The stimulus package has worked, contrary to public opinion. A White House stimulus record released Friday presents information about the program’s execution. Politically, however, the stimulus is distorted into a liability. Economists supervising the execution of the program have stated it is well managed and held a bad economy from getting worse. But the slow recovery and high unemployment have disillusioned the public and given Republicans the talking point of a “failed stimulus”.
Recovery Act fulfills original timeline
The economic stimulus package was signed off by President Obama in February 2009. The Washington Post accounts that at the time, the private-sector had imploded and an average of 750,000 jobs a month were disappearing. Top priority went to those who were willing to take quick action. The first 18 months of the stimulus would get many of the money. In fact, 70 % of it was within that time period. The deadline was met effortlessly. Any person that was a victim of the economic recession, including families, unemployed workers and businesses, got tax breaks meaning $551 billion of the $787 billion has been spent. There will be more added. $127 billion more could be added to be precise. Republican predictions of massive stimulus fraud proved unfounded. Criminal investigations involve just .2 % of all contracts.
Almost no scams using the stimulus
The economic stimulus package was not just thrown out there with any oversight. In fact, the Recovery Accountability and Transparency Board was in charge of overseeing it. According to TIME, any odd spending patterns are tracked with a computer. The computer uses algorithms to do this. Earl Devaney is the leader of the board. He claimed to TIME that, “you’d be crazy to steal from the Recovery Act; it’s way too transparent, with each dollar traceable at www.recovery.gov , and there are way too many eyes on it.” TIME had a reaction too. It stated that political costs are high for any kind of transparency. Inefficient projects, like a mural in Montana costing $18,500, are things that make Republicans really angry about things.
Politics using the stimulus
The unemployment stayed 1 to 2 % lower than it might have been without the stimulus, says the Congressional Budget Office. It created about 3.5 million brand new jobs. Mother Jones said, writes Keven Jones, the policy is being taken seriously which is why there are outcomes. The stimulus teaches something else, writes Drum. Most people could care less how good or bad the policy is. The Recovery Act being a bust is the opinion that two-thirds of Americans have right now. Joblessness was supposed to be at 8 percent using the stimulus as was forecasted. Nobody would say that it was a “failed stimulus” if they had predicted the joblessness rate to be closer to the actual numbers.
Information from
Washington Post
washingtonpost.com/wp-dyn/content/article/2010/09/30/AR2010093007382.html?wpisrc=nl_headline
TIME
time.com/time/nation/article/,8599,2022781,00.html
Mother Jones
motherjones.com/kevin-drum/2010/09/no-good-deed-goes-unpunished
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