U.S.Congressman Sean Duffy issued the following statement regarding the second anniversary of the so-called "stimulus:"
"Two years ago, Congress voted to spend nearly a trillion dollars in the so-called "stimulus.' It was sold on the idea that we can borrow and spend our way back to prosperity. Two years later it is clear that we cannot grow the economy by growing the size of government. We cannot borrow and spend our way to economic prosperity or sustainable jobs--that comes from the private sector.
"Last week, I introduced the "Recovering Excessive Stimulus Expenditures for Taxpayers' (RESET) Act to end this failed attempt to engineer economic recovery from Washington. The RESET Act would take unobligated stimulus funds and send them back to the Treasury for deficit reduction. The White House concedes that there are billions of tax dollars that can be saved with this simple step.
"I came to Congress to focus on pro-growth policies that will get our nation's fiscal house in order, put us back on the road to prosperity by encouraging the private sector to innovate and invest and to get our families back to work. We need more jobs, not more government."
The initial estimate for the so-called "stimulus' was that it would cost $787 billion, but the Congressional Budget office now says it will cost $814 billion with the interest on the debt for the bill totaling at least $347 billion. According to the White House' own recent estimates, $168 billion of the "emergency funding' still remains unspent with up to $7 billion in unobligated funds.
At the time, the American People were told that the "stimulus" would "create or save 3.5 million jobs over the next two years." A year later, the American People were told that the "stimulus" was "on track to save and create another 1.5 million jobs in 2010."
However, since the so-called "stimulus" was signed into law, over 2.5 million net jobs have been lost nationwide and unemployment has persisted at 9% or above for 21 consecutive months--the longest period since the Great Depression (contrary to predictions that the "stimulus" would cause unemployment to fall below 7 percent by January 2011).
The national debt is more than $14 trillion and the national deficit for this year is projected to be more than $1.6 trillion.