July 2nd, 2010
10:29 AM ET
8 years ago

Stimulus: The big bang is over

President Obama delivers a speech after touring a construction site.

President Obama delivers a speech after touring a construction site.

New York (CNNMoney.com) - The job market and economy need a serious jumpstart, but the stimulus program likely won't be able to do it.

This summer will be the peak of the $787 billion stimulus program in terms of creating jobs and pumping money into the economy. In fact, the Obama administration is calling it the Summer of Recovery because more than 30,000 miles of highways are being improved, more than 2,800 water projects have been started and 120,000 homes will be weatherized.

After that, it will be a downhill slide for stimulus even as the economy is expected to continue sputtering.

Full story

Filed under: issues • Jobs • Stimulus
soundoff (27 Responses)
  1. Capt. Snarky

    That bill was dead in the water from before he even signed it. And it made a bit of difference since..................unless you are in a union.

    Then it's lined your pockets pretty well.................

    July 2, 2010 10:39 am at 10:39 am |
  2. America Shrugged

    This is what it boils down to...President Obama, give more tax cuts to the wealthiest, no financial reform, more war, no ban on deep water drilling, repeal HCR and de-regulate our entire ecnonmy. This is the kind of President and congress our Corporate masters are hoping for. Of course it won't bring back family wage manufacturing jobs or decrease the cost of going to college or reduce healthcare insurance premiums, but what the heck, let the unwashed masses eat cake.

    July 2, 2010 10:40 am at 10:40 am |
  3. Liz the First

    If we do end up with a double-dip recession, we can blame the republican'ts for it because they refuse to do what it takes to support the recovery the way it needs to be supported. their hypocritical screaming about deficits, when they were the ones who turned a surplus into a mega-deficit, is keeping the country and the American people from real recovery from the mess they caused. i guess they figure if the country crumbles around our ears we'll all go running back to them, forgetting they were the ones weilding the sledgehammers. if we're stupid enough to do that, we deserve to have this great country go down the drain!

    July 2, 2010 10:40 am at 10:40 am |
  4. Greg Pottstown PA

    This article shows that the stimulus has not worked. The government can not take the place of the private sector because in the end all the money that the government spends comes from the private sector. All this stimulus has done is stop private sector jobs because every business owner knows that the stimulus is just going to increase the overhead for small business.

    July 2, 2010 10:56 am at 10:56 am |
  5. WHAT

    Without the stimulus unemployment would be over twenty percent.

    July 2, 2010 10:56 am at 10:56 am |
  6. Ron

    I thought Obama said if the stimulus was passed it was going to keep unemployment below 8% and create millions of jobs? Anybody who believed that is now proven to be a fool. Now Biden tells us last week we may NEVER see those jobs come back. Do you NOW realize how incompetent this administration is? He has been in office 18 months and NOTHING has gotten better and EVERYTHING has gotten worse.

    So, how is that whole "Hopey-Changey" thing working out for you now?

    July 2, 2010 10:57 am at 10:57 am |
  7. Slider

    There was no big bang. It was more like pouring honey on the kitchen table from a pot. When the honey stops flowing from the pot, it stops spreading on the table. Such as it is with all government spending programs. It's why they don't work, because eventually the honey stops flowing.

    Except in this case; the honey never really flowed at all.

    Obama, it's over. Your stimulus, your finance bill, your presidency.

    July 2, 2010 10:58 am at 10:58 am |
  8. Jeremy

    Yay!!! "The summer of recovery"! Too bad June shed 125,000 jobs. Awesome recovery big shooter!

    We're not THAT dumb.. come on Barry

    July 2, 2010 10:59 am at 10:59 am |
  9. Four and The Door

    "It's very hard to discern any impact," said Brian Bethune, chief U.S. financial economist for IHS Global Insight.
    He's not looking close enough. The interest payments on that debt alone is $137 million a day. But if America ever wants to actually pay that off? Try ponying up $3,000 for every man, woman and child in the country. That is some significant impact! What total failure of management of our tax dollars. Is it 2012 yet?

    July 2, 2010 11:00 am at 11:00 am |
  10. Fair is Fair

    The "bang is over"? What a joke!

    The fuse to Obama's porkulus was never lit. Stimulus my arse... nothing more than political payoffs. Period.

    But hey, liberals... just keep telling yourselves that it wasn't "big enough". And keep your heads in the sand.

    Total failure.

    July 2, 2010 11:01 am at 11:01 am |
  11. conniesz

    Road building will generate quite a few jobs – these projects are just now getting in to full swing. Yes, those will be temporary as all road building is seasonal. The real problem is many of the jobs lost will never come back – doesn't matter how this is approached, the low skill jobs are gone forever. What used to take 10 low skilled people to do now takes one highly trained person with a computerized machine. We need a different model to move forward. Huge numbers of formerly employed people are simply never going to find work again.

