Obama says stimulus bill saved troubled economy

Discussion in 'Politics' started by TGregg, Feb 17, 2010.

  1. TGregg


    I just wanted to save this for a review 6 months from now when it might be pretty hard to find.

    WASHINGTON (AP) -- President Barack Obama hailed Wednesday's one-year-old economic stimulus law as an accomplishment that staved off another Great Depression and kept up to 2 million people on the job.

    Still, with millions still out of work and losing patience, Obama acknowledged that to them, "It doesn't yet feel like much of a recovery."

    Marking the anniversary of the $787 billion American Economic Recovery and Investment Act, Obama aimed his message at people skeptical about the expensive relief measure and Republican lawmakers who voted against it and continue to hammer him about it.

    To the public, Obama explained, as he has many times before, that the stimulus plan was composed of tax cuts for most Americans along with help for state governments, extended social service benefits and huge investments in energy, education and infrastructure.

    "One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility," Obama said.

    To his Republican critics, who say the bill was a costly, debt-financed blunder that has not delivered on the promise of job creation, Obama challenged them to take up the case with people who have stayed employed or have found help solely because he and the Democratic-run Congress acted.

    Obama even delighted in recounting a section of his State of the Union address last month in which he talked of the tax cuts from the stimulus plan and watched Republican lawmakers fail to applaud the idea.

    "They were all kind of squirming in their seats ... It was interesting to watch," Obama said.

    And Obama made sure to commend himself and his own team for taking action.

    The United States has lost an astounding 8.4 million jobs since this recession began in December 2007.

    Obama said the stimulus plan is on target to create or save 1.5 million more jobs, bringing up the estimated total to 3.5 million.

    But he sought to remind people that the goal of law was never to restore every job. The government can build confidence and demand and rescue people in hard times during a severe economic slide, Obama said, but it will always be businesses of the private sector that ultimately generate jobs and a recovery.

    Obama made repeated references to how well, in his view, his government has done with the stimulus.

    "There has never been a program of this scale, moved at this speed, that has been enacted as effectively and as transparently as the recovery act," Obama added. Referring to Vice President Joe Biden and the other top aides, Obama said, "This team has done an outstanding job."

    Biden, who has led the stimulus implementation, took his own swipe at critics. "They're unwilling to step up," he said. "Well not us."
  2. Ricter


    We already know the projections were "rosy". Nothing new to see here, the point stands, let's move along.
  3. When Bush was spending crazy money outside the country on an unnecessary war in Iraq, I didn't recall you complaining. Now that Obama is spending money inside the country, the world will come to an end. Funny which spending you chose to complain about.

    Where were you when Bush was spending like crazy while cutting taxes and disregarding financial regulation? Sleeping?
  4. Ricter


    He's one of the faith guys. "If only my man was in power, everything would be all right."
  5. Most of the spending for IRAQ war is domestic. Vehicles, Tanks, weapons, Solder salaries ( most get sent home).

    WAR is the ultimate STIMULUS.
    WW2 saved FDR's ass.

    Military gets first cut of revenue per US Constitution.

    FIFO....First revenue goes to Military So far all the money borrowed has gone to other programs , none to Military

    US Constintution:
    To declare War, grant Letters of Marque and Reprisal, and make Rules concerning
    Captures on Land and Water;

    To raise and support Armies, but no Appropriation of Money to that Use shall be
    for a longer Term than two Years;

    To provide and maintain a Navy;

    To make Rules for the Government and Regulation of the land and naval Forces;

    To provide for calling forth the Militia to execute the Laws of the Union,
    suppress Insurrections and repel Invasions;
  6. I find it amazing that I can turn on Rush, go to Matt Drudge, and then come here and find the EXACT same content.

    Looks like the pubs have just as simple a playbook as the dems.

    Caveat Emptor
  7. Plenty of us were criticizing Bush and the congress for reckless spending. Keep in mind though that most of the republican spending was to insulate themselves from attacks from dems. This was totally the justification for the Medicare prescription benefit.

    The problem with obama's slush fund spending is that virtually all of it went to keep his loyal supporters in government unions employed. The only way we ever get out of this financial bind is to grow the ecnomy, and devoting more and more money to unproductive government spending sends us in the wrong direction.
  8. Ricter


    Lol, sure. If it's the ultimate stimulus, then the overall ROI on the capital expenditures you mentioned is higher than it would be if we spent the money instead on new factory equipment, new bridges, etc.? gimme some of what yur smokin'
  9. TGregg


    I scooped Limbaugh again? Cool. :D

    Speaking of Limbaugh, what's the deal with him being gone all the time? About once a week I get a chance to tune in for a few minutes and it seems like a third of the time he's got some substitute host in the chair.
  10. The ROI is FREEDOM!
    How much is that worth?
    #10     Feb 17, 2010