This may be our last opportunity to salvage our nation’s economy. President Obama is pushing to speed up the rate of stimulus spending over the summer, the worst possible thing that could happen to the U.S. economy right now. The Obama Administration has failed to live up to its promises on the stimulus.
The stimulus has now proven to be detrimental to ending the recession, the exact opposite of its intended purpose. The markets live in fear of the anticipated effects of record deficit spending, the housing market’s brief turnaround is being threatened, the bond market correctly fears inflation caused by record deficit spending, and the Dow Jones industrial average has declined since the bill was passed. Banks are now able to pay back TARP funds, only to find markets quivering at the potential consequences of the stimulus.
Now is the time to REPEAL THE STIMULUS, and free the American economy from the largest impediment to recovery.
The Stimulus bill was supposed to save us from imminent depression, it was supposed to create jobs, it was supposed to involve no earmarks and wasteful spending, and it was supposed to have strict oversight of how the money was spent.
Instead it is now prolonging recession, costing jobs, is loaded with earmarks and wasteful spending and has ineffective oversight.
When the Stimulus package was being pushed through Congress, Obama Administration advisors Cristina Romer and Jared Bernstein, promised unemployment would not go beyond 8% if we passed the stimulus. They threatened a worse scenario without it. Now unemployment is at 9.4% and far worse than their predictions for the economy had no stimulus been passed. That equals 1.5 million jobs lost under Obama.
The economy appears to have been through the worst, and the stimulus still looms having only injected $43 billion of the funds. For something designed to give a quick economic jolt to stop an emergency decline into depression, it is clear it has failed; and it would have been impossible for it to have stopped a depression anyways.
During the frenzied push through Congress of the Stimulus bill we were promised “no earmarks” and oversight of the spending. “If you take a look at the bill, the fact is there are no earmarks in this bill” Obama told ABC on Feb. 3rd. By ‘no earmarks’ President Obama must have meant 9,000. That number includes the gem of John Murtha’s airport. One can find long lists of wasteful earmarks, as Joe Biden said: “We know some of this money is going to be wasted”.
In light of The Obama Administration’s failure to live up to its end of the bargain: the American people have every right to cancel the deal. All the Congressmen who claim regret for their vote have the opportunity to correct their mistake.
It is time to move the government out of the way and allow the American people to get to work rebuilding the economy.
This week Rep. Tiahrt introduced an amendment to repeal the stimulus. Support Rep. Tiahrt’s amendment, but most importantly do not let the issue die. If repeal does not pass during this congress, it should be a seminal issue during the 2010 campaign, and the first objective of the 112th Congress.
This is an issue for the American people, and the Tea Partiers, to brandish until it is fixed, or every politician who swindled them is kicked out of office.
The people must demand Stimulus repeal to the end.