New Jobs?

In the debate the other day Senator Dodd said:

For every $1 billion we spend [on infrastructure], 40,000 jobs can be created in the United States of America.

At a rate of roughly $12.02 per hour, and that does not include all the government transaction fees and stuff.  If the rate is even half that Mr. Fu would be surprised and these would then only be minimum wage jobs.  Minimum wage on infrastructure?  To quote Bart Simpson’s Indian friend, “That’s just Crazy Talk.”

JobBank USA has the median rate for construction laborers in 2002 as $11.90.  There is no way that rate has gone down, and no way that the government friction on that money is going to create 40,000 jobs.  20, 000 perhaps, but Dodd is talking into his hat.

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