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Vice President Says Recovery Act is Working

By Michael A. Fletcher
Looking trim and summery in a khaki suit, Vice President Biden sat at a table in the Roosevelt Room flanked by Office and Management and Budget chief Peter Orszag and Council of Economic Advisors chair Christina Romer at the conclusion of a meeting with top economic advisers and declared that "the recovery act is working."

Also at the just meeting were National Economic Council director Larry Summers, senior Biden adviser Jared Bernstein and Ed DeSeve, a special adviser on the implementation of the economic stimulus package. Biden read from notes jotted on several cards.

Just six months ago, the vice president said, economists were concerned that the recession could become a depression. Now the debate is about when the recovery will begin, he said.

Household income, state and local spending, and business investment are all up, he said.

The recovery act is at least partly responsible, he said. While things are now less bad, he noted, that does not mean they are good, because of rising unemployment and other negative trends.

He spoke for roughly five minutes before the press were ushered out. The vice president took no questions.

By Web Politics Editor  |  August 4, 2009; 1:58 PM ET
Categories:  Economy , Joe Biden  
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Comments

I will take a mulligan
--------------------------------------

Well, Mr. Vice-President, if the stimulus is working even though only 7-10 percent of the stimulus has been spent then you should talk to your boss and try to get him to not spent the remainder of the funds.

Then we can have a recovery and keep deficits down rather than mortgaging the recovery with a mountain of debt. Talk to the President when you see him in a month or so. I am sure he highly values your opinion.

Posted by: danielhancock | August 6, 2009 12:23 AM | Report abuse

Well Mr. Vice-president, if the stimulus is working even though only 7-10 percent of the stimulus then you should talk to your boss and try to get him to not spent the remainder of the funds.

Then we can have a recovery and keep deficits down rather than mortgaging the recovery with a mountain of debt. Talk to the President when you see him in a month or so. I am sure he highly values your opinion.

Posted by: danielhancock | August 6, 2009 12:21 AM | Report abuse

We had the worst malfeasant administration in US history for eight years and folks will complain that Obama hasn't fixed everything in six months!

But then some people would complain if it was raining when they are dying of thirst....

Posted by: abby0802 | August 5, 2009 12:33 PM | Report abuse

A stealth government economic policy could help the Midwest.

See:

http://notionscapital.wordpress.com/2009/08/04/rust-belt-recovery-plan/

Posted by: MikeLicht | August 4, 2009 11:15 PM | Report abuse

Anyone catch USA Today and their find that the stimulus is indeed working? Not just the admin touting this...

http://www.political-buzz.com/

Posted by: parkerfl1 | August 4, 2009 5:24 PM | Report abuse

One final thought to consider: Why/what is up with "All the President's CZARS???" They're making big bucks; one is a self-proclaimed Communist - Van Jones, the Green Czar (oh-oh) -- they all should be vetted and approved by the Congress because they are wielding too much power and spending too much money, of course, just like their "boss," OBAMA!

Posted by: dcthompson66 | August 4, 2009 4:35 PM | Report abuse

How can Biden say: Household income, state and local spending, and business investment are all up, he said.

It is quite obvious that household income is DOWN AND SPENDING CONTINUES up, up, and up. And business investment up??? Hardly, small businesses can't even get loans -- they've made it too dificult for them. Biden needs to stay in Washington, keep his mouth closed and just read a book, for a change. Frustrating that a VP can be so comically stupid!!

Posted by: dcthompson66 | August 4, 2009 4:25 PM | Report abuse

Poor conservatives, spewing ineffectually. Tsk, tsk. So sad.

Posted by: nodebris | August 4, 2009 4:00 PM | Report abuse

Typical Biden gaffe- Released just today (which is why you have Biden out in the media blowing his lying wind bag to the contrary) is a report from the commerce department who has no axe to grind.

"Wages and salaries, which drive recoveries in spending, fell 4.7 percent in the 12 months through June, the biggest drop since records began in 1960, according to Commerce Department figures released today. The Obama administration’s tax cuts, extended jobless benefits and a one-time Social Security bonus have helped mask the damage done by the worst employment slump since the Great Depression.

Personal incomes, which include interest income, dividends, rents and other payments as well as wages, tumbled 1.3 percent in June, more than forecast and the biggest drop in four years, today’s Commerce report shows. Excluding the effects of the stimulus plan, June incomes would have dropped 0.1 percent after no change in May, according to the report. In May, one-time additional payments to Social Security recipients boosted incomes 1.3 percent."

I wonder if the people who voted for Obozzo understood this was the "change" he had in mind?

Posted by: Bcamp55 | August 4, 2009 3:35 PM | Report abuse

As usual, Biden is full of it. If you look at the government's own tracking of the Recovery Act on the chart at recovery.gov, it clearly shows that less than 10% of the total $787B has been paid out and of that $70B that is paid out, a lesser amount has actually been put to use at this point.

Posted by: BubbaRight | August 4, 2009 3:16 PM | Report abuse

Why would Biden come out, meet the press, make a five minute speech full on nonsense about how well the economy is responding to Obamanomics and leave without answering questions? I guess I just answered my own question - his speech was nonsense!

Posted by: saelij | August 4, 2009 2:56 PM

Yup, all the facts that he sated about how the economy is heading in the right direction must be lies. /endsarcasm

Posted by: Independent4tw | August 4, 2009 3:02 PM | Report abuse

"When you see the abuse of power, you've got to speak."

-- VP candidate Joseph Biden, Aug. 27, 2008, Democratic National Convention

Team Obama: Ban the unconstitutional, warrantless covert tracking of unjustly "targeted" U.S. citizens via GPS and/or cellphones -- the electronic backbone of an American Gestapo.

http://nowpublic.com/world/gestapo-usa-govt-funded-vigilante-network-terrorizes-america

Posted by: scrivener50 | August 4, 2009 3:00 PM | Report abuse

Why would Biden come out, meet the press, make a five minute speech full on nonsense about how well the economy is responding to Obamanomics and leave without answering questions? I guess I just answered my own question - his speech was nonsense!

Posted by: saelij | August 4, 2009 2:56 PM | Report abuse

"Biden read from notes jotted on several cards."

..to prevent him from trying to chew his foot off..

"While things are now less bad, he noted, that does not mean they are good.."

..sounds like a line from a Yogi Bera AFLAC commercial..

"The vice president took no questions."

..on strict orders from Rhambo and Axelrod..

Upon attempting to revise and extend his remarks later, since he was clearly p-oed that he didn't get to say what HE wanted say, Vice Doofus Plugs was gaveled down.

Posted by: flintston | August 4, 2009 2:47 PM | Report abuse

Well duh.

If your house was on fire, what would work better:

1. Letting it burn, and hope that it puts itself out. Maybe it will go out and you won't lose too much of your stuff.

2. Spend some money, and spray your house with water. Hopefully the amount you spend on water saves more of your stuff, and saves you more money then the water cost.

Posted by: Independent4tw | August 4, 2009 2:43 PM | Report abuse

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