Biden on stimulus bill: 'Are we headed in the right direction?'
I'll give you a prize if you get the right answer. Let's see:
Biden's answer, of course, was yes: "The economic initiatives that we took, they are working ... they are working."
And in Obama administration style, repeating the affirmation makes it so. Even if it's not so.
The new report released by Biden and the Obama economic team said that the stimulus bill -- what they call the Recovery Act -- has saved or created between 2.5 million to 3.6 million new jobs .
Republicans pointed out that the economy is still shedding jobs, and the unemployment rate is 9.5 percent, despite Obama spending programs.
But we still pull out the Blame Bush card:
In his remarks at the White House, Biden noted that Obama inherited the worst recession since the Great Depression from the George W. Bush administration, an economic setback that cost the economy almost 8 million jobs.
Biden also disputed the Republican notion that "Barack and I" believe only in "big government."
All evidence to the contrary.
The vice president said the stimulus is designed to help businesses recover, because "the only way back is through the free enterprise system and the private sector."
And so we've enlarged government because "the only way back is through the free enterprise system and the private sector."
Christina Romer, who chairs the president's Council of Economic Advisers, said stimulus money is also leveraging private investment, and businesses are putting in $3 for every $1 spent by the government.
Ahhh...the famous (and fictional) Keynesian multiplier.
Don Stewart, a spokesman for McConnell, cited polls showing that most Americans do not believe the stimulus has done much to help them. Stewart also questioned the validity of the White House projections, citing a similar report last year "claiming that if Congress borrowed nearly a trillion dollars and passed the stimulus, the unemployment rate would be down to about 7.5 percent by now -- not the current 9.5 percent."
Alas, reality does not appear to agree with Mr. Biden. How surprising.
I have a question for the resident Obamapologists: Are there any
circumstances or conditions which think the administration would admit that this was a failure? Or any of its initiatives for that matter?