President: 'Had it not been for the stimulus package that we passed, things would be much worse'

[bigtree]

from remarks by the President at GOP House Issues Conference: http://www.whitehouse.gov/the-press-office/remarks-president-gop-house-issues-conference


PRESIDENT OBAMA: . . . There was an interesting headline in CNN today: "Americans disapprove of stimulus, but like every policy in it." And there was a poll that showed that if you broke it down into its component parts, 80 percent approved of the tax cuts, 80 percent approved of the infrastructure, 80 percent approved of the assistance to the unemployed.

Well, that's what the Recovery Act was. And let's face it, some of you have been at the ribbon-cuttings for some of these important projects in your communities. Now, I understand some of you had some philosophical differences perhaps on the just the concept of government spending, but, as I recall, opposition was declared before we had a chance to actually meet and exchange ideas. And I saw that as a missed opportunity.

Now, I am happy to report this morning that we saw another sign that our economy is moving in the right direction. The latest GDP numbers show that our economy is growing by almost 6 percent -- that's the most since 2003. To put that in perspective, this time last year, we weren't seeing positive job growth; we were seeing the economy shrink by about 6 percent.

So you've seen a 12 percent reversal during the course of this year. This turnaround is the biggest in nearly three decades -- and it didn't happen by accident. It happened -- as economists, conservative and liberal, will attest -- because of some of the steps that we took.

And by the way, you mentioned a Web site out here, John -- if you want to look at what's going on, on the Recovery Act, you can look on recovery.gov -- a Web site, by the way, that was Eric Cantor's idea . . .


{snip}


Now, at the same time, as I mentioned, most economists -- Republican and Democrat, liberal and conservative -- would say that had it not been for the stimulus package that we passed, things would be much worse. Now, they didn't fill a 7 million hole in the number of people who were unemployed. They probably account for about 2 million, which means we still have 5 million folks in there that we've still got to deal with. That's a lot of people.

The package that we put together at the beginning of the year, the truth is, should have reflected -- and I believe reflected what most of you would say are common sense things. This notion that this was a radical package is just not true. A third of them were tax cuts, and they weren't -- when you say they were "boutique" tax cuts, Mike, 95 percent of working Americans got tax cuts, small businesses got tax cuts, large businesses got help in terms of their depreciation schedules. I mean, it was a pretty conventional list of tax cuts. A third of it was stabilizing state budgets.

There is not a single person in here who, had it not been for what was in the stimulus package, wouldn't be going home to more teachers laid off, more firefighters laid off, more cops laid off. A big chunk of it was unemployment insurance and COBRA, just making sure that people had some floor beneath them, and, by the way, making sure that there was enough money in their pockets that businesses had some customers.

You take those two things out, that accounts for the majority of the stimulus package. Are there people in this room who think that was a bad idea? A portion of it was dealing with the AMT, the alternative minimum tax -- not a proposal of mine; that's not a consequence of my policies that we have a tax system where we keep on putting off a potential tax hike that is embedded in the budget that we have to fix each year. That cost about $70 billion.

And then the last portion of it was infrastructure which, as I said, a lot of you have gone to appear at ribbon-cuttings for the same projects that you voted against.


read more: http://www.whitehouse.gov/the-press-office/remarks-president-gop-house-issues-conference



January 30, 2010

Statement by the Vice President on New Recovery Act Recipient Reports Posted on Recovery.gov

Washington, DC – As mandated by statute, the Recovery Accountability and Transparency Board today posted on Recovery.gov quarterly reports required from some recipients of Recovery Act funding. The recipient reports provide more detailed information about a portion of Recovery Act activity during the fourth quarter of 2009. The Vice President issued the following statement:

“The recipients reporting on this $54 billion portion of the Recovery Act – which represents less than one-fifth of Recovery spending and tax relief last year – tell us they funded about 600,000 workers last quarter with Recovery dollars. These reports, which provide a snapshot of the impact of a small portion of funds, are yet another indication that the Recovery Act is on-track to create or save 3.5 million jobs by the end of 2010.”

“Because of this unprecedented transparency effort, the American people are getting a look at some of the ways Recovery dollars are benefiting their neighborhoods and communities directly from the recipients themselves. Since this is a partial survey based on reports filed by recipients, we know it’s not perfect or complete – but it is providing a level of detail about a government program that has never before been made available to the public.”

To learn more about the reports posted today on Recovery.gov, click HERE: http://www.whitehouse.gov/blog/2010/01/30/new-reports-recovery-act-recipients

[FreakinDJ]

1. Had it not been for repealling Glassman Steagal Act

we wouldn't be in this mess

[thunder rising]

2. Unemployed, Uninsured and Foreclosed ... who was it going to get worse for?

If the mortgage holder ever finds the note the foreclosure will be final, the cops will come ... and I will not leave my house.

[Edweird]

3. Good luck.

I don't know your situation, but one of my ex girlfriends has a cousin that's a lawyer and has been able to beat the mortgage companies in that kind of situation. I would have done it myself, but I hated my neighborhood and my neighbors.. and the city and code enforcement... and I was behind in property taxes.. so I fought it enough to buy a few years and let it go when I was ready.

