Much has been said about the Obama administration and the reforms it implemented right after the president was sworn into office. Despite all of these criticisms, most of them coming from the media and the Republicans, Vice Pres. Joe Biden comments that the $787 billion stimulus package to help revitalize the economy “is in fact working” contrary to what its critics say.

Although it may be far off in achieving the end goal it has for itself, the Obama stimulus plan has created 500,000 to 750,000 jobs so far, about 200 days since it was passed in Congress. On Thursday, September 3, Vice Pres. Biden delivered a positive report card about the rescue effort but stresses that there are still millions unemployed and the effort has a long way to go.

An enumeration of tangible and obvious results is what Biden aims to present in the face of the administration’s critics. At the speech in The Brookings Institution, Biden said that the Obama stimulus package is a multifaceted plan that does not lack of design because what its critics say as being simply “a grab bag of different programs” is in fact the major design of the whole stimulus package. The stimulus package is a mixture of programs involving tax cuts, increased spending on Medicaid and huge investments in infrastructure, education, energy projects and many more.

The White House has been very positive about the way that the stimulus package is pushing through and has been advertising its many good results. But still, many economists warn that the unemployment rate would not wane at least until the next summer and this will be the obvious measure in which many American citizens will measure the Obama administration’s efforts in the future.

Though the recession is not yet totally under the rug, most economists have projected a brighter future ahead for the world’s economies. Ben Bernanke, US Fed Chairman, explained that the improvement is not because of the US government’s actions alone but also that of other governments and central banks around the world, making the rise of the world economy a matter of collective effort between countries.

Post Author: guest

This entry was posted on Wednesday, September 16th, 2009 at 5:04 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.