Editor: Sen. Kyl needs to read the act
Published 8:50 am Tuesday, July 14, 2009
It is interesting to hear the complaints about the American Reinvestment and Recovery Act.
Sen. John Kyl, R-Ariz., on “This Week” on ABC criticized President Barack Obama’s plan to stimulate the economy by saying, “The reality is it hasn’t helped yet. Only about 6.8 percent of the money has actually been spent. What I proposed is, after you complete the contracts that are already committed, the things that are in the pipeline, stop it.”
Sen. Kyl needs a reality check.
Look at it this way: If someone gave you $1 million, how fast could you spend it? Pretty fast, right? But even then it would take some time to get all the money out of your bank account.
But what if someone gave you $1 million to spend with categories and rules on how you could spend it and said you would be watched every step of the way to make sure you would spend it wisely and effectively? You probably would be careful in how you spent it. You would be slow.
So imagine the spending of $787 billion.
If Obama had spent it already, Sen. Kyl probably would complain that it was all gone and spent unwisely.
Kyl’s oversight is appreciated, but stimulating an economy takes time no matter how much money is needed.
That only some of the package has been spent is misleading. For instance, the part for public schools is spread out over three years.
Would you rather have a whole bunch of extra teachers for a single academic year or a save a few from the chopping block for three in hopes that the economy will be back to full speed by then?
There are many sensible aims like that, with the money to stimulate the economy and to save jobs over two or three years, not create a flash-in-the-pan, false boom.
Kyl apparently needs to go back and read the language of the act.