A White House Stimulus report released Friday defies public opinion about the stimulus package with facts that show it was well prepared and executed. But since its creation the stimulus has become politically radioactive. Economists supervising the execution of the program have claimed it is well managed and held a bad economy from getting even worse. However, a weak recovery and stubbornly high jobless rate have generated public doubt and created an opportunity for Republicans to score political points by insisting the stimulus has failed.
Timeline of Recovery Act achieved
The economic stimulus package was signed off by Obama in February 2009. About 750,000 jobs a month had been lost at the time when the private-sector imploded, reports the Washington Post. Everyone willing to act easily got priority. It was important. 70 percent of the stimulus was to be sent out within the first 18 months of the program. The deadline was met effortlessly. Of $787 billion, $551 billion has been allocated to tax breaks for families and companies and payments to states, unemployed workers and others victimized by the recession. There could be more added. $127 billion more can be added to be precise. There were predictions from Republicans that this would create opportunity for stimulus fraud. It did not happen though. Only .2 percent of contracts that are made require criminal investigation to happen.
Stimulus scams held to smallest amount
The Recovery Accountability and Transparency Board was responsible to oversee the economic stimulus package that went into play. TIME accounts that the board uses computer algorithms to track suspicious spending patterns. Earl Devaney is the leader of the board. He said to TIME that, “you’d be crazy to steal from the Recovery Act; it’s way too transparent, with each and every dollar traceable at www.recovery.gov , and you will find way too numerous eyes on it.” TIME had a response too. It claimed 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 stimulus created 3.5 million jobs and kept unemployment about 1 to 2 % lower than it would have been, based on the Congressional Budget Office. Mother Jones said, writes Keven Jones, the policy is being taken seriously which is why you will find final results. The stimulus teaches something else, writes Drum. Most people could care less how good or bad the policy is. Today nearly two-thirds of Americans are certain the Recovery Act was a bust. Joblessness was designed to be at 8 % with the stimulus as was predicted. Nobody would say that it was a “failed stimulus” if they had predicted the joblessness rate to be closer to the actual numbers.
Citations
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
No comments:
Post a Comment