Vice President Joe Biden recently told the American people that the Obama Administration misread the economy when putting together their nearly $1 trillion spending package. Clearly, this administration made many serious mistakes when putting together their so-called “stimulus” package but chief among them was a serious misreading of history.
Both President John F. Kennedy and President Ronald Reagan showed that broad tax relief for American families and small businesses was the best way to stimulate the economy and support job creation. After all, small businesses create the majority of jobs in this country, so it would seem commonsense to put our support behind them. In fact, Republican stimulus proposals included substantial relief for small businesses as well as working families, those who have lost their jobs, and retirees. We constructed a strategy with a proven track record and one that empowers the American people not government bureaucrats.
Democrats in Congress and the Administration ignored history and in doing so put on the backs of the American people a debt-creating big government borrowing and spending spree which has not been timely, targeted, or temporary. The continued decline in jobs is a symptom of the type of slow, bureaucratic driven spending this Administration put in place. In the meantime, it has saddled future generations with an unprecedented level of new debt which threatens Social Security and encourages the potential for hyperinflation and higher interest rates. This would be a recipe for future economic decline and job losses. Whether or not they misread the economy, it is quite clear that this Administration has misread history, misplaced its priorities, and misspent American tax dollars.
It is not too late to stop the spending spree and begin to stem the tide of job losses by supporting the families and small businesses that will rebuild our economy. By learning from our past, we can forge a stronger future of fiscal responsibility and prosperity.