The lawyer is based out of Miami, and always there are no guarantees.
I was quoted $5k.

I can also give you the name of the attorney I used to stall them. It was around $500. It held them off for years. I actually left on my own before I got any kind of eviction notice. Broward county property appraiser still lists it in my name.

[timeforpeace]

4. Hard to credit since only 21% has been spent.

[bigtree]

5. still, the report shows that the money is having real-life results

and shows progress toward the eventual goal 'to create or save 3.5 million jobs through the Recovery Act by the end of 2010.'


from Ed DeSeve, Special Advisor to the President: http://www.whitehouse.gov/blog/2010/01/30/new-reports-recovery-act-recipients

If you visit Recovery.gov, you will see how you can pull up the latest map, type in your zip code and zoom in to get a closer look at how some Recovery Act projects are unfolding right in your own backyard. Take for example my hometown, the great city of Philadelphia. If I zoom in on the map, I can see details on Recovery Act projects - including who the dollars went to, when they got them and how many workers were funded last quarter through them. And if you zoom back out to look at all of last quarter’s reports, you’ll see the total number or workers these recipients reported paying in that three month period using this small portion of Recovery dollars.

Now, you’ll notice I keep saying “some projects” and a “portion of spending” – that’s key here. While these reports provide an extraordinary level of detail about Recovery Act projects, they only cover about $50 billion – or one fifth- of Recovery Act spending and tax relief through the end of last year. Congress asked that these reports only be filed by a portion of Recovery Act recipients – specifically those putting the dollars to work in areas like infrastructure projects and education spending.

So that gives you a pretty good sense of what the reports and related jobs numbers do include: the number of workers recipients of a small pool of Recovery Act funds report they funded in the last three months of 2009 with Recovery Act dollars. That’s an informative sample that tells us a lot about the kinds of projects underway, how far along they are and what sort of direct employment impact they may be having. But here is what they don’t show us:

* Jobs funded by those dollars from previous or future quarters. Remember, that $50 billion may have also funded jobs before October 1, 2009 – and may fund more jobs in the future.

* The job impact of the other 80 percent of Recovery Act spending last quarter which includes things like small business loans, tax credits, and financial assistance for individuals and families – all of which are job-creators.

* Any jobs where the salary was not directly paid with Recovery Act dollars like the worker hired by the subcontractor for a government contract. Or the worker hired by the asphalt quarry supplying asphalt for a half dozen Recovery Act projects. Or the fast food worker hired because of the growing lunch rush due to a Recovery Act project underway across the street.


With all of that in mind – just how many jobs has the Recovery Act created? Is it the 599,108 number for this quarter posted on Recovery.gov? Nope – remember, that represents just a portion of the job impact in the fourth quarter. Is it that 599,108 number this quarter plus last quarter’s number? No – both just account for a portion of spending and, since the method for counting was changed slightly this quarter to make it easier for recipients, the two numbers are pretty much apples and oranges. The good news is that we already know the overall estimated job impact of the Recovery Act. The Council of Economic Advisers recently released analysis that found the Recovery Act is already responsible for about 2 million jobs and the independent, non-partisan Congressional Budget Office agrees, putting the number at as many as 2.4 million jobs.

So what exactly does the roughly 600,000 jobs number tell us? Well, that small portion of Recovery spending recipients say yielded about 600,000 jobs funded is right in line with our goal to create or save 3.5 million jobs through the Recovery Act by the end of 2010. That’s good news for the millions of Americans across the country that have or will bring home a paycheck thanks to the Recovery Act.


http://www.whitehouse.gov/blog/2010/01/30/new-reports-recovery-act-recipients

[Igel]

6. Recovery Act vs. nothing

That's not the proper comparison, of course, but it's what we get. And most of us like it, because it produces the correct answer.

My long-ago employer was a church. It invested money. It was scammed; it willingly participated and gloated in being scammed. (Did they listen to me? Of course not.) It was a scandal in the making. So my boss told me to total up all the investments and income from said investments--savings accounts, mutual funds, overseas ponzi schemes. I did so. It came out positive, even with the loss of a good chunk of principal. I felt miserable as I prepared the final draft, sure that somebody would ask about the basis of the comparison.

Nobody did. Except the CPA, who was kind enough to ask in private (mostly because he knew what my answer would be). He pointed out that the amount we netted would have been higher had we just kept it all in a savings account. I nodded. Even more in a money market account. I nodded. More yet had we chosen CDs. I nodded. And if we simply hadn't done the "let's go for the greed" investment but stuck with T-bills and such we'd have netted even more. The comparison shouldn't have been "what we did" versus "bury the money in the backyard". I nodded. "I know. My boss said to draw up this report. I did. I think it's damning. We're clearly in the minority." He nodded.

This is especially true when most of the money that the plan was sold on, the infrastructure projects, is still awaiting plans.