Apparently both Democrats and Republicans are disappointed: folks aren’t spending the stimulus money fast enough. [1]
Well guys maybe you should have slated for more of it to be spent this year!
According to MSNBC about 11% of the $479 billion earmarked for spending (the rest is mostly for tax cuts) has been spent as of June 19, 2009. [2]
That’s not impressive, especially since Congress was in a frenzy to get the stimulus bill passed “fast” to save jobs and jumpstart the economy in January.
If you recall they passed it so fast that barely anyone had time to read the final bill before voting to pass it. [3]
Turns out the bill only slated $150 billion in spending for fiscal year 2009. [4]
So in fact 35% of the available stimulus money for this year has been spent.
Whether we needed a stimulus bill to jumpstart the economy (or prevent a deeper recession) is an economic question.
But if you’re going to spend $787 billion in money you don’t have the very least you can do is take some to read the bill.
Otherwise you end up on television being disappointed in your own incompetence.
To read the final bill as signed into law by President Obama see below:
[1] www.politico.com/blogs/politicolive/0709/Boehner_Hoyer_Stimulus_falls_short.html
[2] http://www.msnbc.msn.com/id/31548130/ns/business-personal_finance/
[3] http://www.youtube.com/watch?v=CvnwOjDjnH4; Also: http://www.cnsnews.com/Public/content/article.aspx?RsrcID=43478
[4] http://www.msnbc.msn.com/id/31548130/ns/business-personal_finance/
