment rate is rising and even by conservative estimates is around 11% in most metropolitan areas its safe to say that no significant number of jobs have been created with the billions, really trillions of dollars thrown blindly and haphazardly into the economy by the government.

It appears to have been nothing really but a pork barrel politics and government contractor feeding fest.



posted on Oct, 17 2009 @ 09:11 PM
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Is not surprises my friend if you have follow up the job indexes and the latest unemployment statistic you know that is not such thing as stimulus to create jobs.

Remember also that now the government calls rather than creation, preservation of existing jobs, because new ones has not been create in sustainable amounts to make a dent on the statistics.

Service jobs is no the same as permanent stable jobs that offers 40 hours a week and they are not minimum wage

Jobs been created are temporary and hours has been cut, in this nation we have lost most of the permanent middle class jobs created in the last ten years.



posted on Oct, 17 2009 @ 09:13 PM
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This is why the government shouldn't be allowed to foray into economics the way they did in 08-09. Another nail in the coffin of repeated failed policies across 4 administrations...When will enough be enough?



posted on Oct, 17 2009 @ 09:18 PM
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reply to post by marg6043
 


It's a scary reality that the government wasted all that money and we didn't even have the money to waste to begin with.

I have a funny feeling that when concerned Americans start looking down the list at who recieved money and for what they are going to be shocked and angry.

It's almost like our government is trying to antagonize us into revolt!

Thanks for posting Marge.



posted on Oct, 17 2009 @ 09:19 PM
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Originally posted by projectvxn
This is why the government shouldn't be allowed to foray into economics the way they did in 08-09. Another nail in the coffin of repeated failed policies across 4 administrations...When will enough be enough?


I really think the Government is trying to bankrupt the nation and force it to fall from within at this point.

All of our wealth has been sucked out through the Military Industrial Complex the Banks and Corporations as well as money we have yet to even earn yet.

It is almost like they are trying to purposefully enslave us with a debt we can never pay back.



posted on Oct, 17 2009 @ 09:21 PM
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The talking heads in Washington like to use the words "created or saved" it makes it possible to make up any numbers they can dream up.

Initially the Obama administration promised the stimulus plan would create or save 4,000,000 jobs... That number has gotten smaller over time as more and more money has been spent, and most people don't care.

The words "created or saved" should speak volumes about the intentional inaccuracies.

Exactly how does one calculate "saved" jobs?

Does a saved job rate the same as a created job?

If they fire Joe Blo, and replace him with Jane Doe, did they both create and save a job?

So far they have spent billions and there are few jobs to show for it.

They should really hope the American people are as gullible as they believe.

[edit on 17-10-2009 by Walkswithfish]



posted on Oct, 17 2009 @ 09:22 PM
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reply to post by ProtoplasmicTraveler
 


Oh, but we know where most of the stimulus money went, remember the soon to be pay biggest bonuses ever by the Bailed out banks, while the rest of the nation falls into decay.



posted on Oct, 17 2009 @ 09:25 PM
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reply to post by Walkswithfish
 





If they fire Joe Blo, and replace him with Jane Doe, did they both create and save a job?


That is an excellent question and really demonstrates how the numbers could be altered in confusing and misleading ways.

I know that there are a lot of Americans who really don't care and a number of them willing to give a lot of leeway to the new Administration but I do believe when all the dust settles the American people are going to be more than a little angry at how they have been robbed.



posted on Oct, 17 2009 @ 09:28 PM
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Originally posted by marg6043
reply to post by ProtoplasmicTraveler
 


Oh, but we know where most of the stimulus money went, remember the soon to be pay biggest bonuses ever by the Bailed out banks, while the rest of the nation falls into decay.



Bank of America Chairman Ken Lewis is being made to return all of his 1,000,000 annual salary to the government...but...

He is retiring with a 65 million dollar retirement package that Tarp Funds will no doubt be paying.

Bank of America lost 1.3 Billion in this quarter. Whether Lewis's 65 million dollar retirement payout is part of that I don't know.

It's unbelievable how these guys could screw up so badly and still get rewarded so greatly.



posted on Oct, 17 2009 @ 09:41 PM
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reply to post by ProtoplasmicTraveler
 


If bank of America is doing that bad and can no hide it, just imagine what JP Morgan and Goldman Sach have been doing with the markets, the gold and oil prices and we will never know, because they don't have to show their secrets as investments houses.

But they also will be getting outrageous bonuses.



posted on Oct, 17 2009 @ 09:49 PM
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reply to post by marg6043
 


What Goldman has been doing is truly criminal as it bets government money on sure things like Gold and Oil and then drives up the price and takes out it's profits. They say that there is over 70,000,000 in Goldman's annual bonus pool already and the average Goldman employee will earn 345,000.00 dollars this year.

Not bad at all in a recession where 1 out of 10 possibly 2 out of 10 people can't even find a minimum wage job at 18,000.00 a year!



posted on Oct, 17 2009 @ 10:27 PM
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For instance, UT-Battelle received a $338.7 million contract, listed as the fourth largest on the recovery.gov site. So far, the company, which manages Oak Ridge National Laboratory in Tennessee for the Department of Energy, has spent $13 million and created 41 jobs, mostly related to the oversight of subcontractors.


