VP Joe Biden defended the Generational Theft Act today saying "The recovery act has played a significant role in changing the trajectory of our economy, and changing the conversation in the country. Instead of talking about the beginning of a depression, we are talking about the end of a recession."
Biden, of course, is a moron.
Let's put aside the fact that the administration has been claiming that the "Stimulus Is Working" since last April. Even today, only about 10% of the stimulus has been spent, and if you look at how much of it was spent, there is no way you can credit whatever improvements in the economy that have occurred on the stimulus. It simply isn't logical.
In fact, most economists are now saying that the bottom of the recession occurred in late February. Remember when the stimulus was signed? That's right. The turn around occurred BEFORE A DIME HAD BEEN SPENT.
Furthermore, the purpose (at the time) of the stimulus was to create jobs. Yet, that is the one area in which the economy is not recovering. The stock market has stabilized and begun moving upwards. The housing decline has also stabilized in many areas. But unemployment continues to rise in most parts of the country. Economists are still predicting the unemployment rate to top 10% for the first time since the Carter administration by the end of this year.
Still, this is the mantra of the administration. They have to get this message out. One of the biggest reasons that Obama's poll numbers have continued to fall is that the American people are concerned about government spending. If the administration can make everyone believe that their spending is fixing things, they think the poll numbers will come back up. And as far as that goes, they are probably right.
Just wait, however, until the impending inflation kicks in.