Question for CNBC Chief Washington Correspondent John Harwood: Where were you six-and-a-half months ago?
Harwood on CNBC's July 6 "Squawk Box" noted that the stimulus was not working quite as well as the Obama Administration had hoped - this coming in the wake of comments from Vice President Joe Biden that the economy was "misread" by the administration. The difficulty with the stimulus, he contended, was the inability of the government to spend such a large sum of money in an effective time period.
"Well, I think they're hoping that this summer period is when they can in fact ramp up the spending," Harwood said. "It's not easy to spend the amount of money that they appropriated, $800 billion, that quickly."
The solution to get it "out the door" might have been tax cuts - to stimulate the economy in a timelier manner.
"Can they be faulted for not getting more money out the door earlier?" Harwood said. "Certainly if you think tax cuts were the best option, you could have gotten more of that money out quicker."
Harwood stated now is go time for the Obama administration, as summer months are upon us, the prime time for construction.
"They have an argument that direct government spending is more stimulative," Harwood said. "The summer months, when you got prime, sort of construction season is when they're hoping to get more of it out. So now is their time to prove themselves."
During the consideration and adoption of the stimulus bill, economists had questioned if the money appropriated would find its way into the economy in time to thwart the worst stages of a recession. But the media often ignored those questions.
Hopefully, when fall comes, Harwood and others will be ready to report on whether the Obama's economic ideas and people "proved themselves."
Editor at Large
Comments Policy
'thwart the worst stages of a recession'
July 6, 2009 - 17:04 ET by JDWWSJ: Budget woes spell doom for roadside rest stops
JDW
DAILY WAVE
When people fear their government there is tyranny.
When government fears the people there is liberty.
Tax cuts can't stop this recession
July 6, 2009 - 21:59 ET by Daniel BakerVouchers that get people to spend on American products are the only thing that could work.
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Liberal judges are the high priests of redefined marriage. Good men want freedom, Evil men want license
Vouchers? Issued by
July 6, 2009 - 22:44 ET by NL207Vouchers? Issued by who? The Government?
Another statist moron exposes himself.
Let the people spend and invest as their own prudence dictates. That is the only thing that will end this recession.
NL....What a novel concept!!!
July 6, 2009 - 22:52 ET by BlondeSpend, or not, as we choose.
NL, I've come to the conclusion this recession isn't going to end....government meddling will see to that. It's going to be an economic Armageddon.
Alas Babylon.
I hope he fails, too.
Would you guys rather have the government controlling GM
July 6, 2009 - 23:48 ET by Daniel Bakeror have given out cars .
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Liberal judges are the high priests of redefined marriage. Good men want freedom, Evil men want license
Neither. I would rather
July 6, 2009 - 23:54 ET by NL207Neither.
I would rather have freedom.
You can keep your chains.
I'd rather the government
July 6, 2009 - 23:55 ET by RESTLESS 1Leave me with enough of MY MONEY to buy my own.
"This
liberal would be all about socialize -- uh, uh, would be about
basically taking over and the government running all of your companies."-Maxine Waters 2008
"rather have the government controlling GM"
July 7, 2009 - 00:10 ET by BlondeThat, Daniel....is THE nightmarish sentence. Yet today, we "accept it". A year ago, any of us on this blog would have gone INSANE at the mere notion of the government controlling GM. We are sinking fast, my friends.
I hope he fails, too.
Screw vouchers
July 6, 2009 - 23:08 ET by RESTLESS 1Lessen the tax burden on businesses here, especially manufacturing. The American people would be less apt to reward China for their child labor and ridiculously low wages if American companies could offer comparable prices.
This is especially true regarding raw goods. My company can buy finished machined parts turnkey from China and India for less than we can get castings from American foundries. Why? Tax burden comes to mind. Also, America has minimum wage laws that China doesn't have to adhere to. And if memory serves me, China was hording raw goods such as steel recently, driving up prices to American companies. This has really hurt the rust belt.
Vouchers are nothing more than stealing from some to give to others. We have enough of that already.
"This
liberal would be all about socialize -- uh, uh, would be about
basically taking over and the government running all of your companies."-Maxine Waters 2008
→ RESTLESS
July 6, 2009 - 23:13 ET by Cool ArrowYou scared me for a second there.
