from GOP.gov
In 2009, the White House claimed that if the $1.16 trillion (CBO estimates the cost of the bill will reach $814 billion and interest on the debt for the bill will be at least $347 billion) stimulus was approved, unemployment would not rise above 8 percent. In reality, unemployment is currently 9 percent and has been above 8 percent for 28 months. In the same report, the Obama administration claimed the stimulus would “save or create at least 3 million jobs by the end of 2010.” In fact, a new report by economists Timothy Conley from the University of Western Ontario and Bill Dupor from Ohio State University, found that the President’s failed stimulus “destroyed or forestalled roughly one million private sector jobs.” Instead of creating jobs, the largest stimulus bill in history crowded out private sector growth and cost Americans jobs.
Record spending, deficits, and debt by the Obama administration has created vast uncertainty for job creators and is keeping investors on the sidelines. In 2007, the last year under a Republican budget resolution, the deficit was $160.7 billion or 1.2 percent of GDP and it had decreased every year since 2004. According to President Obama’s FY 2012 budget, the deficit for 2011 will be $1.64 trillion or 10.9 percent of GDP. According to Fed Chairman Ben Bernanke, this runaway spending will destroy jobs and halt economic growth. Bernanke stated, “Expectations of large and increasing deficits in the future could inhibit current household and business spending—for example, by reducing confidence in the longer-term prospects for the economy or by increasing uncertainty about future tax burdens and government spending—and thus restrain the recovery.” Sadly, the President wants to double-down on our unsustainable path by borrowing $13 trillion over the next decade and spending $5.7 trillion over the next ten years just to pay the interest on borrowed money.
