The Obama Administration would people believe that the economic stimulus package under the the American Recovery and Reinvestment Act of 2009 has been an unqualified success. Even VP Biden has been making road shows to highlight this ‘fact’ and pointing out that the US economy will surely recover over the long run. But then, a recent survey of RBJ Daily Report readers indicates that people are not in the least impressed with this so called long drawn out recovery process. More than 60% felt that the US economy has not been helped by the stimulus program which cost the taxpayers more than $787 billion.
More than 60% are also convinced that the US economy is still under recession, irrespective of what the Obama Admin may say or try to convince voters with. The government seems to be at pains to tom-tom its achievements in US economy recovery efforts. One of the biggest concerns is unemployment. When the unemployment rate remains close to 10%, no matter what the government says can cut much ice with common people. This is why consumer spending confidence and sentiment also remains depressed consistently. This has other negative spillover effects that seem to be permeating every aspect of the economy.