August 24th, 2010
07:42 AM ET
8 years ago

White House to release analysis on Recovery Act dollars

(CNN) - Saddled with low approval ratings on its handling of the economy, the administration will release a report on the impact of its multi-billion dollar Recovery Act.

Vice President Joe Biden, along with Secretary of Energy Steven Chu, will release the analysis of government investments made in innovation, science and technology.

"The Recovery Act is investing over $100 billion in innovative and transformative programs that span industries from Energy to Health Information Technology," a statement from the Department of Energy says. "These investments are accelerating the pace of innovation, helping to establish the U.S. as a global leader in competitive, high-growth industries of the 21st century."

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Filed under: issues • Joe Biden
soundoff (28 Responses)
  1. rdepontb

    Saddled with an active and virulent GOP Albatross, the Recovery Act is struggling to help the American people.

    If the GOP can hold on for just another 69 days, if they can spoil life for the next generations of just another handfull of American familes in addition to those already torn asunder, maybe they will have

    At all costs to human suffering. Way to go Mitch, Eric, John.

    August 24, 2010 08:19 am at 8:19 am |
  2. More spin from the Oval Office

    Let me guess, the stimulus dollars went to the same places as the BP oil spill -25% was burned up; 25% was skimmed; 25% was siphoned off the top; and the remaining 25% just evaporated into thin air.

    August 24, 2010 08:21 am at 8:21 am |
  3. ED FL

    If confederate General Mcconnell and his GOP draft dodgers get back either house and senate the country will immediately get more jobs . They will start another war, consequently more kids in the military to get Killed more jobs funeral industry and hospitals ,wall street will again thrive , the defense industry will expand. Plenty of jobs [Non- Military] for political kids who dodge the service. Just like 2000-2008. Country will go broke except for GOP benefactors. I know CNN censors may not like this comment but a ONCE reputable organization may have a soft spot of integrity and allow this . Just to be sure i will post it on Newsvine vrbatum.

    August 24, 2010 08:32 am at 8:32 am |
  4. flushthedonkeys

    Just a thought here, it might have been better to actually spend the trillions of dollars on actual job creation rather than as payback to the union bosses who stole the election for the administration. It might have also been better to concentrate on real private sector job creation rather than steal more money for a bloated bureaucracy represented by AFSCME and SEIU rather than steal money from people by Obamacare. I really thing all of the unions and other left wing nutso organizations have received enough payback now, unfortunately there is nothing left to do anything for productive people. That was the change Obama delivered.

    August 24, 2010 08:47 am at 8:47 am |
  5. terry,va

    Spin, spin, smoke and mirrors....bottom line is unemployment is 9.5%. Where are the jobs, Obummie? How about staying at Martha's Vineyard. You should have taken your band of fools with you!!!

    August 24, 2010 08:51 am at 8:51 am |
  6. NAM VET

    Wiithout the jobs there will be no recovery. Dream works add a
    miniscule number of jobs, The cart is always followed by the
    horse. This administration has little knowledge of what a real
    priority is.

    August 24, 2010 08:51 am at 8:51 am |
  7. Tim

    This ought to be good. Can we come up with a metric to highlight the most embarassing waste of dollars in the group?

    August 24, 2010 09:07 am at 9:07 am |
  8. S.B. Stein E.B. NJ

    I hope that people understand that this is how many private companies get money for some of their basic research. It is the federal government that helps in doing and paying for the basic research in the field. It would be great if there was a way for the government to get a bit of return directly on the investment.

    August 24, 2010 09:12 am at 9:12 am |
  9. Gerald

    It would have been more impressive if he had said that out of the 12,546,783 jobs projected to be lost in the auto industry, we actually lost only 11, 325,679, thus saving 1,221,104 jobs as a result of the auto industry bailouts. You see – figures don't lie, but liars can figure.

    August 24, 2010 09:22 am at 9:22 am |
  10. Ron in Califonia

    Get real...the reovery is need now...accelerating the pace of innovation is gov't speak for nohting to happen soon. Nothing Obama and the Dems have done has achieved the advertised results. More bad news to come I'm sure.

    August 24, 2010 09:23 am at 9:23 am |
  11. Debby

    Hey Biden didn't you have a recovery act already its not working. Here is some advise keep the Bush taxcuts that will boom the economy with the wealthy reinvesting back into their corps. and companies.

