Doubts Grow Over Stimulus Plan
June 10, 2008
Nicholas Pollack
Boston Globe
President Obama's plan for the American economy has come under increased scrutiny as unemployment continues to rise and as consumer confidence is declining. Also distressing to the White House are recent polls which show a great amount of skepticism about the remaining disbursement of funds.
It was recently revealed that the vast majority of the over $700 billion stimulus plan had not been injected into the economy. During the political push for the plan in January, the President warned that a swift massive influx was necessary to save the economy.
Instead, over $500 billion remains unspent, instead waiting at the discretion of the White House. Republican leaders have long been attacking the 'ineffectiveness' of the stimulus plan, but now even some in the President's party are starting to grumble about the lack of results.
Most economists believe that the unemployment rate will soon burst over ten percent and may reach fifteen percent. They also caution that most of these newly lost jobs are not affiliated with the downturn in 2008.
"This is totally different," said former Yale Professor Jefferey Regin, "These jobs being cut now are partially due to a lack of confidence in the new Obama administration."
President Obama has recently stated that some of the remaining stimulus money will "save or create 600,000 jobs." However, this was swiftly met with criticism from his own party.
"When is the President going to act?" asked House Whip Steny Hoyer (D-MD), "We all have placed our trust in the President and we need these funds to help jump-start the economy yesterday."
In response to much of this criticism, the President is attempting to use historical analogies. In a statement released through Press Secretary Robert Gibbs, Obama writes, "We face the worst economic crisis since FDR faced down the Great Depression. We cannot afford to wait or to waffle. ... Some of those who are attacking my plan are partisans from the last eight years and those who are not acting in the interests of their country."
When asked what the President meant by these comments, Gibbs said Wednesday, "The President is only attempting to look out for the future of our country. Some in the Republican leadership are not."
The President is expected to push for his health care initiative in the coming weeks, perhaps getting the spotlight off of the economy.
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3 comments:
That was so close to the real deal that I had to scroll down and check for the satire label.
innominatus, I was thinking the exact same thing. This could easily have been an authentic article. After all, fake but accurate was a meme the left loved to use for Bush.
what an insult! well, consider me unpatriotic.
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