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Remember those “shovel-ready jobs” promised by the Obama-Biden administration in 2011? When many failed to appear after passage of this spending boondoggle, President Obama joked, “Shovel-ready was not as shovel-ready as we expected.”
That law, noted Citizens Against Government Waste (CAGW), cost $787 billion, of which $48 billion was supposed to go for infrastructure. It was disingenuously called the American Reinvestment and Recovery Act.
Harvard economist Martin Feldstein calculated that each job created would cost taxpayers $200,000. When asked about this statistic in a September 26, 2011 interview with ABC News, Treasury Secretary Timothy Geithner did not dispute the figure, saying, “the price tag is the wrong way to measure the bill’s worth.” We’re hearing similar assertions about the new law.
WASHINGTON, DC – NOVEMBER 15: President Joe Biden talks to Speaker of the House Nancy Pelosi after signing the Infrastructure Investment and Jobs Act as he is surrounded by lawmakers and members of his Cabinet during a ceremony on the South Lawn at the White House on November 15, 2021 in Washington, DC. (Photo by Alex Wong/Getty Images)