A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show.From the DOE – Loan Program website – $17.204 billion in loans out of $38.6 billion in loans has already been given out creating 3,545 jobs.
The program — designed to jump-start the nation’s clean technology industry by giving energy companies access to low-cost, government-backed loans — has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies.
That averages $4,852,000 per permanent job. Not exactly a bargain for taxpayers.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
~ F.A. Hayek