July 11th, 2009Did Obama Reject A Second Stimulus?
According to the Associated Press, Obama is rejecting a second economic stimulus. They just published an article entitled Obama rejects 2nd stimulus: Give Recovery Time. Here is an excerpt below.
President Barack Obama on Saturday dismissed the idea that the United States might need a second stimulus to jolt the economy out of recession and urged Americans to be patient with his economic recovery plan.
The views from the AP article came from Obama’s weekly Internet address to the nation, the full transcript of which can be found here. Here is an excerpt from that address:
Now, I realize that when we passed this Recovery Act, there were those who felt that doing nothing was somehow an answer. Today, some of those same critics are already judging the effort a failure although they have yet to offer a plausible alternative. Others believed that the recovery plan should have been even larger, and are already calling for a second recovery plan.
But, as I made clear at the time it was passed, the Recovery Act was not designed to work in four months – it was designed to work over two years. We also knew that it would take some time for the money to get out the door, because we are committed to spending it in a way that is effective and transparent. Crucially, this is a plan that will also accelerate greatly throughout the summer and the fall. We must let it work the way it’s supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity.
Obama stopped short of rejecting another stimulus, but with a national debt over $11.5 trillion, and a financial disaster bailout cost of $12.8 trillion, lets hope Obama has finally come to his senses and does actually reject any additional stimulus.