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Facts about the failure of Obama's so-called stimulus

August 17, 2009

Today is the six-month anniversary of the passage of the $787 billion so-called “stimulus” bill. Despite the Democrats’ initial confidence that the legislation would turn around our economy, it has been ineffective, and now 57% of Americans believe it was a failure.

House Minority Leader John Boehner has released the facts about Barack Obama’s first experiment with our economy. An excerpt is below:

• Despite the Administration’s promise that the “stimulus” would provide an immediate “jolt” to the economy and create jobs “immediately,” more than 2.8 million jobs have been lost since it was enacted on February 17, 2009.
• On the day the “stimulus” was enacted, the national unemployment rate was 7.6 percent.  Today it is 9.4 percent.
• On May 13, Vice President Biden issued a report on the stimulus’ first 100 days asserting that it had “saved or created” 150,000 jobs, and that “an additional 600,000 jobs are expected to be created or saved under the Recovery Act in the next 100 days” for a total of 750,000 jobs.  But the Bureau of Labor Statistics Commissioner told Congress earlier this year that it’s “very difficult for anyone to substantiate” the Administration’s claims – especially since Secretary Geithner recently said that unemployment won’t come down until late in 2010 and that the economy has shed 2.8 million jobs since February.
• Since the “stimulus” was enacted, Democrats have added $869 billion in new debt that will be paid for by our children and grandchildren.
• According to the Associated Press, “Tens of thousands of unsafe or decaying bridges carrying 100 million drivers a day must wait for repairs because states are spending stimulus money on spans that are already in good shape or on easier projects like repaving roads.”