Now that we’ve figured out that this boondoggle of a Stimulus Package is not working, they’ve spent the last week trying to re-spin it. The newest spin comes from Mr. Stimulus himself, Sheriff Biden.
Sheriff Biden had an opinion piece in one the Obama administrations journalism partners, New York Times today.
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.
Translation. The stimulus is not working as quickly as we told you it would, so we need to start a new story line.
95 percent of working Americans have seen their taxes go down as a result of the act.
Yes, we have all received our $13 a week and we’ve been working hard to stimulate the economy with our stipend.
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.
Yup, we’re still “saving” jobs and you’re just going to have to trust us on the numbers as we cannot prove it.
And those hardest hit by the recession are getting extended unemployment insurance, health coverage and other help to get through these tough times.
It’s amusing that Joe has decided to bring up the extended unemployment benefits that we part of the stimulus package. These extended benefits were for an additional 13 weeks of benefits. Most of our unemployed exhausted these benefits as of July 10th and received their last checks this past week. No worries, we have lots of ham and cheese sandwiches to get them through.
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.
Take a look at the wording. They’ve committed 1/4 of the total funds, this money has not been spent. They just know what they intend to spend it on. As far as the 70% by September 2010, same problem. The money will have been committed or sent to State Governments, will not be spent.
We know they’ve actually only spent about 10% of the stimulus.
We have experienced ten recessions from 1946 through 2006. According to the National Bureau of Economic Research, the current recession is said to have began in December 2007. Previous recessions have averaged 6-18 months depending on the research you choose.
So, if we say this is one of the worst recessions we’ve seen then we should expect recovery to begin in July. If we use the stock market as a gauge, we just had a great week and it looks like there’s some recovery beginning to happen. Before most of the money has been spent.
The Stimulus Package did lessen the pain with extended unemployment payments and aid to lower income families. This is a good thing. However, the financial cycle seems to be working and we should stop the spending and interference. Get out of the way and business owners will bring the economy back, not the government.