Opinion

Jobs From Obama Stimulus Spending Don't Come Cheap: Today's Outrage

Stock quotes in this article:SNY, NOC, LMT 

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.

>To order reprints of this article, click here: Reprints

Glenn Hall is the New York-based Editor in Chief of TheStreet.com. Previously, he served as deputy editor and chief innovation officer at The Orange County Register and as a news manager at Bloomberg News in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at The Journal-Gazette in Fort Wayne, Ind. His work also has been published in a variety of newspapers including The Wall Street Journal, The New York Times and International Herald Tribune. Hall received a bachelor's degree in journalism and political science from The Ohio State University and a certificate in project and program management from Boston University.

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,393.45 1,310.33 2,827.34 15.81
Oil *
101.78
DOWN
26.41
DOWN
2.99
DOWN
10.02
DOWN
0.44
10 Yr
1.58%
SPDR Gold
151.62
-0.21%
-0.23%
-0.35%
-2.71%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Podcasts

Connect with TheStreet