by Mark Silva
One hundred fifty nine days after President Barack Obama signed his $787-billion economic stimulus act into law, the White House maintains today that the plan is having its "intended'' effect of supporting a steady and measured improvement in the economy.
Critics who have asked, "where are the jobs,'' have "misconstrued'' the act, Vice President Joe Biden suggests in an Op-ed essay this morning in The New York Times. One third of the money went to tax breaks for individuals, he notes, and one third is going to state governments and individuals, averting the layoffs of teachers and police officers, for instance.
The other third is supporting "the largest investment in roads since the creation of the Interstate highway system; construction projects at military bases, ports, bridges and tunnels; long overdue Superfund cleanups; the creation of clean energy jobs of the future; improvements in badly outdated rural water systems; upgrades to overtaxed mass transit and rail systems; and much more. These investments create jobs today -- and support economic growth for years to come,'' Biden writes.
'We have already committed more than one-fourth of the Recovery Act's total funds, and we are on track to meet the deadline set when the act was passed in February -- spending 70 percent by the end of September 2010,'' the vice president writes.
"Our balanced approach recognizes that there is no silver bullet, no single thing, that can address the many and complex needs of America's vast economy,'' Biden writes. "The act was intended to provide steady support for our economy over an extended period -- not a jolt that would last only a few months.''
"Since when?'' asks the office of Senate Republican Leader Mitch McConnell (R-Ky.), which already has been at work on this balmy Sunday morning looking up some of Biden's and the president's earlier comments on the subject.
As recently as June, at a roundtable in New York, Biden called the Recovery Act "an initial big jolt to give the economy a real head start.''
In March, the vice president said ''the Recovery Act, as we call it, provides a necessary jolt to our economy to implement what we refer as 'shovel-ready' projects.''
And in November, as a new White House in planning was assembling its new economic team, President-elect Barack Obama said: "The most important thing to recognize is that we have a consensus, which is pretty rare, between conservative economists and liberal economists, that we need a big stimulus package that will jolt the economy back into shape and that is focused on the 2.5 million jobs that I intend to create during the first part of my administration. We have to put people back to work.
"Now, that runs in parallel with making sure that our financial system is stable. And so we're going to have to do more than one thing at a time,'' Obama said then, a point which Biden also made in today's Op-ed piece, pointing to the stabilization of the financial markets.. "But across the board, people believe that this stimulus is critical.''
The minority office can probably take the rest of the day off now. For those interested in reading Biden's essay in the Times, here it is:
What You Might Not Know About the Recovery
By JOE BIDEN
SIX months ago, when President Obama and I took office, we were confronted with an economic crisis unparalleled in our lifetime. The nation was hemorrhaging more than 700,000 jobs a month, the housing market was in free fall, and the fate of the financial system hung in the balance. Credible economists were handicapping the probability of a depression. The actions we took -- passing the Recovery Act, stabilizing the banking system, pressing to get credit flowing again and helping responsible homeowners -- brought us back from the precipice. Monthly job losses are down, financial markets are improved, and economic contraction has slowed. We still have a long way to go, but clearly we are closer to recovery today than we were in January. The Recovery Act has been critical to that progress.
Notwithstanding this progress, the nature of the Recovery Act remains misunderstood by many, and misconstrued by others: critics have suggested that the entire $787 billion is being spent on pet programs. As the person leading the administration's efforts to put the Recovery Act into effect, I want to set the record straight.
The single largest part of the Recovery Act -- more than one-third of it -- is tax cuts: 95 percent of working Americans have seen their taxes go down as a result of the act. The second-largest part -- just under a third -- is direct relief to state governments and individuals. The money is allowing state governments to avoid laying off teachers (14,000 in New York City alone), firefighters and police officers and preventing states' budget gaps from growing wider.
And those hardest hit by the recession are getting extended unemployment insurance, health coverage and other help to get through these tough times. The bottom line is that two-thirds of the Recovery Act doesn't finance "programs," but goes directly to tax cuts, state governments and families in need, without red tape or delays.
As for the final third, the act is financing the largest investment in roads since the creation of the Interstate highway system; construction projects at military bases, ports, bridges and tunnels; long overdue Superfund cleanups; the creation of clean energy jobs of the future; improvements in badly outdated rural water systems; upgrades to overtaxed mass transit and rail systems; and much more. These investments create jobs today -- and support economic growth for years to come. Far from being a negative, the wide array of these investments is needed given the incredible diversity of the American economy.
Projects are being chosen without earmarks or political consideration, and many contracts have come in under budget. More than 30,000 projects have been approved, and thousands are already posted on recovery.gov -- providing a high level of transparency and accountability. Taxpayers should know that we have not hesitated to reject proposals that have failed to meet our merit-based standards.
