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July 26, 2009

What You Might Not Know About the Recovery

Posted: 12:38 PM ET

By JOE BIDEN via New York Times

artbidengi1SIX months ago, when President Obama and I took office, we were confronted with an economic crisis unparalleled in our lifetime. The nation was hemorrhaging more than 700,000 jobs a month, the housing market was in free fall, and the fate of the financial system hung in the balance. Credible economists were handicapping the probability of a depression. 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.

Notwithstanding this progress, the nature of the Recovery Act remains misunderstood by many, and misconstrued by others: critics have suggested that the entire $787 billion is being spent on pet programs. As the person leading the administration’s efforts to put the Recovery Act into effect, I want to set the record straight.

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.

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Filed under: Economy • Larry King Live • Politics • President Obama


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Mark in St. Louis   July 26th, 2009 2:26 pm ET

Nice propaganda. Yea! I received $13 per paycheck back in my pocket. Now with the gas prices going up, it should wind up only being about a $800 loss this year to me since 6 months ago and so the loss of 550,000 jobs last month was a good thing, right Joe?

The uncertainty that his Obama administration has created has caused further damage. Why doesn't he speak about the $700 Billion Omnibus bill that was just passed by the libs that had 8200 pet programs in it?


eJay   July 26th, 2009 4:12 pm ET

Why are the Republicans whining about job loses when they are the ones who are shipping millions of jobs overseas.


Michael C. McHugh   July 26th, 2009 4:38 pm ET

To pay for health care, look up Tobin Taxes, named after the economist James Tobin.

To provide general support to the states to keep them from going under, use the Federal Reserve to transfer funds.

The best part of the stimulus, of course, is not the tax cuts but the badly needed public investment in a variety of projects. We should be doing more of that.


val   July 26th, 2009 6:00 pm ET

I will never undersand why President Obama chose this babbling idiot for Vice President, every time he opens his mouth he puts his foot in it. DAMN!!!!!


Citizens first   July 27th, 2009 10:37 am ET

What a fool Biden is. Obamas judgment is extremely questionable and his choice of Biden is proof. Obamas policies will cost more jobs to leave our country. Fact is Democrats are NOT business friendly, anyone with half a brain knows that.


Fed Up   July 27th, 2009 11:44 am ET

You are right Joe.........We don't know about the recovery cause it isn't happening!! all I hear this fool say is Not our fault!! Great Job Joe, keep up the non work you are doing!


Mark in St. Louis   July 27th, 2009 10:35 pm ET

Why are the Libs in Congress ignoring the 3 day common rule to read these bills? This rule was created by Jefferson and promised by the current president. Answer: they don't want them to look at the details.

Why are the libs in congress censuring the speech of the Republicans when they present their case. Answer: the libs don't want anyone to know that there is a "cap n trade, democratic majority, higher taxes, or a government run health care bill." Yes, Virginia, these are all statements that the dems don't want others to hear.

The libs don't want their dirty little details to come out. Where's the freedom of speech?


Joe White   July 30th, 2009 6:46 pm ET

I have my sincere doubts about some of the financial institutions that survived the mortgage meltdown

I have just found out that the Union Bank of California hired the top management that was fired by BofA from Countrywide Mortgage

Countrywide mortgage is the principal culprit for Subprime disaster
after their collapse they were taken over by Bank of America which fired the top management

Why would any company hire this people as top executives of their retail banking, may be the fault lies with the U.S. government.
Because the people that should have been in jail by now, are still out and running another financial institution.


