Biden On Recovery

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Vice President Biden, in the Sunday NY Times:

The care with which we are carrying out the provisions of the Recovery Act has led some people to ask whether we are moving too slowly. But the act was intended to provide steady support for our economy over an extended period — not a jolt that would last only a few months. Instead of quick-hit rebates, we are giving Americans a tax cut in each paycheck. Instead of pumping out all the state aid immediately, we are spreading it over the two years that it will be needed. Road projects, energy projects and construction projects are being started as soon as they pass review, contracts are competitively bid and reporting systems are in place.

Even with such care being taken, we have already committed more than one-fourth of the Recovery Act’s total funds, and we are on track to meet the deadline set when the act was passed in February — spending 70 percent by the end of September 2010.

The Recovery Act is not the cure for all our economic ills — no single piece of legislation could be. But how many government initiatives can point to both large numbers of projects coming in under budget and a Government Accountability Office finding that we are ahead of schedule in key areas?

Somewhere in the very near future when the economy is growing at a strong yet steady pace, we're going to look back at the people bitching and moaning about the Recovery Act not working as a very quaint and odd time in U.S. history.