San Francisco Discovers "Limitless Pot of Gold" in Stimulus Funds

Mayor Gavin Newsom wants San Francisco to get its fair share of the $1.8 billion in stimulus funds allocated for California. "We discovered a pot of gold in the stimulus money" the mayor says.

Please consider Newsom wants to find you a job.

The American Reinvestment and Recovery Act, provides $5 billion nationally to fully subsidize the hiring of unemployed workers. But they must have at least one child under age 18, leaving out many jobless and childless San Franciscans. And the money is due to run out in September 2010, meaning the newly hired could soon be back in the unemployment line.

Newsom said he's headed to Washington, D.C. next week to lobby House Speaker Nancy Pelosi for an extension of the money and to include people without children. He said he wants to see 2,500 or even more San Franciscans hired, and that the majority of California's $1.8 billion pot is still sitting waiting to be grabbed by cities since so few are participating.

"This is limitless. It's just a matter of who draws down the money fastest," Newsom said. "We discovered a pot of gold in the stimulus money."

Arik Levy, owner of Laundry Locker, said he was able to hire several employees and plans to hire a marketing team as well.

Free Money Always Finds A Home

One has to admire the Mayor's math skills. The limitless pot has a stated limit of $1.8 billion and it is allocated on a first come first serve basis. And now that he is blabbing about it, it will not take other cities long to adopt a similar plan.

When money is free, it finds all kinds of uses, like getting the Laundry Locker a much needed marketing team that apparently only makes sense if the money is free (otherwise they would already have one).

Pardon me for asking but doesn't every customer Laundry Locker picks up, take business from some other laundry service?

Are any net jobs created out of this? For how Long?

And what happens when the $1.8 billion runs out in September 2010 (almost but not quite long enough for the mid-term elections)?

Need a Job?
Get them while the money is free and flowing. To publicize the program, the mayor's administration is placing ads in Muni shelters and on buses reading, "Jobs are back. Get yours now."

If you live in San Francisco employers or job seekers should call 1-877-JOB1NOW (1-877-562-1669). See JobsNow! for more details.

Come And Get It

If you want it, here it is come and get it
Mm, make your mind up fast
If you want it, anytime, I can give it
But you better hurry because it may not last

Did I hear you say that there must be a catch?
Will you walk away from a fool and his money?
If you want it, here it is, come and get it
But you better hurry because it's going fast

Oh, fool and his money . . .

Thanks to the Beatles.
Correction: Thanks to Paul McCartney who wrote the song, recorded by Badfinger.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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