President Obama plans on highlighting the fact that it’s been 100 days since singing ARRA, aka the Porkulus Bill. Accompanying his speech is this report which supposedly reports of the recovery being unleashed by the Democrats’ porkfest. Here’s a little portion of it that’s worth debunking:
Across America, recovery is under way. From the new State of Maine Ferry to a community health center in Mississippi, from classrooms in Florida to the Willamette River Bridge in Washington, we are using the Recovery Act to jump-start our economy today, while building a new foundation for the sustained economic growth of tomorrow. In the first 100 days since President Obama signed the American Recovery and Reinvestment Act into law, we have obligated more than $112 billion, created more than 150,000 jobs and helped communities and tribes in every state and territory.
But recovery is more than just a compilation of statistics; itâ€™s the return of hope and optimism about the future that comes with making life better for communities and families across the country. And itâ€™s proof of Americaâ€™s vast capacity to create real progress in the short term as we emerge from an economic crisis that was years in the making.
Borrowing $787,000,000,000 for public works projects, most of which will be spent after the 2010 midterm elections, is hardly a springboard to prosperity. Spending money on “classrooms in Florida” might sound nice but it’s hardly something that will jumpstart this faltering economy.
What’s particularly insulting is this sentence:
But recovery is more than just a compilation of statistics; itâ€™s the return of hope and optimism about the future that comes with making life better for communities and families across the country.
By now, people across this nation know that they’re facing a future with high interest rates, high inflation rates, slower growth, little if any savings and big income tax increases to pay for the Obama administration’s unsustainable deficits.
That’s before thinking about the rising unemployment rate, which might hit the 10% mark in Q1, 2010. Unemployment might jump more depending on how the GM and Chrysler bailouts shake out.
What part about those looming realities suggests to this White House that people are feeling more hopeful today than this time last year?
Leading economists think that the vast majority of jobs created now are temporary in nature. What happens when the various projects are finished and the economy continues to stagger along? What happens when the Obama administration’s tax increases and inflation suck money out of families’ budgets?
What happens when people realize that the Obama administration’s economic plan is more about smoke and mirrors than about sound economic principles? What happens if GM and Chrysler struggle through their troubles?
Renewable Energy: Using $27 million of Recovery Act funding, a public housing development in Washington, D.C., the Regency House, has undergone a green retrofit. As part of this upgrade, the building installed solar panels, a â€œgreenâ€ roof, a rainwater collection system, energy-efficient lighting as well as water conserving toilets, showerheads, and faucets. The greening of this building will allow the Regency House to save money in energy costs, while lessening their impact on the environment.
They’re spending $27,000,000 on this crap? Please. This will jumpstart our economy? I wouldn’t bet on it.
In Wilmington and Bear, Delaware, Amtrak is using $22 million in Recovery Act funding to restore two Superliner cars, three P-3 locomotives, and four Amfleet train cars.
How will this jumpstart the economy? At best, the restoration projects will keep union people already working for Amtrak busy a little while. Because people understand that the money that’s spent on this project is onetime money, the efffect will be limited. People that get this type of money understand that this money won’t come in month after month.
It won’t have the effect that creating private sector jobs will have because, unlike jobs created through increased entrepreneurial activity, the ARRA money isn’t likely to be sustained.
Simply put, the Obama administration will attempt to spin this but people know what effect it’s having on their lives.
Cross-posted at California Conservative