I thought I was going to have to apply for "Screw Vouchers"
Just think of the market
July 6, 2009 - 23:27 ET by RESTLESS 1We could sell them for half price like they do food stamps.
Gee, am I dating myself here?
"This
liberal would be all about socialize -- uh, uh, would be about
basically taking over and the government running all of your companies."-Maxine Waters 2008
→ Restless
July 6, 2009 - 23:29 ET by Cool ArrowI'm not sure, but I don't think you need a voucher to date yourself.
I'd better check with a lawyer, I might be in violation. Wife's out of town.
I am a little perplexed by
July 6, 2009 - 17:45 ET by R D HelmI am a little perplexed by those who still seem to believe that the people now in power are actually trying to bring about an economic recovery, even while evidence is mounting to the contrary.
Neal Boortz wrote an excellent piece today on how tax cuts would have been the best way out of this government-created mess, and that all of this stimulus nonsense isn't about creating jobs and bringing about a recovery, but is instead designed to sharply increase the power and control of government:
http://boortz.com/ne...
Everybody has been running around wondering why the government hasn't stepped back and allowed the private sector, as it has always done in past recessions, to lift us out of it more quickly and more efficiently than government could ever do it.
Our own dscott takes to even yet another level, in suggesting that what we are seeing is not only deliberate, but is even more sinister than many of us thought, and makes a damned excellent case for his assertion:
http://giovanniworld...
I'll go further still and say that I believe that Obama's "plan" is to so thoroughly de-capitalize the private sector in this country that it cannot recover, then to regulate what little is left of it out of existence.
Who is going to stop him, the republicans?
I also believe we as a nation are swirling much closer to the bottom of the loo than most people, even those who are "plugged in" actually realize, as I expect the dems will actually gain seats in the next mid-term election, not lose them.
Should that happen, the term "We're screwed" will be the understatement of the millennium.
-Dave
"Obama's health care 'reform' plan is to blow up the building in order to fix a leak in the roof." - Herman Cain
Dave I read that piece by
July 6, 2009 - 18:15 ET by motherbeltDave I read that piece by Boortz this AM.
It's a must-read...
I love his idea of a 6-month tax holiday, but DC would never go for it....gives too much power to the people who would have the money.
He's right...it's about p-o-w-e-r.
BTW, do you know what TAUFU stands for? That had me stumped! LOL
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
Well I'll be danged...some
July 6, 2009 - 18:03 ET by bigtimerWell I'll be danged...some light switch came on in Sleepy-Eyed John's two celled brain...
Miracles do happen...small as they are at times.
Of course he will take this back tomorrow...and explain what he really meant.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
What pisses me off is people
July 6, 2009 - 19:56 ET by the strugglerWhat pisses me off is people like this lefty sack of sh*t advocate and support all things Democrat, and when they don't work out they want to act like they're just outside observers.
Who is this Harwood?
July 6, 2009 - 20:14 ET by b4m4wyThe gov't didn't spend any money, they GAVE IT AWAY to their cronies.
Government's first duty is to protect the people, not run their lives.
Ronald Reagan
b4.... That they
July 6, 2009 - 20:23 ET by bigtimerb4....
That they did...and will continue to do so.
We are in for so much more of this...fasten your seat belts...bumpy ride ahead is putting it mildly.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
Ptobably just tired
July 6, 2009 - 21:15 ET by TheHistorianHe probably made these comments because he's tired of being invited to Democrat soirees in Washington. The only place he is now welcome is to interview Biden.
"What experience and history teach is
this - that people and governments never have learned anything from history,
or acted on principles deduced from it."
G. W. F. Hegel
Tax cuts simply won't work,
July 6, 2009 - 21:31 ET by RR GOPTax cuts simply won't work, though I support them (personal and corporate) in general.
These Communists have things so screwed up and are piling more on top of the mountain of crap they've already shoveled on us that short of them vanishing off of the planet nothing is going to reverse their efforts.
You have to understand that these people have been infiltrating every aspect of our society for well over a hundred years...thousands and thousands of them. They've molded our values and even what we take for granted as 'fact' and 'history'. Many of these people are wealthy and well-placed. For too long I, too, bought into the notion that the wealthy were automatically conservative Republican types.