It is tidbits like this that simply amaze me. Are we to really believe that the Oak Ridge National Labratory was in danger of going out of business and needed bailout funds?

Why is a private firm managing a National Government entity?

how the heck do you spend 13 million dollars on something that was already adequately funded by the Government and how the heck does that only create 41 jobs?

What are they doing with the other 320 million dollars they recieved? Obviously they don't need it they haven't spent it.



posted on Oct, 17 2009 @ 10:38 PM
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reply to post by ProtoplasmicTraveler
 


I tell you,

I came to this article that sumarizes what is going on with our nations wealth, The Rich Have Stolen the Economy

www.economyincrisis.org...

Our wealth is now shared by only a handful in the nation,


The gifts of billions of dollars of taxpayers' money provided the banks with an abundance of low-cost capital that has boosted the banks' profits, while the taxpayers who provided the capital are increasingly unemployed and homeless.


Power houses like JP Morgan Chase and Goldman Sach enjoy something that the tax payer doesn't have, they have aids working close to people like Bernanke, Secretary of Treasury Geithner and the president himself to make sure that what the power house wants they get.

NONE of this aids needs senate confirmation.

Because of the tax payer gift of wealth to this power houses, they now will enjoy bonuses so big that even a magazine is been made to offer help on how to spend the money.

Meanwhile the generous tax payer is no getting any of that wealth back, for the contrary the unemployment lines are getting longer and everbody but the big powerhosues are suffering.

But something else is been growing,


New York City's homeless shelters have reached the all-time high of 39,000, 16,000 of whom are children.

New York City government is so overwhelmed that it is paying $90 per night per apartment to rent unsold new apartments for the homeless. Desperate, the city government is offering one-way free airline tickets to the homeless if they will leave the city and charging rent to shelter residents who have jobs. A single mother earning $800 per month is paying $336 in shelter rent.


Now let see what JP Morgan Chase earned this third quarter, 3.6 billion dollars, Goldman Sachs bonuses will be as high as 16 million dollars for the lucky ones.

Meanwhile New York alone had an increase of 39,000 people and 16,000 of them are children, most of this people were part of the generosity that pay for the big powerhouses in Wall street.

The long term unemployment is starting to reach dangerous levels, as no new jobs are been created.





[edit on 17-10-2009 by marg6043]



posted on Oct, 17 2009 @ 10:54 PM
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reply to post by marg6043
 

Pretty incredible that kind of destitute desperation is taking place at the same time this kind of wealth is being generated by a privileged few courtesy of the taxpayers.

It is almost as if the government and corporations have no shame. It certainly seems to be.

The big question is what’s next for the Government, after taking over and bankrolling Wall Street where does it go from here? Las Vegas to start reviving it’s distressed gambling industry?

The sad thing is had none of that money been made available to big corporations but was simply made available in small business administration loans of 1,000,000.00 and less to anyone who could present a business plan it would have created millions of jobs and really gotten the economy roaring from the ground up.

Instead the government has just been using its capital to entice people who have capital to jump into yet another STOCK MARKET BUBBLE this time fueled with taxpayer money courtesy of the Government.

The Government owns most of the preferred stock in these corporations now too.

It is absolutely beyond belief Marge, great addition to the thread, thanks!



posted on Oct, 17 2009 @ 10:56 PM
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According to this CBS report each job the stimulus money "created or saved" cost $533,000!

Five-Hundred-Thirty-Three-Thousand DOLLARS... Per job? ("created or saved")

WTF?



Let’s start with the 30,000 jobs themselves. The federal contracts in question represented $16 billion in stimulus spending. Assuming the number of created or saved jobs reported by each contract recipient was accurate—which, as we’ve reported before, is still an open question—that breaks down to $533,000 for each job. That’s more than five times the projection of the president’s own Council of Economic Advisers , which estimated in May that every $92,136 in government spending would create one job for one year.


More here:

www.cbsnews.com...

Are we feeling robbed and lied to yet?



Someone somewhere is getting filthy rich off of stimulus money, eventually they will spend some of that so maybe that will create or save even more jobs.




posted on Oct, 17 2009 @ 11:09 PM
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reply to post by Walkswithfish
 


It gets even better, no only the generosity of the tax payer increased the wealth of the banking system in the US but we paid for banks in other nations too.

Oh, yes, the bonuses from Goldma Sach will be equally generous in the UK also, thanks to America tax payers.



posted on Oct, 17 2009 @ 11:11 PM
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reply to post by Walkswithfish
 


That is just a staggering figure per job. I would have shot for 70,000 per job creating average 48000 dollar per year positions.

It would be interesting to see what the average wage works out to be for everyone employed in those 533,000 dollar jobs.

That's just insane.

Great information thanks for finding it and posting it.



posted on Oct, 17 2009 @ 11:20 PM
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Originally posted by ProtoplasmicTraveler

It would be interesting to see what the average wage works out to be for everyone employed in those 533,000 dollar jobs.



Well, if I was a greedy contractor I would report all jobs as saved, keep my existing staff (that would make them saved jobs) and have a grand time with all that extra free cash!

I'd say the bosses got major pay raises and bonuses.

Why not?

With their fuzzy math, and the convenient words "create or save" anything is possible.

Transparency and accountability?

Pfffft




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