Biden Says 'Ripple Effect' From Last Year's $787-Billion Stimulus Will Create Jobs This Summer
June 17, 2010 - 6:14 PMPresident Barack Obama will visit Ohio on Friday, where he will mark the 10,000th road project funded by the stimulus act, a funding program that the administration insists is working even in the face of near 10 percent unemployment.
“We’re seeing ripple effects that have been felt,” Biden told reporters. “My point is that this summer, we’re going to see even more ripple effects.”
Those ripple effects will be seen in 10,700 road projects this July, compared to just 1,750 road projects in July 2009, according to numbers from the Office of the Vice President. Home weatherization projects will increase from 3,000 last July to 82,000 this summer. There also will be 2,828 clean water projects this summer, compared with 129 last summer.
Biden answered questions about why the administration promised unemployment would not reach eight percent if the stimulus passed, when in fact it has now reached 9.7 percent.
“There is a lot more work to do because this recession turned out to be deeper than we knew, deeper and more profound than we thought,” the vice president said.
Biden said that 2.2 to 2.8 million jobs have been “created or retained” as a direct result of the Recovery Act. However, many Republicans, economists and other skeptics of the stimulus bill argue that measuring "jobs saved" is a negative argument assuming the job would have been eliminated.
In the weekly Republican address last weekend, House Minority Leader John Boehner (R-Ohio) said the stimulus law has not been effective.
“Unemployment is still close to 10 percent. The private sector is at a near-standstill,” Boehner said. “Our small businesses are still gasping for air and having run a small business, I can tell you that the new health care law, with its burdensome mandates and tax increases, is already stalling these engines of our economy.”
Boehner cited a new report from the Treasury Department that showed the national debt tops $13 trillion and “is on pace to exceed the size of our entire economy by the middle of this decade.”
“Economists say that at these levels, our debt is draining enough resources from our country to cost us nearly one million jobs.
“Real economic growth requires creating jobs in the private sector, and to do that we need to start reining in Washington’s out-of-control spending spree. Less spending, more jobs – it’s that simple,” Boehner said.