The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects. But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012. Its most recent quarterly report is for the quarter than ended on June 30, 2011.
Indeed, the old reports that the administration released begin, “As part of the unprecedented accountability and transparency provisions included in the American Recovery and Reinvestment Act of 2009 (ARRA), the Council of Economic Advisers (CEA) was charged with providing to Congress quarterly reports on the effects of the Recovery Act on overall economic activity, and on employment in particular.”
Section 1513 of the ARRA further specifies, “The first report…shall be submitted not later than 45 days after the end of the first full quarter following the date of enactment of this Act….The last report required to be submitted…shall apply to the quarter in which the [Recovery Accountability and Transparency] Board terminates under section 1530.” Section 1530 declares, “The Board shall terminate on September 30, 2013.”
In other words, the Obama administration is required by law to submit quarterly reports on the “stimulus” through the third quarter of 2013. Yet the administration has apparently found it more convenient to stop after the second quarter of 2011 — more than two years early. Or perhaps it has just decided to put the release of these reports on hold until after the election. Either way, the Obama administration is now in violation of the president’s most prominent piece of legislation this side of Obamacare.
Why would the administration not want to release these reports? Presumably because they have shown what a colossal waste of taxpayer money Obama’s “stimulus” has been.
In January 2010, Obama’s Council of Economic Advisors reported that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it described as a “natural way to estimate the effects of” the legislation), the “stimulus” had at that point cost $263.3 billion and had added or saved about 1.8 million jobs, whether private or public. In other words, for every $148,000 in taxpayer money that had gone out the door, only one job had been added or saved — according to an estimate from Obama’s own economists.