Friday, January 21

Stimulus money found?

A guy in San Francisco found something interesting about how that city used its so-called "stimulus money." [edited]
Ever wonder what happened to the three quarters of a Trillion in stimulus funds the Obama administration spent over the past two years?

Of the three quarters of a trillion ($787 Billion) in "stimulus funds," a quarter of a trillion went to mortgage subsidies, tax credits for children, tax credits for college expenses and extending unemployment benefits. Most of the remaining half-trillion was given to state and local governments to fund specific projects.

I am able to look at San Francisco’s use of some $250 million in "stimulus funds" that the city received over a two-year period. This money came with a long list of projects it was supposed to fund. However, I found that none of the departments that were supposed to receive these funds showed any increase in their budget in either last year or the previous year. In fact in many of the departments that were supposed to receive "stimulus funds," budgets actually decreased.

Instead the entire amount of the so-called "stimulus"--$250 million dollars--was used to close the city's budget deficit--a deficit caused mainly by rapidly rising pension obligations to city employees.

So the money that Washington Democrats borrowed from China and sent to San Francisco was used entirely to subsidize the pensions of city employees.

No wonder the so-called "stimulus" didn't create any new jobs.
Hmm...wonder how many other Democrat-dominated cities--knowing that neither the Obama administration nor the Democrats in congress would complain--used their "stimulus funds" for the same thing?

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