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11-17-2009
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The Chronicle
of Philanthropy
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Subject: When $6 Billion Is Not Enough
You might remember that earlier this year, the
Serve America Act
was passed, taking an additional six billion taxpayer dollars and
transferring them to the Corporation for National and
Community Service in support of expanding national service
programs of every size and color.
Today, The
Chronicle of Philanthropy reports that the Center for American
Progress issued a report indicating that:
"Congress should provide close to $1.5-billion in extra
spending on national-service programs over the next two years
to provide jobs for young people who have been hit hard by the
economic crisis."
The report continues:
"The center, a liberal think tank in Washington, proposes
increasing the federal funds [...] in a way that would create
the equivalent of more than 100,000 new jobs."
As is typical for a liberal think tank, a few billion dollars spent
by the government will produce a wonderful flood of new jobs, while
those same funds, spent or invested by the original owners (i.e.,
you and me) are simply wasted, producing no economic activity at all.
Also, notice that if the think tank's projections are correct, then
the 100,000 new jobs will all be created at the bargain rate of
$15,000 per job. This would be a fantastic result in light of
the many reports that the TARP funds have not been ably to achieve
quite this ratio. For example, John Boehner, the House Republican
leader, lists
on his blog a story from the New Hampshire Union-Leader that
reports that:
"More than $400 million in federal stimulus money has come
to New Hampshire this year" which has yielded "a total of 50
jobs ... 34 of them full time." That works out to $8 million per
job created in New Hampshire [...]
Yes, let's that the kind of program that fills me with hope. By all
means, let's dump in another $1.5 billion. What could go wrong?
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