Just like Obama! He brings forth a jobs bill which is nothing more than Porkulus II. And guess what? It's been less than a week since he presented his brilliant plan, and already the price for the pork has increased.
Read from Weasel Zippers:
Report: Price Tag For Obama’s Stimulus Bill Could Hit $650 Billion…
"Pass this bill!
(Fox News) — 'The White House said Monday that the President Obama’s proposed national infrastructure bank could back $100 billion to $200 billion in new state and local road, bridge, mass transit and other projects over the next decade — it hopes in more “public-private” partnerships with funding from private investors.
That could increase the effective size of the President’s $450 billion jobs bill to the range of $550 billion to $650 billion, including new infrastructure spending from non-federal sources over the next 10 years. Administration officials claimed that potential greater impact would come at a minimal cost and risk to taxpayers.
According to the jobs legislation the White House released Monday, the bank would guarantee infrastructure project loans, putting taxpayers on the hook for losses.
But a senior administration official said any losses in the program would be minimized because federal support would be targeted to “economically viable” projects with dedicated revenue sources for loan repayments; direct loans and loan guarantees would be limited in size, and taxpayer subsidies would be conservatively estimated and structured, starting with just a $10 billion federal investment.
Supporters have said Washington guarantees through the bank would assist cash-strapped state and municipal governments by allowing project financing at lower interest rates.'"
And for the very minimal jobs created, they will be costly to taxpayers.
Again, from Weasel Zippers:
Obama’s Spending Plan Will Cost Taxpayers $250,000 Per Job…
"Pass this bill!
Via Zero Hedge:
'For those eager to put some math to the rhetoric coming from the White House over the president’s jobs creation plan, and that should be everyone, here is a quick and dirty estimate based on the numbers being thrown around of a 2% GDP increase in year 1 and 1.9 million jobs created or saved . . . most saved, as in those you can’t really quantify. Said otherwise, roughly a $300 billion increase in GDP yields 1.9 million jobs. So far so good. Now since the president is proposing to pay for the program over 10 years, let’s assume the $475 billion in direct expenses is financed for 10 years at 2.5% which adds roughly $120 billion to the total cost of the program. In other words, as the calculations detailed and show below elaborate, the overall AJA plan will cost $250,000 per job created (excluding the interest expense) and $312,500 per union job, er job created (including interest). And that’s how much it costs for Obama to purchase one vote . . . created or saved. Keynesian efficiency strikes like a Swiss watch yet again.'
Go here to see how the jobs bill will further harm the housing industry as well as hurting charities. This is a must-watch video.