Thousands of these '60s "radicals" we somehow thought grew up or simply went away or died are still around and kicking and most of them are tied to Dear Leader from way back.
Only today did I learn of Max Palevsky multi-millionaire, Intel co-founder and ex husband of Code Pink co-founder Jodie Evans and all of the Leftist causes he's been supporting for the last 45 years.
http://newzeal.blogs...
One of the 34% who thinks George W. Bush was a great President. One of the 61% who wants to bring back the stock and pillory (yep...approval for Congress now at 39%...do you believe that!?).
Tax cuts won't work; people just save the money
July 6, 2009 - 23:43 ET by Daniel BakerAgreed the national debt will still be crippling us with tax cuts.
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Liberal judges are the high priests of redefined marriage. Good men want freedom, Evil men want license
The HORROR!!!
July 6, 2009 - 23:52 ET by RESTLESS 1People keeping their money and saving it if they want to.
That's it. You are absolutely right. We should just give it all to the govt. and let them provide.
What? That has never worked? Well this time we have the 0 to lead the way. </sarc>
"This
liberal would be all about socialize -- uh, uh, would be about
basically taking over and the government running all of your companies."-Maxine Waters 2008
Like spending $2T dollars
July 6, 2009 - 23:59 ET by NL207Like spending $2T dollars on "stimulus" will help the national debt?
With tax cuts must also come spending cuts. We should start with the 4 or so billion $$$ Obama and the libs gave to ACORN and its allied organizations. Then we should cut the $950 million Obama and the Democrats voted for Hamas, the terrorists.
Folks, the so-called
July 6, 2009 - 23:13 ET by jdhawkFolks, the so-called stimulus money isn't. It is designed to keep the dimocrats in power forever. They aren't releasing the money this year for the simple reason that it isn't an election year. The dike will be crested next year and it will go to "oil" the political machiney in favor of the defeatocrats.
Want to do something right now? Don't buy a car made by union workers. Yeah, that's right. You aren't keeping workers working anyway the government is. Buying a union made car is keeping the union pumping 100s of millions of dollars and tens of millions of labor hours into local, state, and national dimocrat campaigns. Heck, you already bought a union made car this year anyway. Don't think so? Divide 200 billion dollars (the amount our government has given the auto industry so far) by 100 million tax payers. Getting the picture, yet?
Meanwhile, seek out and joing conservative political groups at the local and state level where you live. There is probably a group of Republicans that meets regurlarly in the town where you live. Go to the www.rnc.org and then to the RNC state web site. Get involved. Don't let these bastards win in 2010!
jdhawk... Thank
July 6, 2009 - 23:30 ET by bigtimerjdhawk...
Thank you....and thank you for the link.
I'll add on with this; Think ACORN folks...we have to beat them.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
Tax cuts would have
July 7, 2009 - 10:38 ET by wiwfTax cuts would have stimulated the economy better. YA THINK?!
The Rocky Mountain Collegian: Illustrating Idiocy
Not Predisposed
July 7, 2009 - 11:39 ET by Wildcatter1980These elitist progressives are simply not predisposed to think that most of our country's citizens are capable of taking care of themselves. In their minds, no one who has not graduated from some elitist institution of higher education could not possibly be able to earn their own keep, feed, clothe, and/or house themselves not to mention raise smart children who follow in their footsteps of self-sufficient independent lives.
I'd be willing to bet that, for example, what galls the elitist progressives the most about a guy like Limbaugh is that Rush has achieved his fame and fortune without the benefit of a college education! In their minds, it is unthinkable that someone without a college education would be able to succeed, thus they see Rush as a threat to their cozy little world view.
Similarly, Sarah Palin strikes palpable fear in the hearts and minds of progressives for similar reasons.
Because of these views, the progressives--Obama, his advisers and far too many other politicians--cannot accept the inherent wisdom behind cutting taxes and putting more cash money in people's hands. For as smart as these progressives think they are, they still fail to realize that the Soviet economy failed in large part because central planning failed to send the proper signals to the key parts of their economy, something a free marketplace does with great efficiency.
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We already have term limits. They are called elections. We can & should vote out those who do not represent & serve us! - Me