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Biden says recovery act is working

Posted on: Tuesday, 4 August 2009, 13:20 CDT

U.S. Vice President Joseph Biden said Tuesday the economy was showing many signs that the recovery act is a success.

There's now evidence that (the 2009 American Recovery and Reinvestment Act has) accomplished the goals it set out to do, Biden said, reading from notes in the Roosevelt Room in the White House after a meeting with key economic advisers.

Household income got a much needed boost in the second quarter, he said. The gross domestic product in the same period fell 1 percent, after falling around 6 percent in the first quarter, he said.

Biden said the Cash for Clunkers program, providing rebates to car buyers who trade up to cars with better mileage, has been an unqualified success.

Appealing to Main Street, he said recovery is not going to occur until there are jobs.

However, without reservation, he said, the recovery act is working.

Six months ago we were talking about whether or not this recession was going to turn into a depression. And now today, we're sitting here talking about whether or not -- not when, not if, but when the recession will turn into a recovery, he said, paraphrasing White House economic adviser Lawrence Summers.

Source: United Press International

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