Diary

One Year Later, No Sign of Stimulus’ Immediate Jolt

The Democrats’ $862 billion stimulus bill turns a year old today, but don’t fret if you didn’t get a party invitation. Most Americans haven’t seen much in the past year of stimulus worth celebrating.

Democrats claimed their stimulus bill would have an immediate impact on job creation and the economy. Clearly, that was ridiculous. Just take a look at the bill – it’s mostly a hodge-podge of expensive giveaways and programs with little real impact on job creation.

Senator Evan Bayh (D-IN), who just announced that he won’t seek reelection this year, recently had some sharp comments about this Congress’ record on jobs:

“If I could create one job in the private sector by helping to grow a business, that would be one more than Congress has created in the last six months,” Bayh said.

That’s not exactly a ringing endorsement of Democrat policies, and no wonder. The number of jobs our economy has lost in just the last year is approaching 4 million, and the unemployment rate has hung around 10% for the past 6 months. And then there’s the 6.1 million unemployed Americans who want to work but aren’t included in the oft-quoted unemployment rate.

Even these numbers don’t paint the whole picture. Conventional wisdom says the U.S. needs to create about 125,000 new jobs every month just to keep up with population growth. That’s where the Democrats’ job-killing agenda rears its ugly head. Employers aren’t likely to risk hiring and expanding without confidence that their businesses will be able to thrive in the future. When confronted by a government takeover of health care, a national energy tax, card check, skyrocketing debt, and higher taxes, most job creators aren’t trying to expand. They’re hunkering down in self-defense.

For robust and sustainable job growth, our entrepreneurs, small businesses, and other job creators require a job-friendly environment in which individuals and businesses can keep more of their hard-earned money without seeing the future mortgaged by irresponsible spenders in Washington.