From ABC News. (H/T ECM)

Excerpt:

The Obama administration has credited its $862 billion stimulus program with pulling the economy out of the worst recession since the Great Depression. But a new report by two Republican senators argues the stimulus is riddled with wasteful projects that do not create jobs.

The report, released by Sens. Tom Coburn, R-Okla., and John McCain, R-Ariz., highlights 100 stimulus projects that they say have “questionable goals,” are “being mismanaged or were poorly planned” and are even “costing jobs and hurting small businesses.”

The Coburn-McCain report takes issue with stimulus spending on projects like one that entailed research on how cocaine affects monkeys. The Wake Forest University Baptist Medical Center was awarded $71,623 to study what the report calls, “Monkeys Getting High for Science.”

Bonnie Davis, a spokeswoman for The Wake Forest University Baptist Medical Center, said the “small grant has helped protect very important research that will have significant impact on public health in regards to cocaine addiction and the issue of relapse.”

Go a little further down the list and you’ll find even bigger spending. The California Academy of Sciences is receiving nearly $1 million in stimulus funds to send researchers to the Southwest Indian Ocean Islands and East Africa to capture, photograph and analyze thousands of exotic ants.

There’s also funding for yoga and hot flashes. Researchers at Wake Forest University have received nearly $300,000 to study whether integral yoga “can be an effective method to reduce the frequency and/or severity of hot flashes” in breast cancer survivors.

This is what happens when you take money away from investors and businesses and give it to government bureaucrats to spend. Unemployment doubles compared to what it was under George W. Bush. Because money was taken from the people who create jobs and spend by people who have no experience in the private sector and no knowledge of economics.

Here’s a complete run-down on the Obama Presidency from a financial viewpoint.