Mr. KIRK. The economy is hurting and we should act. A stimulus bill that backed improving highways and airports would blunt the recession. If you look at the stimulus bill the Appropriations Committee approved, you would find 11 appropriations totaling $65 billion that would put 2 million Americans to work, but the bill spends hundreds of millions more. It spends more money than the entire GDP of Australia. Of the 151 appropriations, only 34 even have claims of reporting jobs.
The bill claims to save 3.7 million jobs, but does so at a cost of $222,000 each. Private sector jobs only cost $50,000 each. The bill quotes one economist, Mark Zandi, six times, but doesn't mention the Congressional Budget Office. CBO reports that only $26 billion of this trillion dollar bill can be spent in 2009.
CBO says over $70 billion of the spending will not be spent during the entire 4 years of the Obama administration. And one last thing, there is no mention of the $2 trillion congressional leaders plan to borrow or how our kids will pay it back.