Happy 6th Month Anniversary, Trillion Dollar Stimulus

17 08 2009

From House Minority Leader Boehner, some items to remember as you mark this celebratory occasion:

  • 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 reporton 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. 
  • A total of 15 states now have unemployment rates higher than 10 percent, including Alabama (10.1 percent), California (11.6 percent), Georgia (10.1 percent), Illinois (10.3 percent), Florida (10.6 percent), Indiana (10.7 percent), Kentucky (10.9 percent), Michigan (15.2 percent), Nevada (12 percent), North Carolina (11 percent), Ohio (11.1 percent), Oregon (12.2 percent), Rhode Island (12.4 percent), South Carolina (12.1 percent), and Tennessee (10.8 percent).
  • The number of long-term unemployed (those jobless for 27 weeks or more) is now five million, up from 2.6 million when the “stimulus” was signed into law.
  • Since the “stimulus” was enacted, Democrats have added $869 billion in new debt that will be paid for by our children and grandchildren.
  • A $255 million program using stimulus funds designed to help struggling small business by providing them with 10,000 loans of up to $35,000 each, has only given out 1,127 loans, totaling $36.8 million, according to the New York Times.
  • An analysis last week by the Washington Times found that stimulus money “spending has slowed to a trickle, despite President Obama’s June order to his Cabinet to speed it up.  The average stimulus spending per week has dropped severely, to just $4.2 billion over the past month from $9.7 billion during the prior four months.”
  • 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.”
  • Stimulus funds are not getting to those areas that need it most, according to a detailed analysis by ProPublica that found that there’s “no relationship between where the money is going and unemployment and poverty” and that, “…spending is uneven and sometimes runs contrary to measures of need.”
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