If you read it you will see that a good chunk of it went to things like tax cuts for the average American (higher child credits, amt credits, tax cuts). He also spent a chunk of money on medical care, education, support for the poor and money to help states. His biggest problem was making it a jobs bill because it wasn't. It was more economic relief in the form of either direct or indirect payments/tax credits to the American people. Not much of the money was really wasted.
As for the election I am not happy with either choice. I actually could live with Romney if he is elected POTUS but I do not think he is the answer. Obama has been a mediocre president. His biggest issue is on the leadership front.