Two Years of Stimulus Left America with Fewer Jobs, more Debt

Two years ago today, President Obama signed the trillion-dollar “stimulus” amid promises it would keep unemployment below eight percent and create jobs “almost immediately.”  Today, the Obama Administration has little to show for its trillion-dollar, taxpayer-funded “investment” except for more red ink and more out of work Americans.  Here’s a by-the-numbers look at the budget-busting, job-destroying failure that is the President’s “stimulus”:

  • Number of jobs the “stimulus” was supposed to create: 3.5 million
  • Private sector jobs lost since the “stimulus” was signed: 1.8 million
  • Obama Administration’s projected unemployment rate at the two-year mark of the “stimulus”: 7 percent
  • Actual unemployment rate: 9 percent
  • Number of jobs the Administration said there would be if the “stimulus” passed: 137.6 million
  • Number of jobs there are today:  130.7 million

As House Speaker John Boehner (R-OH) said today, “The legacy of the ‘stimulus’ spending bill is clear: it failed.

The following chart, included in a recent report by the House Ways & Means Committee, underscores the extent to which the “stimulus” has failed to live up to its promise of economic recovery  – instead piling more debt on the backs of our kids and grandkids without creating new private sector jobs for the 13.9 million unemployed Americans.

Despite the glaring failures of the “stimulus,” the White House sent a budget to Congress this week that will add another $13 trillion of red ink to the nation’s debt over the next 10 years, proving that President Obama still doesn’t understand that we cannot spend and borrow our way to prosperity.

In a statement sent to the White House earlier this week, 150 economists warned that “excessive government spending and borrowing is playing a central role in our economy’s ongoing struggle to create private-sector jobs” and urged both parties to work together to “reverse this spending binge as quickly as possible and free our economy from the burdens of excessive regulation, over-taxation, and runaway spending.”

Republicans are heeding the advice of economists, responding to the demands of the American people and working to create a better environment for job growth this week by cutting more than $100 billion in spending over the next seven months – and that’s just the beginning.  As Speaker Boehner reaffirmed on Fox News’ Hannity last night:

“The American people understand that you can’t continue to spend money that you don’t have.  This year, nearly 40 cents out of every dollar of the federal government is spending we have to borrow from the Chinese.  And it’s our kids and grandkids who get to pay it back.  It’s time for someone in this town to get serious about cutting spending.  And this $100 billion we’ll cut this week is just the beginning of the cutting that will come.”

via “It Failed”: Two Years of “Stimulus” Leave America With Fewer Jobs, More Debt

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