$111 million in Recovery money amounted to 55 jobs created in Los Angeles. Of the money allotted only 19% has been spent; compare that to Chicago or New York and you’d think that the city is irresponsibly frugal.
But numbers like those have the Council questioning how and when it spent money, and even if its diligence in spending cost jobs.
From the Daily News:
The City Council expressed concern Friday that Los Angeles has acted too slowly in spending federal stimulus dollars, leading to less job creation than in other major cities.
Officials say Los Angeles has spent $99.9 million – about 16 percent – of the $630 million that has been awarded. Chicago, meanwhile, has spent 25 percent of its stimulus money and New York Ciy, 40 percent.
“We should be keeping up,” said City Council President Eric Garcetti. “Part of the problem is in Washington, but it is also our fault, as well. I want to make sure we deal with our issues to get the money out.”
Read the full article here.