President's Own Numbers Show Stimulus Has Failed To Put Americans Back To Work
Congressman Jim Jordan (R-Urbana) said this morning's announcement that national unemployment has reached 10.2% is further evidence that the $787 billion federal stimulus bill passed in February is not producing the jobs the Obama Administration promised.
"The number one issue in our part of Ohio is jobs, but as unemployment rises to a 26-year high, the White House and leaders in Congress are still focused on passing job-killing programs like cap-and-trade and a federal takeover of health care," said Jordan.
Jordan pointed to a February 17, 2009 White House document* projecting that federal stimulus spending would create 7,200 jobs in the 4th Congressional District of Ohio. As of October 30th, according to an Obama Administration website**, the nearly $150 million of stimulus money spent in the district since February has "created or saved" just 205 jobs.
"Even according to their own rosy numbers, the Obama Administration admits to spending over $720,000 on each job they claim to have created or saved," Jordan said. "This stimulus bill has been a colossal failure, and the money we are borrowing to finance it will take generations to pay back."
"We need to end this out-of-control federal spending and turn our focus towards fiscal responsibility and job creation," Jordan added. "Over 80 of my colleagues have joined me in cosponsoring a bill called the REBOUND Act (H.R. 3140) that would halt the stimulus and bailout spending so we can do just that."