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Burr: Nation's stimulus plan isn't focused on long-term

Posted April 9, 2009

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— U.S. Sen. Richard Burr said Thursday he is concerned the nation's federal economic recovery plan isn't focused on a permanent and long-term fix.

"I think until we stabilize housing prices – and we can only do that through refinancing – we're not going to turn the corner on this economic downturn," Burr said.

Richard Burr Burr concerned about economic recovery plan

Burr would prefer a plan that would help all Americans refinance their mortgages to lower or fixed rates.

The North Carolina Republican spoke to business and community leaders in Edgecombe County, where the unemployment rate is one of the highest in the state.

According to data released last week by the North Carolina Employment Security Commission, the unemployment rate there was 16.9 percent in February, up from 15.5 percent in January. Statewide, the unemployment rate is at 11.3 percent.

"I didn't support this economic stimulus package, because I didn't believe it was targeted in the right way. Much of it goes to temporary employment," Burr said.

Last Wednesday, Vice President Joe Biden toured eastern North Carolina in an effort to highlight the $787 billion federal stimulus package President Barack Obama signed earlier this year.

Biden said the recovery program will help rural communities not only survive the recession but thrive when the economy improves.

Nearly $1.8 billion in federal stimulus funding was released last Wednesday to guarantee loans and make credit available for small-town home buyers, Biden said.

The newly released aid, part of the $10.4 billion that the stimulus package directs to rural housing projects, is expected to help about 15,000 families nationwide, the vice president said.

Burr also raised concerns about the federal government's involvement in bailouts, saying rescuing companies like J. P. Morgan while letting others, like Lehman Brothers fail, sets a bad precedent.

"We've now got government in a role that's not only uncomfortable and unnatural, but wrong," he said. "I'm impatient with the way things are going right now. We're too wrapped up in picking winners and losers, this company or that company."

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  • 1carpe Apr 10, 2009

    The Dems have controlled the Congress and Senate since 04. In 03, 05, and 06, Barney Frank stated there was no problem with Fan Mae and Freddie Mac. The Dems have owned the finance committeed since 04. Don't blame it all on Bush folks. Yes I voted for Bush twice. Bet I wrote more ugly letters to him than you liberals did. When started chammpioning the original 7billion dollar bail out of companies I went balistic. Wrong thing to do. Sub prime lending, endorsed by the likes of Barny Frank is what started leading us into this problem, proping up companies will not get us out of it. Government (of either party) trying run companies will not get us out of it. Letting the market work will. There is only one reason, only one GM and Chrysler are not being allowed to fail...The Democrats would non get Union support again. I am not rich, never will be, but I saw first hand in the USSR what is what like for everybody to live the same, expcept high gov. officials of course.

  • jon2four Apr 10, 2009

    Where has this guy been, conservatives came into office in 2001 with a trillion dollar surplus, eight years ago. Even the national debt was being paid down.Eight years later we have two wars, a recession and an economic melt down.We owe the Chinese,the Russian,and probably the Devil himself trillions of dollars. Why should we listen to another conservative ?

  • JustOneGodLessThanU Apr 10, 2009

    The phrase “long term sustainability” has no place in a Republican’s vocabulary. Their entire philosophy is that of short term gain, trash the planet, bankrupt our country & leave a trail of destruction for our children to cleanup.

    bradh2, everyone must have missed Bush’s plan turn around the economy. (In fact, the word “economy” wasn’t even in his vocabulary until 2008) And, Obama’s rival thought the economy was fine. Or, did you mean the standard, love-only-the-rich mess that the Repubs did purely for the election?

    No, the Repubs implemented their “plan” for 8 long years and here we are. And IMO, if you drive an H2 Hummer like your moniker suggests, your mentality is exactly what I’m talking about above and you’re a big part of the problem.

  • COPs eye Apr 10, 2009

    What good is making loans available when people don't have a job to make the house payments? THAT is why we are in a recession to begin with.

    THIS IS THE MOST INTELLIGENT STATEMENTS ON GOLO TODAY!!! If the money was given to the people instead of banks and car makers then it would have been thrown back into the economy. Americans would spend every dime the government gave them and that would have turned the economy around. Instead the failing companies and banks got it to pay PASSED DUE bills and if their is no income coming in they will still fail. It will only get worse.

  • rayraynral Apr 10, 2009

    The non-partisan CBO agrees with him. The long term approach is to stimulate the private sector, not simply grow "Big G" and saddle generations with debt. Thank goodness we have some reasonable representation in Washington. We'll get some feedback in a couple of years and hopefully we can slow this train down before it goes over the cliff.

  • watkinsjr Apr 10, 2009

    Senator Burr claims the economic stimulus plan isn't focused on the long term.He also appears to be opposed to every proposal democrats make simply because they are made by democrats.

    I'd say Senator Burr isn't focused on the long term.Rather,his focus is squarely on his re-election campaign in 2010.The campaign theme is obviously going to be "bash the democrats at every opportunity".

    It defies logic that N.C.voters elected a political hack like Mr. Burr to this senate seat in 2004 instead of someone as eminently qualified for the job as Erskine Bowles obviously was.

    Richard Burr certain know how to dance with who brung him.He's doing an excellent job of representing his real constituents -big money special interests groups. What Senator Burr has done for those of us in the middle class is promise us an elevator-and given us the shaft!

  • WRALblows Apr 10, 2009

    As a Democrat at the time I'm kinda disappointed I didn't vote for this man. I did not give him the benefit of the doubt and now he's one of the only people making any sense in Washington.

  • foetine Apr 10, 2009

    I don't remember Burr running for his Senate seat telling us about this economic meltdown happening in 2008. How dare this guy talk about the future since he didn't see this trainwreck coming the first time. He was too busy smoozing McCain to fix things before they got broken.

  • nerdlywehunt Apr 10, 2009

    I can't wait for the next election so I can vote this bozo out!
    Tell us what YOUR plan is !!!! More republican beeswax

  • rushbot Apr 10, 2009

    Someone needs to point out to Burr that his party has put the government into the position of immediate large scale short term fixing! The republicans are all about CONSERVING the fortunes of the wealthy!

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