    That's the unfortunate fact no one is addressing. Neither Democrats or Republicans can change the fact that low skilled jobs have ceased to exist in ever growing numbers. The long term unemployed, low skilled, workers are not lazy – there simply are no jobs for them, no matter how much time and energy they put into the search.

    July 2, 2010 11:04 am at 11:04 am |
  12. Dar

    What it didnt work Odumbo, no shit dumb ass.
    Odumbo is in way over his head and taking us down with him, I dont understand why so many people stand behind this dork. When will people open their eyes and see this idiot for who he really is instead of who they want him to be. Odumbo is not who he led you to beleive he was.
    I cant beleive people voted for this fool.

    July 2, 2010 11:05 am at 11:05 am |
  13. Hammerer

    The big bang is a big bust!

    July 2, 2010 11:11 am at 11:11 am |
  14. Paul from Phoenix

    Recovery summer is off to a great start.

    July 2, 2010 11:13 am at 11:13 am |
  15. stop stealing my money obama

    the first affirmative action president doing what would be expected of somebody who got job because of race. Complete and total failure, what a joke.

    July 2, 2010 11:17 am at 11:17 am |
  16. Henry Miller, Libertarian

    The "big bang" never was, unless you were a member of a government employee union–the ones Obama paid off, with taxpayer money, for helping him get elected.

    July 2, 2010 11:17 am at 11:17 am |
  17. Mike

    A waste of a trillion dollars. At the end of it, we'll have a couple roads resurfaced and some caulking laid down – hardly the kind of high-tech, well-paying jobs this country desperately needs to recreate. It's too bad that the left and the environmentalists have pushed manufacturing (which is one of those well-paying sectors) to the brink of extinction.

    July 2, 2010 11:17 am at 11:17 am |
  18. Rickster

    The stimulus failed because Obama is an incompetent buffoon.
    But, let's look at the bright side. At least the Obama presidency has given democrats a chance to try out all of their ridiculous policies that they have been chirping about for years. And now, the debate is over......we've seen the results and just as conservatives have been saying for all these years, those democrat policies are indeed, miserable failures. Democrats should be hanging their collective heads in shame for foisting the worst president ever on us in 2008.

    July 2, 2010 11:19 am at 11:19 am |
  19. Right Leaning Independent

    Weatherizing homes! Give me a break!!!! Why not throw this wasted money into the Gulf. At least it will do some good by absorbing some oil!!!

    July 2, 2010 11:24 am at 11:24 am |
  20. JJ

    The government needs to do more to keep the economy from contracting further. Failing to do so will continue the decline – just what the republicans are rooting for. I find it pathetic that they would prefer to allow millions to suffer so they can score political points. We've seen voodoo economics, reaganomics, and now screw you economics from the republicans. This is not a game, unfortunately, that's the way republicans are playing it. Remember that at election time.

    July 2, 2010 11:31 am at 11:31 am |
  21. jacob craven

    well its been two years now, i lost my job at the beginning of the recession, about a year ago, through fruitless jobs searches,i decided to go back to school, i got a certificate in broadcasting so that i might be able to make a difference and educate people about all of the stress and anguish i have been seeing, however i have now found that even though i went more into debt to better myself for american society and the capitalist dream nothing has changed, i still cant find a job, and the rich get richer while the poor, well,its getting harder and harder just to survive

    July 2, 2010 11:44 am at 11:44 am |
  22. Willy Brown

    How long you going to keep proping up this clown?

    July 2, 2010 11:45 am at 11:45 am |
  23. Summer of Recovery

    sort of like the 'summer of love' with jobs instead of love

    market correction? I think so

    economics have a theory of stretching the economy like a rubber band until it 'snaps' back

    kind of hurts when it snaps back, don't it

    July 2, 2010 11:50 am at 11:50 am |
  24. mary dale

    The media is as much to blame as the republicans for this floundering recovery. They have bad news headlines all the time, the people who listen to that, stop spending. Time for some uplifting reporting on the economy. If the stimulus had been bigger (they lowered it to get those non-existant repub votes) and had not had so many tax cuts in it, it might have made a much bigger difference. As it is at least we are getting some infrastructure improvements which stopped during the previous administration.

    July 2, 2010 11:52 am at 11:52 am |
  25. Steve -Illinois

    When will they learn? You spend yourself INTO bankruptcy! Not OUT of it!

    Common Sense!

    July 2, 2010 11:55 am at 11:55 am |
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