September 3rd, 2009
11:41 AM ET
11 years ago

Biden credits stimulus plan with sparking economic recovery

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/09/03/art.biden.0903.gi.jpg
caption="Vice President Joe Biden trumpeted the role of the stimulus package in sparking an economic recovery."]

WASHINGTON (CNN) - Vice President Joe Biden trumpeted the role of the administration's $787 billion stimulus package Thursday in sparking an economic recovery.

"There is a growing consensus: the recovery act is working," he told an audience at the Brookings Institute.

"Instead of talking about the beginning of a depression, we are talking about the end of a recession."

The stimulus plan, enacted almost 200 days ago, "is doing more faster and more efficiently and more effectively than most people expected," he argued.

The vice president, who is overseeing the implementation of the plan, cited multiple independent analysts who claim the stimulus plan has created or saved between 500,000 and 750,000 jobs.

Economists from Goldman Sachs, he noted, believe the recovery plan added over 2 percentage points in growth to the country's gross domestic product in the second quarter of 2009.

They believe it will add 3.3 points in the third quarter, he added.

The Republican National Committee sharply disputed Biden's claims, releasing a statement characterizing the stimulus plan as a failure.

"The Democrats' rhetoric on their economic experiment doesn't match with the reality of millions of Americans remaining unemployed," the statement said. "The stimulus was an economic experiment that failed."

Most Americans remain pessimistic about the state of the economy. Nearly nine in 10 believe the country is still in a recession, according to an August 28-31 CNN/Opinion Research Corporation poll.

Almost 40 percent of Americans believe the Obama administration's policies have improved economic conditions. Thirty-four percent believe Obama's policies have worsened the economic climate, while 27 percent believe they have had no effect.

Altogether, employers have announced over 1,070,000 job cuts so far this year - 60 percent more than at this point a year ago. The current tally is less than 200,000 away from surpassing the total number of job cuts in all of 2008.

The Labor Department's monthly jobs report, due Friday, is expected to show that the economy shed 265,000 jobs in August, slightly more than the 247,000 reported for July, according to a consensus estimate of economists compiled by the Web site Briefing.com.

The unemployment rate is predicted to rise from 9.4 to 9.5 percent.

–CNN's Jessica Dickler contributed to this report


Filed under: Economy • Joe Biden • Popular Posts
soundoff (184 Responses)
  1. Dewey

    Obamessiah occasionally takes the tape off his Court Jester Biden's mouth and let's us all have another good chuckle.

    With the Ca$h for Klunkers program, this is the first time many of you are letting children buy your car for you instead of the other way around. Just like the bailouts, handouts, and the stimulus money, it will be your children paying the bill.

    September 3, 2009 02:12 pm at 2:12 pm |
  2. conservative

    What sort of "animal house" is in control of this country? Avowed communist czars ; a nincompoop V.P.and don't even mention Reid and Pelosi! And a president that never ever held a job other than vocal "community organizer"! We are going DOWN!

    September 3, 2009 02:12 pm at 2:12 pm |
  3. midwest liberal

    "The Republican National Committee sharply disputed Biden's claims..." GASP!

    September 3, 2009 02:12 pm at 2:12 pm |
  4. mike

    So I guess he is suprised that giving money to poitical contributors and unions will improve the economy. He is talking out his ass as always. Economy still sucks. Some companies ahve waited for things to improve, holding back on expenditures, now they have to do something. If he wanst to improve the economy, listen to teh people, the not so silent minority now, we wdon't want tax ans spend, big government, or the country to go bankrupt.

    Obama has a personnal need to pass healthcare and all the other tax and spend innitiatives. None good for the country. Community organizer go home! We need leadership, not a Czar and a bunch of sheep! What is good for the country and the economy of the US. Not what is good for your political record. Your career has been a bust, more no votes than votes, and when you do vote, it has always been toward sharing the wealth. EVENTUALLY THERE WILL BE NO WEALTH TO SHARE UNLESS WE GO TO CHINA AND STEEL THEIRS! O.P.O AMERICAN

    September 3, 2009 02:15 pm at 2:15 pm |
  5. Bigtoe

    Are you kidding me???...The White House definately needs a drug screening policy!!!

    September 3, 2009 02:16 pm at 2:16 pm |
  6. John B. From New Hampshire

    Sorry republicans, even your coveted wall street journal reported just yesterday that the stimulus plan is working AND economic growth looks to continue as consumer confidence is higher because of the 400 Billion still waiting to be allocated from the stimulus. Calling this a complete failure GOP is a complete failure of common sense. you may want to stick your heads back in the sand as you did for the previous 8 years under the Cheney/Bush Administration. Yes i put Cheney's name first... Come on, we all know who was in charge!!

    September 3, 2009 02:18 pm at 2:18 pm |
  7. Phil

    If there's one thing I know for sure, it's that you can always trust Joe Biden. Unless he's talking about his class rank, claiming he authored a law school paper he plagiarized; "merit-based" scholarships that he never received; taking fire in Afghanistan; taking fire in Iraq; FDR's presidential TV appearance after the great crash (when FDR was not president and we didn't have TV)... but other than that, you can count on Joe!

    September 3, 2009 02:19 pm at 2:19 pm |
  8. bob

    how about the iraq war all you conservatives - how easy we forget
    bush is going down as our worst president ever ever.....

    September 3, 2009 02:19 pm at 2:19 pm |
  9. Willy Brown

    Biden=idiot

    September 3, 2009 02:21 pm at 2:21 pm |
  10. barb

    Biden is a joke, he was chosen by Obama because his approval rating when he ran against Obama was less than 1%. This gives Obama protection against the American People if anything were too happen too Obama you would be stuck with Biden, Palosky, and Reid. By putting Biden in charge of the stimulas, he can stand back and let his take the blame, why do you think he is letting Polosky and Reid run the presidency, while Obama runs around like a rockstar, that is above the fray.

