Thursday, December 31, 2009
The history of Rep. John P. Murtha (D-PA) demonstrates why federal earmarks are a very inefficient way of trying to generate jobs. Money quote:
"If you looked at Congressman Murtha's efforts in the same way you look at an investor's efforts, it's easy to see that the business model originally conceived hasn't really panned out in terms of its rate of return," said Peter Fiske, a former defense executive in Murtha's district.It's probably a bad idea to try and run a venture capital business from Capitol Hill. I am all for teaching a man to fish rather than giving him fish outright, but $1 million per job created seems way too expensive.