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Opinion editorials Handling of Pit Appeal Calls for a Time-Out |
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opinion editorialsThis editorial first appeared in the Albuquerque Journal. It was written by editorial page staff and is unsigned as it represents the opinion of the newspaper rather than the writers
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Monday, August 30, 2010
Get Real, Joe. Economy Really Is About Jobs
Details, details, details. That's where the devil lives, as Vice President Joe Biden found out this week.
The Obama administration brought Biden in off the "Recovery" tour to tout the economic impact of last year's $787 billion economic stimulus law. He claimed that $100 billion invested in innovative technologies is "transforming the American economy" by putting the nation on track for technological breakthroughs in health care, energy and transportation.
But an Associated Press analysis of the 50-page report on the stimulus program found rosy projections that ignore many economic realities.
For example, the administration claims $8 billion is beginning to make high-speed rail a reality across the country. But the AP analysis found some of the projects would primarily upgrade existing freight tracks so they could be used for faster passenger service. A recent Government Accountability Office analysis said high-speed rail in the U.S. "is a difficult, multiyear effort" that hinges on financing that goes "far beyond the funds provided by the Recovery Act."
While the administration perhaps gets high-fives for good intentions, the reality is that much of the stimulus has gone to upgrade existing systems or to backfill government agencies, not to new initiatives with the potential to create jobs and sustain long-term economic growth.
Reality check for Joe: It will take more than spin to erase serious concerns about the economy, high unemployment and a lagging housing market.
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