    September 3, 2009 02:22 pm at 2:22 pm |
  11. Anonymous

    People on here throw out words like Pork and have no idea what they mean...much like Palin did in the last campaign. Nothing like throwing around buzzwords and having no info to back them up.

    The stimulus money has barely been spent, and we have already seen the economy start the stabilize. The first sign is the markets growing, then trading in a healthy up and down when basically means there is a balance and confidence. That is the leading indicator. Job growth has always been and will always be a trailing indicator, as multiple things need to happen for job growth to take place. Of course, so many NEED instant gratification.

    Those who question the president, need I remind you of the patience you had for 8 years while the Bush administration systematically destroyed both the economy and our standing in the world? The least you can do is give this administration a few hundred days.

    September 3, 2009 02:24 pm at 2:24 pm |
  12. Billy J ..Texas..

    We are still in trouble. But it isn't Biden that is saying the stimulus helped, it is folks like the wall street journal and other economists. AND..... they haven't even got the other 80 percent out the door yet. Unlike no bid contracts for jobs the military should be doing, or bailouts of banks with no terms, this money is being scrutinized on the way out the door this time. It will help. Unless it is all unraveled at mid-term and crooks get (or stay) in and then take the money to their freinds while blaming the money being there on the Dems. (kinda like Bush giving the surplus back in rich guy tax cuts)

    September 3, 2009 02:27 pm at 2:27 pm |
  13. Angie in Pa

    Why are all the Republican Govenors Applying for that evil socialist Stimulus money? And why is Bobby Jindal applying for the Stimulus for High speed rail That he mocked in his Seasame strret address? Well Just think if Mccain and Palin had won rememeber Mccain said the Fundamentals of the Economy are strong! WE ARE WAY BETTER OFF WITH OBAMA/BIDEN!

    September 3, 2009 02:27 pm at 2:27 pm |
  14. Joe's stimulus at work

    A two-block stretch of Ralph David Abernathy in Atlanta was completely re-paved “curb to curb” following sewer work that ended in 2007.

    This summer, state contractor crews tore up the new pavement as part of a 1.1 mile project on the very same road that the GDOT re-paved with $490,784 in federal stimulus money.

    September 3, 2009 02:30 pm at 2:30 pm |
  15. Dan

    Has anyone here increased their spending? If not, there is no recovery since 70% of the US GDP is made up by consumers. The only stimulous in this sham recovery and fake rally on wall street has been the traitorous Federal Reserve pumping money into CITI, AIG, Frannie, and Freddie and enriching the chosen wall street banksters. These four stocks alone has accounted for 40% of the total volume. That is manipulation plain and simple. It's all smoke and mirrors from the District of Criminals. Hopefully people with principle will run against both parties incumbents in 2010 and 2012 and we can get rid of these frauds.

    September 3, 2009 02:33 pm at 2:33 pm |
  16. Mike

    Recovery? Where?

    September 3, 2009 02:33 pm at 2:33 pm |
  17. BobAbrams

    I think the stimulus has saved 3BILLION jobs...I mean , why not, it's a made up #, they should say whatever they want, like something crazy, somehting like, "the stimulus has saved as many jobs as we have spent in dollars...it has saved over 1TRILLION jobs"

    September 3, 2009 02:35 pm at 2:35 pm |
  18. Scott in Sacramento

    Mission Accomplished

    September 3, 2009 02:35 pm at 2:35 pm |
  19. Robert

    The same guy who said he wouldn't travel using public transportation. Anyone who takes him seriously is a democrat or stupid.

    September 3, 2009 02:36 pm at 2:36 pm |
  20. RNC = DNC = politics as usual

    First rule of propaganda – keep saying it over and over even though everyone knows it is not true.

    The more lying politicians say everything is fine and getting better, the worse things are in reality.

    September 3, 2009 02:39 pm at 2:39 pm |
  21. mjm

    "...created or saved between 500,000 and 750,000 jobs."

    And somehow Democrats think this means something.

    Maybe we should spend 1 trillion and create or save another 500,000
    jobs!

    September 3, 2009 02:42 pm at 2:42 pm |
  22. JP

    I have seen several "8 long years" comments that are simply wrong. In 2000 we were in a recession and then got hit with 9/11. Sortly thereafter, tax cuts were put in place and we had actual GDP GROWTH for 5.5 years. Then the Democrats took congress and started doing everything in their power to 1) raise taxes and 2) generate panic (-2% consumer confidence = 1 democratic house seat). For 2 years we went down hill until Chuck started irresponsibly blabbing about banks not haveing money in them and then everything fell apart. This is not 8 years of Bush, this is 2 years+ of a democratic congress.

    September 3, 2009 02:43 pm at 2:43 pm |
  23. libs r fools

    biden,,,still misreading the economy like everything else

    September 3, 2009 02:45 pm at 2:45 pm |
  24. Michael

    Yes, of course, those wonderful 8 years of Bush were such heaven. People, wake up. This mess was created by the most imcompetent lead that we ever had in our history. What planets are you on?

    September 3, 2009 02:45 pm at 2:45 pm |
  25. Bob

    Who is Biden kidding he must be drinking the Obama kool aid what a bunch of Idiots this Money give a way is a joke just like the Democrats.
    They just keep crying wolf but its coming back to bite them in the ass come mid term elections.

    September 3, 2009 02:46 pm at 2:46 pm |
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