Connie   August 8th, 2009 3:49 pm ET

AND AMERICAN,S VOTED FOR THESE TWO MEN!!!!WHEN THEY HAD A TRUE WAR HEREO THAT LOVES OUR COUNTRY AND FIGHTS FOR OUR SERVICE MEN AND WOMEN EVERYDAY . LOOK IN TO IT PEOPLE WHAT SENTORS AND CONGRESS PEOPLE FIGHT FOR THE MEN AND WOMEN THAT FIGHT FOR US!!!!! THERE STANDING IN LONG LINES FOR HEALTH CARE SOME NOT BEING SEEN AT ALL!!!! NOT GETTING THERE DISABLITIES THEY EARNED DYEING OF DIEASE,S THE VA WONT AMIT THEY CONTACTED IN VIETNAM OR AFGAINTAIN THIS HAS WENT ON FOR SO MANY YEARS . THEY HAVE MADE IT WHERE VETERANS CAN,T SUE THE CHEMICAL COMPAINES .SO THEN OH U GOT THE VA !!! NO THEY WON,T PAY EITHER SO IF YOU ARE LUCKEY ENOUGH TO HAVE A LAYWER IN THE FAMILY U CAN SUE !THAT IF U HAVE A FAMILY MEMBER TO WORK FOR FREE BECAUSE THERE A LAW IN PLACE THAT PREVENT LAWYERS FROM CHARGING VET A LARGE SUM OF MONEY SO WHERE DOES THAT LEAVE our veteran .AND ON TOP OF THAT IF YOU DO SUE BECAUSE U ARE SICK WITH CANCER BECAUSE OF CHEMICALS WHEN U SUE THE V.A. IT SUEING THE UNITED STATES OF AMERICAN. JUST ONE MORE THING TO MAKE OUR VETERANS FEEL BAD !!! make a long story short you can sue but it will never pass the big desk in Washigton !!!! So I SAY WHY WOULD ANY (AMERICAN IN AMERICA ) WANT A GOVERMENT RUN HEALTH CARE WHATS GOING TO YOUR FAMILY IF THEY GET SICK WITH CANCERS AND YOUR GIVEN STANDARD MEDICAL TREATMENT IN GOVERMENT TERMS !!!!YOUR FAMILY WILL DIE!!!! IF OUR PRESIDENT AND CONGRESS HAVE NOT FIX ALL THIS WITH OUR MEN AND WOMEN IN UNIFORM!!!!! DO U THINK FOR ONE MOMENT THEY CARE ABOUT US!!!!! THINK AMERICANS THINK!!!!!


Connie   August 8th, 2009 4:09 pm ET

WHY NOT SEND ALL OF THAT MONEY PRESIDENT OBAMA IS GIVING OUT TO OTHER COUNTRIES AND BANK BAILOUTS AND MANY MORE I COULD NAME. HOW ABOUT PAY ALL THE MILLIONS OF CLAIMS IN THE VA SYSTEM THAT HAS BEEN THERE FOR YEARS!!!!YOU ALL SHOULD BE A !!!!!!!!SHAME!!!!!!!!!! TO TREAT THE VERY ONE THAT SERVE U LIKE TRASH!!!!!!!!!! THERE NOT TRASH THERE !!!!!!!!!!!!!!!!!!!!!AMERICAN HEROES!!!!!!!!!!!!! PAYUP!!!!! YOU WANT TO GET THE RECOVERY GOING . PAY ALL THE BILLIONS THAT THEY HAVE COMING AND THAT WILL BE MONEY WELL SPENT FOR THE RIGHT REASON PUT YOUR MONEY WHERE YOUR MOUTH IS SHOW ME THAT U LOVE THIS CONTRY AND PAY THE MEN A WOMAN THAT FOUGHT FOR OUR FREEDOM!!!!


ED   August 8th, 2009 5:20 pm ET

Maybe this comment will fall on someones desk that maybe gives a s-.I am not a war hero,just a two time loser for having served for this country in Viet Nam.Like every other vet in the system we are constantly plagued with having to prove that we even served in VietNam.(Did the President prove to America that he is native born,not yet.)The President can so readily give money away to forgien countries,what about some for the men & women that fight and die for this country.Lucky for me I had good insurance,had I waited on the VA for my Agent Orange related cancer I would not be writing this comment,I would be dead.I left VietNam in Apr.1970,now I find myself in another war with the VA for my so called benifits.I did not vote for the current President,and damn well proud of that.If they have put VA care in such a shambles imagine what kind of a mess they will do to a national health care system.This is the first President since my military career began at age 17 that I have not supported,I'm 65.And in closing,I can only get away with this in America(freedom of speech)THROW THE FORGIENER OUT OF OFFICE ALONG WITH HIS VEEP.


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