There is potential good news on the horizon. First though, we’ll summarize recent “stimulus” developments.
Last week President Obama was asked why his “stimulus” or recovery act hasn’t slowed the rate of job losses. His response in part was:
“As I’ve said from the moment that I walked into the door of this White House it took years for us to get into this mess, and it will take us more than a few months to turn it around.
But that’s not what he said in January. Then, Obama, the Democrats and the media insisted that immediate action on his “stimulus” would immediately halt job losses. His economic team contrived a seemingly authoritative “report” to help him hype the recovery act.
As the chart shows, the stimulus/recovery act has not brought about the miraculous reduction in job losses that Obama and the media promised. The unemployment rate was 9.4% in May and 9.5% in June, far exceeding the 7.9% peak Obama promised if we allowed his administration to borrow and spend $787 Billion, mostly on existing, ineffective government “programs.”
The Good News is in this press release:
WASHINGTON—U.S. Congressman Todd Tiahrt (pronounced TEE-hart), R-Kan., today introduced a bill that would save taxpayers a quarter of a trillion dollars. The Repeal the Stimulus Act of 2009 would rescind all unobligated discretionary funding in the Democrats’ so-called stimulus spending bill.
Tiahrt delivered a speech from the House floor citing the failed promises of the Obama administrations’ budget-busting stimulus spending. The following is the text of his remarks:
Mr. Speaker, Earlier this year, the Obama administration told us the stimulus bill was the salvation to our economic woes. They predicted unemployment to top out at eight percent and claimed jobs would be created or saved immediately.
These numbers are in stark contrast to what we see today—unemployment at 9.4 percent. And just this morning, CNN reported that Americans saw $1.3 trillion of wealth vaporize in the first quarter of 2009. Despite massive government spending, foreclosures persist, car dealerships are closing, layoffs continue, and the stock market and home values continue to plummet.
The government is borrowing money it does not have, inflating programs we do not need, and making promises it cannot keep.
Taxpayers do not understand why so much money is being wasted so quickly with nothing to show for it.
I understand … and this week offered a simple solution: rescind unobligated money from the stimulus bill and save taxpayers a quarter of a trillion dollars. That is money we will not have to borrow from China. Unfortunately, the amendment failed on a party-line vote.
Today, I am introducing the Repeal the Stimulus Act of 2009. I urge my colleagues to join me in repealing the stimulus bill and end the spending schemes of the current administration.