The actions we took — passing the Recovery Act, stabilizing the banking system, pressing to get credit flowing again and helping responsible homeowners — brought us back from the precipice. Monthly job losses are down, financial markets are improved, and economic contraction has slowed. We still have a long way to go, but clearly we are closer to recovery today than we were in January. The Recovery Act has been critical to that progress.Furthermore,
But the way I see it, our balanced approach recognizes that there is no silver bullet, no single thing, that can address the many and complex needs of America’s vast economy. We need relief, recovery and reinvestment to cope with our multifaceted crisis — and only 159 days after it was signed by President Obama, the Recovery Act is already at work providing all three.Oh, so that's good news. The economy is fine (despite all indications to the contrary) and it's fine because Biden and Obama saved it by bailing out the bankers. Oops, that's not right, according to Biden. Most of their money has been spent on tax cuts, extending unemployment benefits, and in direct grants to the states for construction projects.
The single largest part of the Recovery Act — more than one-third of it — is tax cuts: 95 percent of working Americans have seen their taxes go down as a result of the act. The second-largest part — just under a third — is direct relief to state governments and individuals. The money is allowing state governments to avoid laying off teachers (14,000 in New York City alone), firefighters and police officers and preventing states’ budget gaps from growing wider.
And those hardest hit by the recession are getting extended unemployment insurance, health coverage and other help to get through these tough times. The bottom line is that two-thirds of the Recovery Act doesn’t finance “programs,” but goes directly to tax cuts, state governments and families in need, without red tape or delays.
As for the final third, the act is financing the largest investment in roads since the creation of the Interstate highway system; construction projects at military bases, ports, bridges and tunnels; long overdue Superfund cleanups; the creation of clean energy jobs of the future; improvements in badly outdated rural water systems; upgrades to overtaxed mass transit and rail systems; and much more. These investments create jobs today — and support economic growth for years to come. Far from being a negative, the wide array of these investments is needed given the incredible diversity of the American economy.Hmm. Good to know that construction at military bases will diversify our economy and the $700billion in TARP money can be ignored- like that third credit card bill you pretend is not coming due anytime soon so you can pay your Visa and Mastercard first. The sad thing is, Biden's a smart guy and the Times readers are smart enough to engage in a real discussion and even defense of the Obama administration's chosen path to economic recovery. After all, it is the NY Times columnist Paul Krugman who spends much of his column arguing that too much money was given to the banks and too little to recovery projects that directly benefit the people. If Biden disagrees with economists as respected as Krugman, then let him do so. That's what Times readers deserve. Not political pablum served up with a side of propaganda.