U.S. Congressman Pete Sessions today released the following statement regarding the one-year anniversary of President Barack Obama signing the economic "stimulus" bill:
"One year ago today, President Obama signed the trillion dollar "stimulus' bill that he promised would fix our broken economy and put Americans back to work. The American people have instead witnessed a massive spending binge by the Democrat-controlled Congress and Administration fueled by policies of even more spending, taxing, and borrowing. Since the enactment of the so-called "stimulus' bill, our federal deficit has reached $1.4 trillion and our public debt rose to $12.1 trillion at the end of 2009 -- the highest debt level since the 1950s and World War II.
"The Obama Administration assured the American people that the "stimulus' bill would keep the unemployment rate from exceeding 8%. Unfortunately, this promise has proven to be empty political rhetoric as more Americans continue to lose their jobs every day. The unemployment rate has risen from 7.6% in February 2009 to its current level of 9.7%. In November 2009, the unemployment rate reached 10.2%, marking the first time the unemployment rate surpassed 10% since 1983.
"Broken promises are not the only reason Americans have lost confidence in the current Majority's ability to govern in Washington . The Administration has been unable to accurately measure the impact of the "stimulus' on our economy, over-reporting job creation and reporting use of funds in districts that do not exist. In a state with only 32 Congressional Districts, Texas reportedly received stimulus money earlier this year in "phantom districts' -- the 00, 52nd, 58th, 68th, 85th, 86th, and 91st. And in our 32nd District, allegedly 54.8 jobs were "created or saved' at a cost of $59,540,854 -- or $1,086,511.93 tax dollars per job.
"During this continued period of historic economic distress, American taxpayers deserve solutions that reduce wasteful government spending -- not a unilateral spending spree intended to grow the size of government. My Republican colleagues and I will continue to propose common-sense, pro-growth policies in the 111th Congress and stand ready to work with the Majority and President Obama to provide real relief for American families and businesses."