As early as yesterday, Obama made the following statements:
“President Barack Obama told a group of business leaders at the White House on Wednesday that the country “cannot afford inaction or delay” on the economy at a time when people “are looking to Washington for action — bold and swift.”
Obama said the federal government can “help create a favorable climate in which workers can prosper, businesses can thrive, and our economy can grow. And that is exactly what the recovery plan I’ve proposed is intended to do.”
“Most of the money we’re investing as part of this plan will get out the door immediately and go directly to job creation, generating or saving 3 to 4 million new jobs. And the vast majority of these jobs will be created in the private sector — because, as these CEOs well know, business, not government, is the engine of growth in this country,” he said. “
Bold and swift? Definitely bold. I guess Obama’s definition of sift is that 1/4 of the outlays in the package will be realized in 2009. Wouldn’t a tax cut (for people who actually pay taxes!) be a little more swift? Nah, can’t be.
What about creating a climate for “creating a favorable climate in which workers can prosper, businesses can trhive, and our economy can grow”? I don’t see it. Many have provided a breakdown of what is included in this package and we can resurrect the term “fuzzy math” with regard to the “saved” or “created” jobs. You can read the stimulus here. Here are just a few snippits of the package that will make you scratch your head:
–$3M in Childcare supplements (Available 10/1/09)
–$50M for the National Endowment of the Arts–helps some starving artists; creates artificial demand to keep them employed. Wouldn’t the starving ones still have access to food stamps?
–$400M for Global Wamring Research–climatatologist need to keep their jobs, too! Maybe there will be an upswing in Labratory janitor positions.
–$2.4B (billion) for carbon-capture domonstration projects
–650M (over what has already been spent) for digital television conversion: “coupons and related activities, including but not limited to education, consumer support and outreach, as deemed appropriate and necessary to ensure a timely conversion of analog to digital television.” Makes you wonder what other stuff they’ve snuck in here.
Of the over $800B (billion), WSJ reports in a great article that “Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There’s another $40 billion for broadband and electric grid development, airports and clean water projects that are arguably worthwhile priorities.” The whole article is worth a read.
Also worth a read: “10 Reasons to Whack Obama’s Stimulus Plan”.
Definitely worth the read (WARNING: Do not read it directly before you go to bed, unless you actually want to go to sleep): Actual Stimulus Plan
Let’s call this what it is–expansion of government spending. Overall, if this is what our elected officials actually believe stimulates the economy, then we’re in for a world of hurt. And apparently, that is what they believe. The House passed it today. Congrats to the following Dems who opposed (Republicans voted straight party line): Michael Arcuri, John Barrow, Marion Berry, Dan Boren, Allen Boyd, Bobby Bright, Christopher Carney, TRAVIS Childers, Jim Cooper, Henry Cuellar, Joe Donnelly, Brad Ellsworth, Gabrielle Giffords, Parker Griffith, Paul Kanjorski, Marcy Kaptur, Frank, Kratovil, Jim Marshall, Mike McIntyre, Charles Melancon, Michael Michaud, Walt Minnick, Collin Peterson, Loretta Sanchez, Heath Shuler, Zachary Space, Gene Taylor.
Click here to see how your Representative voted. Wow, all Delaware, Idaho, Montana, Nebraska, Oklahoma, Louisiana and Wyoming reps opposed!