Four Years Later: More Debt, Fewer Jobs
President Obama’s Stimulus Is Still A Billion-Dollar Boondoggle
- As President Obama’s failed stimulus celebrates its 4th birthday, we see an ineffective and expensive law that has hampered our economic recovery.
- By now, the White House predicted the unemployment rate would be 5.2 percent, yet today it stands at 7.9 percent.
- The stimulus alone accounts for nearly 15 percent of the approximately $6 trillion Obama has added to the national debt since taking office.
- Democrats believe they can spend their way to prosperity, but the American people know better. The only path to a lasting recovery is to implement pro-growth policies that will strengthen the middle class.
Four Years Ago Today, President Obama Signed The Stimulus Package Into Law. “President Barack Obama signed his $787 billion economic stimulus package into law Tuesday, with an upbeat speech emphasizing the road to recovery.” (Laura Meckler, “Obama Signs Stimulus Into Law,” The Wall Street Journal, 2/18/09)
The White House Predicted, With The Stimulus, The Current Unemployment Rate Would Be 5.2 Percent. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)
The Current Unemployment Rate Is 7.9 Percent. (Bureau of Labor Statistics, 2/15/13)
The Stimulus Package Costs $831 Billion. (“Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from January 2012 Through March 2012,” Congressional Budget Office, 5/25/12)
Approximately $5.7 Trillion Has Been Added To The National Debt Since The Stimulus Was Passed. (U.S. Department Of Treasury, Accessed 2/16/13)