Majority says stimulus spending isn’t working
85% oppose second round to revive the economy
More than half of respondents to this week’s RBJ Daily Report Snap Poll say the $787 billion federal stimulus package is not strengthening the economy.
The stimulus, formally known as the American Recovery and Reinvestment Act of 2009, “was not designed to work in four months. It was designed to work over two years,” President Barack Obama said last weekend.
Billionaire Warren Buffett and others say a second round of economic stimulus may be needed, but that is something neither Republicans nor Obama supports at this time. And by a margin of 85 percent to 15 percent, Snap Poll respondents oppose another round of stimulus spending.
A recent Zogby International/O’Leary Report national poll also found that a clear majority of Americans-63 percent-opposes a second stimulus package. In the national poll, only 29 percent favored a second stimulus, and 8 percent were not sure.
More than 700 readers participated in this week’s Snap Poll, which was conducted July 13 and 14.
In your view, is the $787 billion stimulus plan strengthening the U.S. economy?
Too soon to tell: 29%
Would you favor a second round of economic stimulus spending?
Where are the jobs? We need people working. The government cannot spend its way out of the problem without causing bigger long-term problems. Get the money in the hands of the people and the investors.
-Bob Miglioratti, Realtor 271
We need to have the collective patience to let the investment do its work. Wasn’t it this short-term thinking that created the economic mess in the first place? Anyone who expects an investment to start working in months should see if they can still invest with Madoff.
The amount of the plan is unprecedented. However, the money isn’t getting into the hands of companies that can hire workers fast enough. Where is the sense of urgency? I would favor a tax cut before another round of economic stimulus when the first stimulus package has not been implemented adequately yet.
-Randy White, president and CEO, J.N. White Designs
I agree with the president; it is too soon to say. Some of the money is still in the distribution process. The administration is moving quickly, but it is never quick enough.
-Donna DeClemente, DDC Marketing
Thus far, the only visual items are reduced home equity values, reduced lending value percentages, canceled credit cards, reduced small business support, higher unemployment and conservative public spending. Doesn’t sound as if it is working to me.
-Ed Schlueter, president, Medgraph Inc.
Bernie Madoff is in jail for his Ponzi scheme, which pales in comparison to Obama’s “economic stimulus” Ponzi scheme. Not a single “shovel-ready” project is under way, and not a single job has been created. All the administration has done is pay back those who got them elected. Politics as usual in Washington and a deficit that has been quadrupled since Obama’s presidency began.
-Chuck Barone, Rush
No one will ever know if this “package” is responsible for anything. How do you measure it? How will anyone know if the economy wouldn’t have come back on its own?
07/17/09 (C) Rochester Business Journal