FROM CNN's Jack Cafferty:
Turns out "recovery" is in the eye of the beholder...
President Obama and Vice President Biden have kicked off a massive PR campaign... celebrating what they're calling "recovery summer."
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/06/18/art.obama.biden.jpg caption="Pres. Obama and VP Biden discuss implementation of the Recovery Act, which would ramp up economic stimulus spending over the next three months in a bid to save or create 600,000 jobs through summer youth programs, schools and public works."]
They say the $860 billion economic stimulus bill is working. The White House says 2.5 million jobs have been created; and that number should reach 3.5 million by the end of the year. They're highlighting new jobs at thousands of infrastructure projects across the country.
But the celebration may be premature. Just yesterday - the labor department reported that new claims for jobless benefits jumped by 12,000 last week. That's a sharp increase and shows the pace of layoffs has not slowed down. Plus we still have a national unemployment just below 10 percent.
An editorial in the Washington Times called "Obama's Endless Summer of Spending" suggests the administration's "make-work" jobs program has failed - and that those infrastructure jobs which are being funded by the taxpayers will disappear when the stimulus money runs out. Fact is the current recovery has been one of the worst for job creation on record.
Meanwhile the picture in many of the 50 states is terrible and getting worse. State and local governments are cutting wherever they can to meet their budgets... reducing or eliminating public services, underfunding state pension plans - and cutting more than 230,000 state and local government jobs in the last two years.
Former Fed chief Alan Greenspan is out with a dire warning that the U.S. may soon reach its borrowing limit if we don't make some drastic changes and reduce our $13 trillion national debt. But President Obama wants billions more for stimulus spending.
Somewhere there is a serious disconnect.
Here’s my question to you: Does it feel like a "recovery summer" to you?
Interested to know which ones made it on air?
Steve in Chula Vista, California writes:
No way. As a small business owner in California, I can tell you business in our industry is slow with no sign of recovery. It feels like a slap in the face when Biden is out there touting how well the stimulus package is working. They must feel the need to defend all the spending that didn't work. Too bad they don't understand that you can't buy your way out of a recession.
Jerry in Johns Creek, Georgia writes:
This disconnect is between the rhetoric and the action. Lots of scintillating oratory will not change the situation... We need our manufacturing and technical support jobs back on U.S. soil. To reduce our deficit we need the world to buy the things we are making. The world will not buy American roads, we need viable products. We had them and Washington gave them away.
Pat in Michigan writes:
Well, Jack, we have a long way to go but my home town car plant is running 3 shifts, plus overtime. I think Americans have realized that American products are getting better. Keeping our money here is helping slowly. Now if we can slow down the fear-mongering in the media we might improve the outlook just a bit.
Absolutely not. I even found a good paying job 4 months ago after a layoff of almost a year, but I feel like I could be out of a job at any time. I'm saving my money for the next round.
Recovery summer? No, more like a summer nightmare. Obama must live in his own reality.
We're definitely not in a recovery. The stimulus spending is probably the only thing keeping the economy from getting worse, though, and that's due to start winding down in the fall. And just like in 1932, Republican deficit hawks will probably prevent any more stimulus spending, which means we'll bounce back into Recession/Depression again, just like in the 1930s.
Gary in Arizona writes:
"Recovery summer" my ass. They are putting lipstick on a pig.