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Biden: Stimulus Not Designed to Revive Economy

Huh?

Vice President Biden Thursday made the remarkable claim that the stimulus, which many thought was created to rescue the economy, actually wasn’t.

Here’s what he said at a White House event celebrating the second anniversary of the law, according to a pool report.

“The Recovery Act wasn’t designed to bring back the economy,” Biden said. “We never advertised” that it would bring back the economy considering how deep of a hole the U.S. economy was in, Biden said.

Well, with unemployment still at 9 percent two years later and the stimulus under withering fire from Republicans, Biden – who was in charge of trumpeting the measure – might be excused for wanting to retroactively ramp down his sales pitch. But he has made clear statements in the past touting the law by suggesting it was indeed bringing back the economy

In March 2010, citing news that GDP had grown 5.6 percent in the fourth quarter of 2009, Biden said, “a significant portion of that is attributable to the Recovery Act.”

And here what he said in June 2010:

There’s general consensus among most economists that a significant portion of the growth in the [gross domestic product] as well as the job growth is attributable to the Recovery Act . . . The pace on the ball continues to increase, not decrease, as the act rolls on in this final summer.

What’s more, in their infamous January 2009 manifesto – which wrongly forecast the stimulus would keep unemployment below 8 percent –  soon-to-be White House economic advisers Christina Romer and Jared Bernstein said that the measure would boost GDP by 3.7 percent while shaving about 2 percent off the unemployment rate.

Sounds like reviving the economy to me.

Poor Biden. He had to go to all kinds of events where he would announce the construction of a new off ramp on I-247 or whatever in some God forsaken corner of the country. He had to make excuses for a 9 percent unemployment rate prevailing amidst what is basically a massive jobs bill.

And now, after two years, Biden’s had it.

The job officially belongs to OMB Director Jack Lew, Biden announced yesterday. Lew already has the thankless task of explaining why Obama isn’t making a serious attempt to reduce the long term deficit. Or, in the view of many Republicans, the short term deficit.

Lew is a dutiful, serious type who is perfect for this stuff. Might have been better to have put a square like Lew rather than the colorful Biden on the case in the first place.

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7 Responses to Biden: Stimulus Not Designed to Revive Economy

  1. I watched the video and thought the same thing: ?

    Once again the Vice President is simply reading from prepared remarks, skillfully chosen and focus-grouped to be used for left-wing talking points in the MSM. I noticed that when he made the comment about the Recovery Act …. almost everyone began looking down at their blackberries.

  2. from http://stimulus.org/

    2009 Stimulus (American Recovery and Reinvestment Act)
    Max Amount $968 billion
    Spent $665 billion
    Deficit $821 billion

    Question: If TARP was such a failure, why is it only running a $53 billion deficit?

    Question: If TARP is a failure, what does that make the 2009 stimulus?

  3. Yeah–this is the new meme–stabilizing, stopping the bleeding. Now the stimulus was just a try at keeping us off the cliff, out of the gulley, out of the ditch, drinking Slurpees instead of slopping them on ourselves, etc. Pick one. This budget is you know…not really a “cutting” type budget, but a stabilizing one…but it isn’t even that. My head could blow up listening to this crud. (This is enough to make you hate memes–and mimes!)

  4. The fiscal bunnies in the WH thought that the plan used by PrezRoosevelt during the Depression would work in 2010. Building bridges, roadways and dams worked in the ’30s because most of the workforce then were semi-illiterate, unskilled foreign immigrants who would do anything to earn a living. The Federal Stimulus money was passed around to keep blue-collar workers on the job, supplement teacher’s salaries and generally keep the already working, working. It didn’t do anything for our country except dig us deeper in debt.

    Re: VPBiden; as VP’s go, he’s right down there with VPQuale except he gets a MSM pass for any stupid or illogical statement he might make.
    He’s a profane and disgraceful shill for the WH propaganda.
    The WH economists and fiscal scorekeepers have sold their honor and souls for the dubious reward of being in the WH circle.
    Careful wording and twisted logic to defend the Prez’s budget doesn’t fool the public.

    • Also this stuff was already lying around for yrs–they didn’t survey the whole country and write up a 2000-pp bill in a month. This was legsilative pocket lint–a Dem wish list–they used the “crisis” to get it through. It never was particularly job-related.First they covered that by coming up with “jobs saved,” then even that sort of bombed when the jobs didn’t stay saved.

      • White is black and black is white. Big government Republicans and Democrats have so soiled the numbers that no one knows what was spent, where.

        In 2012, if a Rep is elected, there needs to be a complete audit of TARP and Stimulus money, as well as money designated for Obamacare that HAS been spent thus far.

        This money was MY tax dollars….where has it gone? [ part of it was spent feeding Michelle’s fat ass in Vail ]