Rep. Louie Gohmert (TX-01) released the following remarks today on the two-year anniversary of the "stimulus" package being signed into law.
"The "stimulus' package has clearly failed to live up to the expectations the Obama Administration touted to the American people in February 2009. It has let down millions of workers by failing to keep unemployment under 8 percent as promised. With a $1-trillion dollar price tag, the stimulus has only added to our out-of-control national debt, which is over $14 trillion. We are borrowing, mostly from the Chinese, 42 cents on the dollar.
Now, President Obama has introduced a new budget plan that will more than double our entire national debt in 5 years. This new proposal is irresponsible. The financial future of our children, grandchildren and even great grandchildren should not be addressed in such a cavalier manner. The economic collapse of the recovering nation is at stake.
We cannot borrow and spend our way to prosperity. The answer is in making cuts to federal spending, divesting the federal government of unneeded assets and using the resources with which this nation is so very blessed to create new jobs, bring down energy prices and cause a new resurgence of prosperity for American workers. We will not succeed by doubling the credit limit for our nation's debt while failing to regain spending."
A Few Results of the Failed Stimulus:
* 2.5 million American jobs have been lost
* Overall, the private sector has shed 1.8 million jobs
* Over 1.5 million jobs lost in construction and manufacturing alone
* A record 21-months of unemployment at 9 percent or higher
* Additional $1.7 trillion added to the national debt
* A total of 47 out of 50 States have lost jobs
The House Republicans will act decisively through H.R. 1 this week, which will cut job-destroying spending by over $100 billion.