    August 24, 2010 09:27 am at 9:27 am |
  12. Bedtime for Obonzo

    Great article in the WSJ two days ago. The Feds spent $179,000 to install solar panels at a fish hatchery in Ennis, MT, thereby saving a whopping $2,500 per year in electricity cost. Ignoring interest, the panels will pay for themselves in 70 years. Unfortunately, they only have a 40 year life span, at best. Would any rational home owner do this? "Green jobs" = boondogle.

    August 24, 2010 09:35 am at 9:35 am |
  13. Justen in Florida

    Oh, I'm sure they will find that everything is just peachy.

    August 24, 2010 09:39 am at 9:39 am |
  14. Orlando Patriot

    I'll tell you what the report SHOULD say and that is government spending has NEVER benefited an economy in the long term. Fiscal responsibility left our government over 30 years ago and we have FINALLY hit the wall many of us warned about for years. We have so much debt it is weighing down our economy and this administration has increased our debt (3 TRILLION dollars!!) by 30% in less than two years!!

    The Recovery Act has been an enormous FAILURE just like this administration!! Democrats CAUSED this recession (when they took control of Congress they initiated policies and spending that started the downfall in late 2007) and are pushing our country ever closer to bankruptcy. In only a few months we can begin the process of fixing this MESS the Democrats have caused!!

    August 24, 2010 09:52 am at 9:52 am |
  15. gt

    of course we blew billions of dollars....

    August 24, 2010 09:55 am at 9:55 am |
  16. Hangar 13

    I suspect the administration's spin will downplay the fact that all of the dire predictions of what would happen if the stimulus was NOT passed, happened anyway. And that "jobs saved" is a wholly imaginary number. And that the few jobs created have come with a price tag in the vicinity of a half a million apiece. And that most of the jobs are temporary. And that it created more debt than our children and grandchildren will ever be able to repay. November 2 can't come soon enough!

    August 24, 2010 10:02 am at 10:02 am |
  17. Augsbee

    Honestly, how can the U.S. become a global leader in the competitive high growth industries of the 21st century when millions of Americans want to be taken care of by the government, want government to take over their lifes, want government checks, government to run everything including all businesses, work for the government and kids are going to college to hang out, party, be on the internet, Facebook, Twitter, barely study???????

    August 24, 2010 10:10 am at 10:10 am |
  18. Buster

    What a bunch of hoopla. Almost a trillion dollars and will be over a trillion dollars with the interest and what do we have to show for it. Unemployment at 9.5 percent, the real unemployment number is closer to 16 percent, we lose a lot more jobs per month than are created. If this is the summer of recovery, we cannot take any more of it.

    August 24, 2010 10:21 am at 10:21 am |
  19. Rick McDaniel

    What they will release, is meaningless propaganda, full of lies and deceit, just as they have already been doing.

    They cannot even account for, many billions of dollars spent......they have no idea where the money went.

    Inept, foolish, and naive, are just some of the terms for the financial aspects from this administration.

    August 24, 2010 10:31 am at 10:31 am |
  20. Fair is Fair

    Biden giving economic anaylsis???

    That's like having open heart surgery done by a tatoo artist.


    August 24, 2010 10:32 am at 10:32 am |
  21. PJ States

    ...all BS from the democrats who are trying to cover over their extreme failures. We cannot afford all this pie-in-the-sky stuff with our people unable to thrive independently. What the democrats don't get is that the American people, the hard-working citizens of the US, should be first consideration of the government, not the ever-extending government itself. Why is it that democrats don't respect the strivings of citizens to produce everything we need except when the government tries to do it all for us?

    August 24, 2010 10:35 am at 10:35 am |
  22. Tinkers Dam

    This report should be a doozy. So far Biden's Recovery Summer has pretty much a load of cr@p. I wonder if the report will mention existing home sales diving 27% to a 15 year low......CNN didn't.

    August 24, 2010 10:40 am at 10:40 am |
  23. U.S. Common Sense

    And we're to accept whatever they say at face value?

    August 24, 2010 10:41 am at 10:41 am |
  24. Capt. Snarky

    Maybe .GOV can turn this Snow Job into real jobs.....someday.

    August 24, 2010 10:42 am at 10:42 am |
  25. independent minds want to know

    The Obama adminstration is always releasing numbers. Unfortunately, democrats have shown that they don't know how to accurately release numbers. Obamacare was to cost less than a trillion and not raise rates. Within 2 months they added the $300B doctor fix and healthcare was far above $1,000,000,000,000. Also, the CBO also refutes that costs will go down.

    Don't trust a politician that is spending your money.

    August 24, 2010 10:43 am at 10:43 am |
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