Obama Says Stimulus "Worked As Intended"

Bloomberg reports that "President Barack Obama said his $787 billion stimulus bill 'has worked as intended' as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.

Apparently Obama missed the government report last week that showed that employers cut 467,000 jobs in June and the unemployment rose to 9.5 percent, the highest since 1983. Unemployment has already risen above levels that the Obama administration predicted when sellling the stimulus plan. In fact, the Financial Times reports that Larry Summers, the director of the president’s National Economic Council, had the following to say: “I don’t think the worst is over ... It’s very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low. What does appear to be true is that the sense of panic in the markets and freefall in the economy has subsided and one does not have the sense of a situation as out of control as a few months ago.” Summers says "the worst is not over" and yet that somehow is supposed to mesh with the "stimulus" having "worked as intended"?

House Minority Whip Eric Cantor of Virginia said the stimulus bill was “full of pork-barrel spending, government waste and massive borrowing cleverly called ‘stimulus.’”

“The plain truth is that President Obama’s economic decisions have not produced jobs, have not produced prosperity, and have not worked,” Cantor said.

Republicans want reductions in tax rates that which could serve as an actual stimulus to our ecoonomy. Tweet