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VP Biden boasts stimulus plan worked, despite expectations
2009-08-05 20:55:16 (GMT) (Caymanmama.com - Business News)
Detroit, Michigan (CaymanMama.com) — Striking back at those who said the Obama administration’s stimulus plan would tank, VP Joe Biden declared that the $787 billion package worked just as it was intended.
“I can tell you today without reservation: The recovery act is working,” Biden said while at a gathering with senior administration economic officials.
“Don’t get me wrong. We still have a long way to go. … (But we are) starting to see some signs of stabilization in key parts of the economy.”
Biden made sure to note that, among other positive changes, there has been a marked rise in state spending as well as in household income. In addition, the recovery package helped set into place a shift in business investment spending, which has begun to slow.
According to CNN.com, “The country’s overall gross domestic product contracted at an annual rate of 1 percent in the past quarter, a significantly slower decline than the previous two quarters. Economists had expected a drop of 1.5 percent.”
Although it seems from all angles that the stimulus plan has had a vastly positive effect on the nation, the effectiveness of it still remains a hot topic of controversy and debate.
CaymanMama.com - Press Release Distribution Service
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