Dems’ Fiscal Legacy: American Families Can Look Forward to More Debt & Fewer Jobs

May 9, 2012

FYI, a similar version of this release below went out to the following districts: Shelley Adler (NJ-03), Pete Aguilar (CA-31), Jeff Anderson (MN-08), George Badey (PA-07), Ron Barber (AZ-08), John Barrow (GA-12), Ami Bera (CA-07), Tim Bishop (NY-01), Kathy Boockvar (PA-08), Leonard Boswell (IA-03), Bruce Braley (IA-01), Cheri Bustos (IL-17), Lois Capps (CA-24), Ben Chandler (KY-06), Andrei Cherny (AZ-09), David Cicilline (RI-01), Tarryl Clark (MN-08), Gerry Connolly (VA-11), Jim Costa (CA-16), David Crooks (IN-08), John Delaney (MD-06), Val Demings (FL-10), Tammy Duckworth (IL-08), Bill Foster (IL-11), Lois Frankel (FL-22), Pete Gallego (TX-23), John Garamendi (CA-03), David Gill (IL-13), Alan Grayson (FL-09), Raul Grijalva (AZ-07), Pam Gulleson (ND-AL), Clark Hall (AR-01), Brad Harriman (IL-12), Jose Hernandez (CA-10), Brian Higgins (NY-26), Jim Himes (CT-04), Ruben Hinojosa (TX-15), Paul Hirschbiel (VA-02), Rush Holt (NJ-12), Steven Horsford (NV-04), Q. Byrum Hurst (AR-04), Steve Israel (NY-03), Bill Keating (MA-09), Ann Kirkpatrick (AZ-01), Larry Kissell (NC-08), Pat Kreitlow (WI-07), Ann McLane Kuster (NH-02), Rick Larsen (WA-02), David Loebsack (IA-02), Alan Lowenthal (CA-47), Nita Lowey (NY-17), Dan Maffei (NY-24), Larry Maggi (PA-18), Jim Matheson (UT-04), Carolyn McCarthy (NY-04), Gary McDowell (MI-01), Mike McIntyre (NC-07), Jerry McNerney (CA-09), Michael Michaud (ME-02), Joe Miklosi (CO-06), Brendan Mullen (IN-02), Patrick Murphy (FL-18), Mark Murphy (NY-11), Rick Nolan (MN-08), John Oceguera (NV-03), Bill Owens (NY-21), Sal Pace (CO-03), Frank Pallone (NJ-06), Ed Perlmutter (CO-07), Scott Peters (CA-52), Chellie Pingree (ME-01), Nick Rahall (WV-03), Ciro Rodriguez (TX-23), Hayden Rogers (NC-11), Raul Ruiz (CA-36), Lori Saldaña (CA-52), David Schapira (AZ-09), Brad Schneider (IL-10), Brandon Shaffer (CO-04), Carol Shea-Porter (NH-01), Kyrsten Sinema (AZ-09), Louise Slaughter (NY-25), Gene Stilp (PA-11), Betty Sutton (OH-16), Mark Takano (CA-41), John Tierney (MA-06), Paul Tonko (NY-20), Manan Trivedi (PA-06), Niki Tsongas (MA-03), Christie Vilsack (IA-04), Jamie Wall (WI-08), Tim Walz (MN-01), Charlie Wilson (OH-06), John Yarmuth (KY-03)

McIntyre’s Fiscal Legacy: North Carolina Families Can Look Forward to More Debt & Fewer Jobs
North Carolina Democrat Shows No Signs of Halting His Failed Stimulus Spending Policies

WASHINGTON — Since President Obama and Mike McIntyre now own one of the worst fiscal records in American history, it is no surprise that the current and future economic forecasts are so unsteady. Mike McIntyre’s failed stimulus spending policies have only managed to skyrocket the national debt and make it increasingly difficult for America’s small businesses to grow and create jobs for middle-class families.

“Mike McIntyre will have to face the fact that his failed big-government policies in Washington have stifled the recovery and put the country on the path to economic decline,” said NRCC Communications Director Paul Lindsay. “After McIntyre embarked on the largest spending and borrowing spree in American history, he has very little to show for it since middle-class families throughout the country continue to struggle with unemployment and underemployment.”

Prior to the Obama Administration, a trillion dollar deficit was unheard of. If CBO estimates hold true for 2012, President Obama will have had a deficit exceeding one trillion dollars every year of his first term:

“If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term… The largest deficit recorded before [2009] was $458 billion in 2008.” (Erik Wasson, “CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012,” The Hill’s On The Money Blog, 1/31/12)

This spending and borrowing spree will only hurt job growth as debt crowds out private-sector job creation:

“The U.S. and other developed economies with high public debt potentially face ‘massive’ losses of output lasting more than a decade, even if their interest rates remain low, according to new research by economists Carmen and Vincent Reinhart and Kenneth Rogoff.” (Rich Miller, “Reinharts, Rogoff See ‘Massive’ Output Losses From High Debt,” Bloomberg, 5/1/12)

Washington Democrats refuse to relent on their big-government policies, which means economic growth will continue to suffer:

“The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses. After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent.” (Erik Wasson, “CBO estimates Obama’s 2013 budget plan would hit economic growth,” The Hill’s On The Money Blog, 4/20/12)

Dems’ Fiscal Legacy: American Families Can Look Forward to More Debt & Fewer Jobs http://ow.ly/aNLUB #madeinwdc

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