House Republican Whip Eric Cantor (R-VA) today issued the following statement regarding President Obama's Labor Day remarks.
"Today the President will use the Labor Day holiday as the launching pad for yet another government stimulus effort, another play called from the same failed Keynesian playbook. The President's proposal leaves little doubt that not only has last year's stimulus bill failed to deliver on the promises made by the Administration, but that the President himself still doesn't get it - our government simply cannot keep spending money that it doesn't have. Job creators, small business owners, and investors don't know which burdensome tax hike, regulation or mandate will come next, and therefore are reluctant to hire new employees, assume risk and make investments--all crucial components of any economic recovery. More government stimulus does nothing to end this cloud of uncertainty.
"Nearly 19 months ago, the President signed into law a stimulus bill that was passed by Congress, supporters argued, to keep unemployment below 8 percent at a cost of over $800 billion to taxpayers. In the wake of its failure, repeating the same mistake is not an option that families and small businesses can afford. Reports from across the country show that dollars intended for infrastructure improvement in the President's first stimulus are being wasted, so how will his latest be any different? Additionally, federal infrastructure projects are typically slow to commence on the ground, meaning that this new effort will do little in the immediate future to kick start the economy.
"Blindly throwing darts at the board and hoping for a bullseye is not economic leadership. There is a better way. For the last 18 months, Republicans have focused on cutting spending and creating jobs by offering better alternatives than the Democrat majority that specifically address the economic uncertainties facing our country. Washington has a spending problem, and the policies of the Obama Administration and the Pelosi/Reid Congress have caused the size and reach of the government to explode. What the President touted as the 'Recovery Summer' is built upon the misguided notion that government expansion creates prosperity, when in reality it has continued to drive debt and deficits. America stands at a crossroads, and the decisions we make today will determine the type of country we pass on to our children tomorrow. We need to cut spending immediately and end the environment of uncertainty that continues to impede real private sector job creation and growth."