Obama Says Economic Stimulus Plan Worked as Intended

Obama Says Economic Stimulus Plan Worked as Intended
Bloomberg.com
Barack Obama said his $787 billion stimulus bill “has worked as intended” as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.

“It has already extended unemployment insurance and health insurance to those who have lost their jobs in this recession,” Obama, who is traveling today in Ghana, said in his weekly Saturday radio and Web address. “It has delivered $43 billion in tax relief to American working families and business.”

Obama spoke after stocks fell for a fourth week on concern that an economic recovery will be delayed. A government report last week showed that employers cut 467,000 jobs in June and the unemployment rate rose to 9.5 percent, the highest since 1983.

Obama, in his speech, said the stimulus program is helping state governments save jobs. Were it not for the program, the president said, “state deficits would be nearly twice as large as they are now, resulting in tens of thousands of additional layoffs — layoffs that would affect police officers, teachers, and firefighters.”

Republican Response

In the weekly Republican response, House Minority Whip Eric Cantor of Virginia said the stimulus bill was “full of pork- barrel spending, government waste and massive borrowing cleverly called ‘stimulus.’”

“The plain truth is that President Obama’s economic decisions have not produced jobs, have not produced prosperity, and have not worked,” Cantor said.

He said the Republicans want reductions in tax rates that he said would help middle-class families.

Obama said the measure “was not designed to work in four months — it was designed to work over two years.”

The spending plan will “accelerate greatly” through the summer and autumn, creating “thousands more infrastructure projects” that will lead to additional jobs, he said.

“We’re moving in the right direction,” Obama said. “We must let it work the way it’s supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity.”

Earlier this week, Vice President Joe Biden also defended the Obama administration’s efforts to rebuild America’s economy, while expressing frustration with those who say progress is too slow.

“Remember, we’re only 140 days into this deal,” Biden said in a speech in Cincinnati. “It’s supposed to take 18 months.”

Wild Thing’s comment…….
Obama’s mission is to destroy this country and so sure his stimulus is working.
1. It got lots of money to Obama’s Brown Shirts.
2. It has seized control of significant industry.
3. It has made people more dependent on the government.
Somewhere, amidst the fires of hell, Saul Alinsky is smiling.

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….Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67