The care with which we are carrying out the provisions of the Recovery Act has led some people to ask whether we are moving too slowly. But the act was intended to provide steady support for our economy over an extended period -- not a jolt that would last only a few months. Instead of quick-hit rebates, we are giving Americans a tax cut in each paycheck. Instead of pumping out all the state aid immediately, we are spreading it over the two years that it will be needed. Road projects, energy projects and construction projects are being started as soon as they pass review, contracts are competitively bid and reporting systems are in place.
Even with such care being taken, we have already committed more than one-fourth of the Recovery Act's total funds, and we are on track to meet the deadline set when the act was passed in February -- spending 70 percent by the end of September 2010.
The Recovery Act is not the cure for all our economic ills -- no single piece of legislation could be. But how many government initiatives can point to both large numbers of projects coming in under budget and a Government Accountability Office finding that we are ahead of schedule in key areas?
It is true that the act's effort to address multiple problems simultaneously makes it an easy target for second-guessing. Critics have argued that the tax cuts are too small (or too large); that too much (or not enough) aid is going to rural areas; that too little (or too much) is being spent on roads. Recently, some have even criticized the act for helping support soup kitchens and food banks.
But the way I see it, our balanced approach recognizes that there is no silver bullet, no single thing, that can address the many and complex needs of America's vast economy. We need relief, recovery and reinvestment to cope with our multifaceted crisis -- and only 159 days after it was signed by President Obama, the Recovery Act is already at work providing all three.
Joe Biden is the vice president of the United States.
Comments
Well Biden has been all over the place, from saying they "misread" the economy to saying the stimulus is doing as it was "intended." Sorry, Joe, but the fact remains you folks said if no stimulus was passed and passed pronto, unemployment would go up and that if it was passed, unemployment wouldn't surpass 8 percent. We are at 9.5 and rising and now the Feds are talking about a "jobless recovery."
Just giving money to states is not the answer either as too many just waste it.
What I'd like to know is why Route 12 from Lake Zurich to nearly Wauconda is not being worked on? This stretch of roadway, a major thoroughfare that barely made it past the last two winters without eating up every car and truck that is on it, is about the worst ever encountered. Potholes to this day are deep and wide.
But real stimulus stimulates jobs and spending. This bill did neither.
Posted by: John D | July 26, 2009 9:00 AM
Let's face it, it's all trial and error. Let's hope for the best for sure but we have to seriously start planning for worse.
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Something else that runs parallel to shoring up the financial system is the fact that In my restoration business, I would never contemplate shoring up the second floor without shoring up in the basement first.
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They should have considered "trickle up" for a switch.
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Instead, they've got piss up a rope.
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I think our system of governance is deprecated.
Posted by: rob | July 26, 2009 9:33 AM
Sort of makes you nostalgic for the good ole days when a vice president kept his mouth shut and attended funerals.
Ask Joe what he thinks of the Community Policing program of the Cambridge PD.
That should calm things down a little.
Posted by: ornery | July 26, 2009 10:03 AM
Sorry Joe, your lame message just ain't going wash anymore as you and Obama try to "hope to change" your message about the doomed Porkulous! Bottom line; you promise 3.5 million new jobs and instead we got 9.5% unemployment (in real numbers probably closer to !8%!), so cut the BS. You and Obama are fading fast in the approval polls. The America folks are not buying into the lofty Obama rhetoric (see the Obamacare disaster) as they are waking up to the fact that what is said is not what is really happening. They are witnessing this dishonesty first hand and realize that the "slobbering" MSM is also misleading them by not reporting the true facts. Sorry Joe, the gig is about up for you, your boss, and the liberal Dems. in Congress. After the August recess, when the folks chew a** on the doomed liberal Congressional members at home, we may see some restored "common sense", but that may be to optimistic. Conservative ideas rise again from the same ole' tired, lefty, liberal agenda of tax and spend, nanny state, big gov't. boondoggles that fail every time.
Posted by: bubba Porter | July 26, 2009 10:24 AM
Instead of bailing out the investors, the money should have been distributed among the working class and applied toward true economic stimulation in the form of spending. Instead, America is further in dept to the global banks and foreign governments, job losses still climb, foreclosures are up, big medicine and it's lobbyists keep any true health reform from occuring and it's business as usual. It appears that those with the money and power want to keep it that way.
Posted by: writerofwrongs | July 26, 2009 10:31 AM
[quote]
Media Matters has a history of taking things out of context and also LYING about the truth. Media Matters hardly is reputable.
Posted by: John D | July 24, 2009 11:17 AM
[/quote]
source: http://www.swamppolitics.com/news/politics/blog/2009/07/obamas_birth_certificate.html
So, Geographically Stupid Little Johnnie D, "the Joseph Stalin of Streamwood", so far you've DUCKED this challenge because you can't provide PROOF to back up your false allegation against Media Matters. Figures.
