By Jeff Johnson

Federal stimulus spending in Hennepin County has created or retained almost 2600 jobs - at $276,000 a pop

We received a report regarding ARRA stimulus spending in Hennepin County at our board meeting [last] Tuesday.  According to the most recent report prepared by Hennepin County covering the period through December 31, 2009:  “More than $718 million in Recovery Act dollars funded as many as 726 projects at more than 200 different organizations and agencies across Hennepin County.”  Total number of jobs created or retained as a result:  2599.62.

That translates to a little over $276,000 per job created or retained (and that is using what has proven to be a VERY generous method of calculating jobs created or retained).

I understand that some of that $718M has not been spent yet, so more jobs might very well be created or retained (heck, maybe we can get the number down to $150K per job), but the stimulus was sold to America last spring as a way to immediately pump hundreds of billions into the economy and address the rising unemployment rate.  We were told to judge the stimulus on the massive number of jobs it would create in the short-term.

At $276K a pop, it hasn’t proven a very wise investment in the short-term.  But then again, what do we care - we’re leaving the bill for the next couple generations anyway.

Cross-posted at Hennepin County Taxpayer Watchdog.