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President Obama-----Missed Opportunity?
Right at the outset when President Barack Obama and Congressional Democrats successfully passed the stimulus bill and streched out its implementation, thus delaying its effect despite the Republican's insistence that it be used entirely for immediate job creation, it became clear that an ideal opportunity for bipartisan co-peration between the Dems and the GOP for a serious job creation effort was missed by Obama and his fellow Democrats. It was like watching a passenger bus hanging precariously over the edge and there was nothing I could do to prevent its final plunge. To be sure, had the Obama Administration devoted the entire stimulus money to projects that were exclusively condusive to the immediate creation of employment opportunities he would have effectively started his administration on a strong economic footing, gaining momentum for his grand legislative agenda, he would have been unstoppable. Now he has to juggle the economic recession as he struggles to make what's left of his health care reform agenda a reality. A calamity he would never have had to deal with had he done things properly from the get go. Without doubt Obama was given bad advise by his economic advisors and his chief of staff who saw this crisis as an opportunity for a sweeping legislative agenda. Having said this, I hope my assessment is all wrong because I really want President Obama to succeed.
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This:
"despite the Republican's insistence that it be used entirely for immediate job creation"
follows by this:
"To be sure, had the Obama Administration devoted the entire stimulus money to projects that were exclusively condusive to the immediate creation of employment opportunities"
sounds dangerously close to saying: had Obama listened to Republicans on stimulus, "he would have been unstoppable".
What???
July 20, 2009 2:46 PM | Reply | Permalink
Basically, had he ignored Republicans, listened to progressives and relied much less on tax cuts, much more on stimulating job measures and a mortgage protection plan that works, we would have gotten (drum roll please).... stimulus!!!
Screw bi-partisanship. Fine when you can get it, a pain when it just destroys things.
July 21, 2009 4:13 AM | Reply | Permalink
Thabo - The stimulus appears to be working. It may not be enough, but it was all Obama could hope for in the face of entrenched opposition.
The notion that it could have started more quickly and therefore have been more effective is largely illusory. The only way for the money to be spent wisely is for proper review of spending decisions to ensure they are meritorious rather than wasteful or even fraudulent. That meant that small sums could be spent right away, but the bulk requires a longer time frame. I'm familiar with the need for proper review in certain areas of science, where an invitation to apply for funds was issued shortly after the money was appropriated, responses flowed into the system over 1-2 months, decisions have subsequently been made, and the money is starting to flow back to recipients. These include projects that involve significant new hiring and job growth.
In retrospect, Congress probably should have passed a stimulus bill exceeding one trillion dollars, but additional funds can still be appropriated if needed. In the meantime, now that many of the funded projects are already starting, we can expect accelerated hiring in the coming months. At first, this will merely slow the rate of job loss, but by next year, we should see a net positive job growth and a reduction in the unemployment figures.
July 20, 2009 3:11 PM | Reply | Permalink
Fred, I cannot tell you how encouraged I am by what appears to me to be your unquestionable optimisism as to the potential effect of the stimulus in the coming months.
July 20, 2009 3:32 PM | Reply | Permalink
Fred, I cannot tell you how encouraged I am by what appears to me to be your unquestionable optimisism as to the potential effect of the stimulus in the coming months.
July 20, 2009 3:33 PM | Reply | Permalink