By the way, YOU'RE the one who stated that Kentucky and Illinois don't share a border. FALSE!
By the way, YOU'RE the one who stated that Kentucky and Arkansas share a border. FALSE!
By the way, YOU'RE the one who stated that the island of Cuba is totally within the Gulf of Mexico. FALSE!
Geographically Stupid Little Johnnie D, you ARE NOT smarter than a 5th grader!
Posted by: BC | July 26, 2009 12:20 PM
nasdaq up 24% for the year. Dow closes over 9000 for first time since(drum roll....) January. Hmm....what happened in January?
Sales of prviously owned homes jumped 3.6% in June. Credit is flowing again.
And from a trib story a couple days ago.."Major stock indicators have climbed 11 percent in the past two weeks to their best levels since last fall as a series of upbeat earnings reports and forecasts boosted investors confidence about an economic recovery."
Thank you, President Obama. Your steady hand has us on the road to recovery.
Posted by: syj | July 26, 2009 12:30 PM
The obama administration can't spin the facts. 9.5% unemployment and heading up, three million americans lost their jobs under their watch, and the 787 billion in stimulus money went to their union thug buddies.
Shovel ready jobs, 8% unemployment--hope and change, ha!
Paulo
Posted by: Paulo | July 26, 2009 2:13 PM
Oh, Idiot for Life BC, here are two items on Media Matters either lying, distorting or showing a bias. By the way, Media Matters is the creation of John Podesta:
http://firstread.msnbc.msn.com/archive/2007/11/15/468740.aspx
And another:
http://newsbusters.org/blogs/john-stephenson/2007/09/30/john-gibson-rips-media-matters-liberal-bias-lies
BrainCramp: one is from a liberal outfit and one a conservative.
Also, I don't feel like wasting my time and going back to the Swamp item, but you can do that. Please show where I said Kentucky borders Arkansas and does not Kentucky. In fact, BC, I did the opposite. It was Obimbo who said Kentucky bordered Arkansas and not Illinois:
A link for you BrainCramped:
http://gatewaypundit.blogspot.com/2008/05/maybe-if-obama-knew-where-kentucky-was.html
Found my original post pretty easily on Obama and Kentucky:
Mark, Quayle may think potato is spelled with an "e," but I bet he knows there are 50 U.S. states and not the "we've been to 57 states so far and I think there are two more we have to visit yet," or that Kentucky borders Illinois as Obama once said, he lost in Kentucky because it borders Arkansas and is nowhere near Illinois.
Obumbles wouldn't know what to say if his TelePrompter didn't tell him.
Posted by: John D | July 18, 2009 9:08 PM
BC, note the line: as Obama once said, he lost in Kentucky because it borders Arkansas.
Now, I never said Cuba was totally within the Gulf. I have been very consistent with links and saying this over and over and over and over that Cuba's northwest coast borders the Gulf. I've provided link after link after link after link proving as much. I'll make it easier for you BrainCramped: The Gulf is bordered on the north and west by the U.S, Mexico on the west too, and the Yucatan Peninsula and Cuba to the South.
Oh BrainCramped, would you like to play some more????
Speaking of 5th grade, BrainCramped, is it too far for you to reach?
Posted by: John D | July 26, 2009 2:14 PM
where are the jobs??? i see things getting worst not better.
Posted by: sandra | July 26, 2009 3:18 PM
Has anyone yet check all of Neil Kinnock's speeches to make sure this wasn't plagarized?
Below is a graph that shows just how well the Spendulus program is working. Three graphs - BO's projections of unemployment if the Spendulus was passed, BO's projections of unemployment if the Spendulus was NOT passed, and what real has happened. Thanks Joe.
http://michaelscomments.wordpress.com/2009/07/02/oh-frabjous-day-unemployment-rate-increases-by-only-0-1/
Look at the U6 unemployment figures - that has gone from 10.1% in June, 2008 to 16.5% in June, 2009.
http://www.bls.gov/news.release/empsit.t12.htm
Syj,
Stock markets are leading economic indicators, so look at where the market was the day after BO was elected. On Nov 5, 2008, the Dow opened at 9616 Basically BO hasn't made-up the markets loses yet. Yes the NASDAQ is up from the day he was elected.
But what has driven this recent surge in the markets? From Reuters on Friday
http://finance.yahoo.com/news/Nasdaq-ends-12day-run-of-rb-2232650719.html?x=0&.v=18
It basically came thru a good 2nd quarter earnings reports from sectors such as energy (big oil), pharma, and financials. Three of teh lefts favorite capitalist villians.
Posted by: Terry | July 26, 2009 4:30 PM
Nice Terry; as if he was inaugurated the day of the election. So bogus.
Posted by: mort | July 26, 2009 5:09 PM
Syj, the market is still lower than it was when Obimbo was elected president. It has had a nice run since plunging into the mid 6000s one month into this shaministration.
