Harvard economists Timothy Conley and Bill Dupor have published a paper detailing the failure of Obama's Porkulus package aka ARRA aka the American Recovery and Reinvestment Act.

450,000 public sector jobs were saved or created; over 1 million private sector jobs were destroyed or forestalled for a net loss of 550,000 jobs at a cost of almost a trillion dollars. What were saved were the public sector unions. Each public job was a union job and each job-holder had his or her dues deducted from their paycheck and handed over to the unions. This is classic money laundering.