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“Not As Shovel Ready As We Expected”

- June 13, 2011

Obama Admits At Company That Took Over $5 Million To “Create Or Retain” 3.03 Jobs That Stimulus Projects Weren’t “As Shovel-Ready As We Expected” 

TODAY, PRESIDENT OBAMA ADMITTED THAT “SHOVEL-READY WAS NOT AS SHOVEL-READY AS WE EXPECTED”

OBAMA: “Shovel-Ready Wasn’t As Shovel-Ready As We Expected.” (President Barack Obama, Remarks Before The President’s Council On Jobs And Competitiveness, Durham, N.C., 6/13/11)

  • Obama “Realized Too Late That ‘There’s No Such Thing As Shovel-Ready Projects …’” “[M]r. Obama reflects on his presidency, admitting that he let himself look too much like 'the same old tax-and-spend Democrat,' realized too late that 'there's no such thing as shovel-ready projects’…” (Michael D. Shear, "President Obama Looks Forward - And Back," The New York Times'  "The Caucus" Blog, 10/13/10)

AP Fact Check Found That Many Of Obama’s Stimulus Goals Were “Overly Optimistic” And Ignored “Many Of The Challenges, Pitfalls, And Economic Realities” Of The Projects.  “The Obama administration claimed this week that $100 billion invested in innovative technologies under the economic stimulus law is ‘transforming the American economy’ by putting the nation on track for technological breakthroughs in health care, energy and transportation. But an examination of details in the 50-page report unveiled Tuesday by Vice President Joe Biden reveals something a bit different: a collection of rosy projections that ignore many of the challenges, pitfalls and economic realities in all those areas.” (Frederic J. Frommer, “FACT CHECK: Stimulus Assessments Overly Optimistic,” The Associated Press8/26/10)

  • The Associated Press Said That The Obama Administration Took “The Rosiest Possible View Of Its Own Stimulus Program.”  “Jack Stokes, an AP spokesman, responded in a statement to POLITICO: ‘Our story provides context that is severely lacking in an administration report that takes the rosiest possible view of its own stimulus program.’” (Matt Negrin, “W.H.: Stimulus Story Omits ‘Full Facts,’” Politico’s “Politico44” Blog8/26/10)

THE HOST OF OBAMA’S EVENT TODAY RECEIVED A $5 MILLION GRANT AND CREATED OR “RETAINED” ONLY 3.03 JOBS

Cree Received A $5.2 Million Stimulus Grant From the Department of Energy in September 2010 That To Date Has Only Created Or “Retained” 3.03 Jobs. (“Grants – Award Summary: Cree, Inc.; Award Number DE-AR0000110,” Recovery.gov, Accessed 6/13/11)

  • Cree Received $39 Million Though The Advanced Manufacturing Tax Credit Included In The Stimulus. “Recent Business Highlights: Awarded $39 million in tax credits as part of the American Recovery and Reinvestment Act to support our investment to build energy efficient LED lighting.” (Press Release, “Cree Reports Record Quarterly Revenue And Net Income For Second Quarter Of Fiscal Year,” Cree, Inc., 1/19/10)

Maybe Because President Obama Bought The Advice Of Economists Who Said Any Spending, “Even The Worst Kind Of Boondoggle” Was Stimulative. “For the Obama transition teams and their allies on the Hill, three questions loomed large in designing the package. The first was whether the proposed spending was economically stimulative: Did it save or create jobs, and thereby put money in people’s pockets? It turned out that economists believed almost any spending met this criterion. In a recession even the worst kind of boondoggle is stimulative, a fact that critics had a hard time comprehending.” (Jonathan Alter, The Promise, Simon & Shuster, 2010, p. 84)


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