Also, Syj, while sales of existing homes went up 3.6 percent from May to June, the fact is they are down in June 2009 from June 2008. That is the real indicator. Home sales pretty much always go up in March, April, May and June and then they begin to tail off for the rest of the year. It's a historic trend. Spring and early summer are the best times in the business. But that sales are still down from a year ago shows there are still problems in the market. Also foreclosures continue to be strong, which is not good. Foreclosures and short sales are still hurting the industry and those people looking to sell.
Unemployment is up and will continue to go up. The deficit also is up under Obimbo and will continue to be a big problem, especially as he continues to push for his policies that willo damage this country: cap and tax and government health care.
Posted by: John D | July 26, 2009 5:46 PM
Last February Obama and Biden boasted that there were 2000 projects ahead of schedule and under budget. What's the latest on that score?
Posted by: Pete | July 26, 2009 6:58 PM
Mort,
Stupid Mort, as I stated "Stock markets are leading economic indicators". If you do not know what a leading economic indicator is, google it. Remember, stock markets are based upon expectations. As a matter of fact, the day after BO was elected, the Dow dropped about 500 points.
Posted by: Terry | July 26, 2009 7:13 PM
The stock market may be a bit psyco, Terry; but that is ridiculous; and I'm not stupid, Terry, sir, your higness.
Posted by: mort | July 26, 2009 10:46 PM
The Swamp is going down the tubes with name calling and nastiness; very nice Paulo, Terry, John D. I'm proud of you.
Posted by: Newt | July 26, 2009 11:00 PM
"Syj, the market is still lower than it was when Obimbo was elected president."
John D, where was the market when George Bush was elected? Wasn't Hank Paulson running the economy in November, 08. Aren't you practicing voodoo economics.
Oh why bother; you'll call me "dear" and a dumb woman; stay calm, johnny boy.
Posted by: gladys | July 26, 2009 11:07 PM
The market went up the day after the White Sox perfect game; surely a positive indicator for the President, wouldn't you say, Terri?
Posted by: d. wise | July 27, 2009 8:48 AM
John D. is not telling the truth again. His statements are not credible. Route 12 from Lake Zurich to Waconda IS being worked on. I travelled it just yesterday from Richmond (IL). I wouldn't consider it a major throughfare either. It's a two lane state road. Potholes are deep and wide?? I didn't encounter a single one. Don't know what your talking about and you do not either.
Posted by: Doug R. | July 27, 2009 10:36 AM
Oh Doogie, Doogie, Doogie, only a small portion of Rt. 12 is being worked on, not the complete road from Wauconda to Lake Zurich. It's about a one-mile stretch or road, not the six miles that need complete repair.
Not a major thoroughfare? Please tell me what other north south roads are there through that portion of Lake County and Cook? Do you travel that road much? Do you travel on it during rush hour? Rt. 12 is THE major thoroughfare in central/west central Lake County from Lake-Cook Rd North. Or try traveling on Rt. 12 on a Friday afternoon when everyone is heading up to the lakes and Wisconsin.
Doogie, it also is not two-lane state road but a four-lane highway (six in Lake Zurich) and it is the only four-lane road in that part of Lake County going North and South.
Also, no major potholes? Please. The road is in shambles. It has been for two years now.
Man, just when you think the Left can't be any dumber they surprise you and show they really do have ameoba-sized brains.
Doogie, meet Gladys. Gladys, meet Doogie. And then you too can adopt BC for good measure. Keep the ignorance in the family, so to speak!
Posted by: John D | July 27, 2009 12:33 PM
Condescension is not becoming on you John D; mainly because you're not smart enough to look down your nose at people. I do admit though, John D(ittohead), I don't know a thing about Route 12; the one issue I'll defer to you on.
Posted by: gladys | July 27, 2009 1:36 PM
Newt,
Obvioulsly you are new to this board and/or extremely biased since the only people you called out are three conservatives. Keep paying attention and see the flatliners in action.
As I stated in my post - the stock market is a leading economic indicator - either Mort didn't read it or he didn't understand it.
D Wise,
Burehle's perfect game wouldn't is not a leading economic indicator for that poser BO pretending he's some diehard Sox fan. Although he probably gets good seats at Cominsky (rhyme with Alinsky) Field.
Posted by: Terry | July 27, 2009 9:08 PM
Right Terry. The perfect game was a leading indicator that the Sox would go out and lose the next 3 games in Deetroit, which is lagging economically.
Great catch (but not as good as mine).
Posted by: d. wise | July 27, 2009 10:24 PM
D Wise,
It's only an indicator if you can show a pattern between past perfect games - all 18 of them and what the results were for those teams afterwards.
Posted by: Terry | July 28, 2009 8:15 PM