Opinion
Jobs From Obama Stimulus Spending Don't Come Cheap: Today's Outrage
More details on stimulus jobs are expected to be released this afternoon.
So far, it's a pretty lame PR effort by the Obama camp. If they are going to defend this spending program against increasing attacks by Republicans who think the money is being wasted, then they'll need to find some better examples of success. Sifting through the reams of individual reports on the stimulus tracking Web site, you'll find some big amounts going to individual companies in various states that didn't help with employment at all. According to the fancy map on the Recovery.gov Web site, $165.9 million went to Lockheed Martin(LMT) in Colorado that didn't save or create any jobs, $57.6 million went to Northrop Grumman (NOC)in California that didn't create or save any jobs and $373.6 million went to Sanofi-Aventis (SNY)in Pennsylvania that didn't save or create any jobs. That said, there are many smaller awards such as $70,808 that went to the Housing Authority in the city of Robert Lee, Texas and is credited with 5 jobs. I'm hoping that the data on the government Web site is simply incomplete because my unscientific review produced very disappointing results. Maybe the White House needs to create a few jobs itself to get a better tracking system. --Written by Glenn Hall in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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