NYC Letter: The Stimulus Trickle

Day 206 of CHOPE

Most of the money we're investing as part of this plan will get out the door immediately and go directly to job-creation, generating or saving* three to four million new jobs. And the vast majority of these jobs will be created in the private sector.

Mr. Obama,
pitiching his stimulus plan
WASHINGTON January 28, 2009 (White House)

Money out the door immediately directly for job creation. [Pause.] Uh-oh.

STIMULUS AID TRICKLES OUT,
BUT STATES SEEK QUICKER RELIEF

May 12, 2009 (NYT) - Nearly three months after President Obama approved a $787 billion economic stimulus package, intended to create or save* jobs, the federal government has paid out less than 6 percent of the money, largely in the form of social service payments to states.

The bossling step in.

BIDEN SAYS STIMULUS PACKAGE WILL PICK UP PACE

June 5, 2009 (Boston Globe) - Responding to the latest unemployment numbers, Vice President Joe Biden said today that he and President Obama will announce Monday plans to "ramp up" the pace of projects from the $787 billion economic stimulus plan. ... He did not offer more specifics about the Monday announcement.

The boss steps in.

OBAMA PRESSES CABINET TO SPEED STIMULUS SPENDING

WASHINGTON June 9, 2009 (WSJ) - President Barack Obama said Monday he was "not satisfied" with the pace of the economic-stimulus effort and called for cabinet members to accelerate the spending in the weeks ahead, countering criticism of his economic strategy.

The White House offered no new details Monday on how it would speed up spending from the $787 billion stimulus package, and in many ways the administration is limited by the gradual pace set out in the law passed earlier this year.

OBAMA SAYS STIMULUS SPENDING MUST PICK UP

WASHINGTON June 23, 2009 (MSNBC/AP) - Amid rising public impatience with an economy now under his watch, President Barack Obama on Tuesday said his administration needs to push money out faster to initiate a recovery and conceded that unemployment would rise above 10 percent.

“People are going through a very tough time right now,” Obama said at a White House news conference. “And I don’t expect them to be satisfied.”

For the second time in a month, Obama voiced unease over the results of a $787 billion economic stimulus that he pressed Congress to pass as one of his first acts as president.

Uh-oh.

PACE OF STIMULUS

SPENDING PLUMMETS

August 14, 2009 (WT) - Stimulus bill spending has slowed to a trickle, despite President Obama's June order to his Cabinet to speed it up.

The average stimulus spending per week has dropped severely, to just $4.2 billion over the past month from $9.7 billion during the prior four months. The government spent $2.9 billion in the week ending Aug. 7.

Taxpayer groups say the numbers show spending decisions are random and prove that the $787 billion stimulus program has had no effect on the economy.

... The spending has slowed despite Mr. Obama's declaration in June that he was "not satisfied" with its pace, and his demand that his Cabinet secretaries accelerate the distribution of stimulus funds.

The White House said the rate doesn't matter, and that the key is whether Mr. Obama's overall targets will be met. Stimulus spokeswoman Elizabeth Oxhorn:

Week-to-week measures are irrelevant. We remain on track to meet the ambitious goal that the president set in June: speeding the Recovery Act's pace, so that $225 billion is obligated by the act's 200th day.

Mr. Obama calls for the rate to be quickened. Instead the rate average falls off by 43%. The White House explains it all by announcing "the rate doesn't matter". [We stare at our shoes.] Team Barry thinks you are this stupid.

CHOPE.

Drip. Drip. Drip.

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* There is no metric for "saved" jobs (and this).

Posted by Damian at August 14, 2009 11:45 PM