Not saved, not created: Iowa university staff with early retirements getting stimulus cash

When early retirees get stimulus funds, those aren't "saved or created" jobs.

I don't know what it is--other than a waste of money.

From the Des Moines Register:

More than $43 million of federal stimulus money meant to save or create jobs is being spent on salaries and benefits for departing employees at Iowa's three state universities.

The University of Iowa has directed $33.4 million in stimulus money to the salaries of employees taking early retirement or otherwise leaving the university by June 30. Iowa State University will use $5.9 million and the University of Northern Iowa $3.6 million on the salaries and benefits of employees who took early retirements.

University officials defended their use of the stimulus money in that manner, saying the one-time cash infusion is wisely spent on temporary costs, rather than ongoing expenses that would have to be somehow funded or cut in the future.

"The money truly is saving jobs," University of Iowa Treasurer Doug True said. "I know that. I believe it to the bottom of my feet."

Uh, no.
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