Target Dems' Stimulus Fails to Save Nevadan Homes

January 15, 2010

FYI, a version of the release below went out to the following districts: John Adler (NJ-03); Melissa Bean (IL-08); Allen Boyd (FL-02); Dennis Cardoza (CA-18); Jim Costa (CA-20); Bill Foster (IL-14); Gabrielle Giffords (AZ-08); Alan Grayson (FL-08); Debbie Halvorson (IL-11); Jim Himes (CT-04); Rush Holt (NJ-12); Ann Kirkpatrick (AZ-01); Suzanne Kosmas (FL-24); Betsy Markey (CO-04); Jim Marshall (GA-08); Jerry McNerney (CA-11); Harry Mitchell (AZ-05); Ed Perlmutter (CO-07); Gary Peters (MI-09); Loretta Sanchez (CA-47); Mark Schauer (MI-07); Bart Stupak (MI-01) and Harry Teague (NM-02). 

Dina Titus’ Stimulus Fails to Save Nevadan Homes

Stimulus Money Can’t Keep Housing Market Afloat


Washington- It’s been almost a year since Dina Titus and Washington Democrats were celebrating the stimulus being signed into law, yet unemployment numbers are high and foreclosure rates are the highest since the Great Depression.  A record-high 3 million American homes are expected to be repossessed by lenders in 2010, and Nevada’s foreclosure rate is the highest in the nation for a third straight year. Despite lackluster results from their economic policies, Titus and her party leaders continue to spend the American economy into the ground.


“A record 3 million U.S. homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell, according to a RealtyTrac Inc. forecast.”


“Government and lender efforts to keep people in their homes are failing to relieve the worst foreclosure crisis since the Great Depression. Unemployment was 10 percent in December, unchanged from the previous month, while the so-called underemployment rate that includes part-time workers and discouraged workers rose to 17.3 percent from 17.2 percent, the Labor Department said Jan. 8.”


“Nevada had the highest foreclosure rate for the third straight year in 2009, with more than 10 percent of households receiving at least one filing. December filings fell 22 percent from a year earlier and rose 27 percent from November.” (Dan Levy, “U.S. Foreclosures May Rise to 3 Million This Year,” Bloomberg, 1/14/2010)


Against economists’ warnings and the vast failures of their economic policies, Democrats refuse to stop their spend-and-tax ways:


“’A federal spending surge of more than $20 billion for roads and bridges in President Obama’s first stimulus has had no effect on local unemployment rates, raising questions about his argument for billions more to address an ‘urgent need to accelerate job growth.’” 


“‘There seems to me to be very little evidence that it’s making a difference,’ said Todd Steen, an economics professor at Hope College in Michigan who reviewed the AP analysis.  


“And there’s concern about relying on transportation spending a second time.  


“‘My bottom line is, I’d be skeptical about putting too much more money into a second stimulus until we’ve seen broader effects from the first stimulus,’ said Aaron Jackson, a Bentley University economist who also reviewed the AP’s analysis.” (Matt Apuzzo and Brett J. Blackledge, “Stimulus cash doesn’t create local jobs,” Associated Press, 1/12/2010)


“These latest economic numbers are further proof that Dina Titus continues to push her party’s failed policies at the expense of middle-class families,” said NRCC Communications Director Ken Spain. “While Titus keeps her party leaders happy by supporting their big-government, big-spending agenda, Nevadans are the ones left suffering. With the worst foreclosure crisis since the Great Depression, Nevadans need answers that work instead of mountains of debt. With the numbers stacked against her, it’s apparent Titus has spent entirely too long in Washington.”