U.S. Senators Tom Coburn and John McCain have released a new oversight report identifying 100 stimulus projects laden with waste, fraud, and abuse.
When Congress passed the $862 billion American Recovery and Reinvestment Act in 2009, otherwise known as the stimulus bill, it passed with assurances that it would stem the loss of American jobs and keep the economy from floundering. However, its reverse effect has only resulted in costing American taxpayers and proving to be inefficient in the area of employment.
Eighteen months since the law's passage, millions of jobs are still gone and the economy is as uncertain as ever. The only thing getting a boost is our national debt -- the stimulus has helped push it 23 percent higher, to $13.2 trillion, a new record.
"We owe it to every American to rebuild our economy without doing additional harm and in a manner that expands opportunities for future generations of Americans.
There is no question job creation should be a national priority, but torrential, misdirected government spending is not the way to do it. Generating record-breaking national debt is not an investment in our children's and grandchildren's future and will not lead to any long-term recovery." - Sens. Coburn & McCain