Monday, August 20, 2012

Apparently, we can wait and have waited

Remember how Obama went around the country leading chants "We can't wait" to try to get support for additional stimulus spending? Well, it now appears that the administration can wait.
The administration has waited three years and seven months to implement a new “We Can’t Wait” project that redirects unspent appropriations to fund new construction projects.

The wait delayed the spending announcement until 11 weeks prior to the November election.

The announcement is part of the administration’s “We Can’t Wait” effort, which highlights the president’s authority to change spending, law enforcement priorities and regulations, independent of Congress and the courts.

The redirected $473 million includes funds from appropriation laws passed up to 10 years ago, Josh Easton, the White House’ deputy press secretary, announced Aug. 17.

“Instead of seeing these funds sit idle… we’ll use them to put Americans back to work,” he said. “Some of them are nearly 10 years old,” he announced.

However, even though the money is being released, it is unlikely to have any impact on the economy for several months. That’s because federal funds come with many regulatory and paperwork requirements that need to be processed.
Just as many people warned when the 2009 stimulus was passed that the money wouldn't get out the door fast enough to do anything to stimulate the economy. Remember how Obama himself acknowledged that shovel-ready wasn't as shovel-ready as he thought it would be. And this belated effort to spend money that has been sitting around for over three years won't be spent as fast as Obama is now pretending for the same reasons it didn't get spent in the first place.