Congressman Leonard Lance (NJ-07) today released the following statement on the first anniversary of enactment of the 2009 $1 trillion stimulus law:
"On Feb. 17, 2009, I joined in bipartisan opposition to a $1 trillion so-called stimulus package that represented the largest single-year increase in federal domestic spending since World War II. Now one year after it became law the stimulus measure cost more than promised, has failed to keep down the unemployment rate and has been riddled with rampant waste, fraud and abuse.
"In New Jersey our state unemployment rate has actually increased from 8.2 percent in February 2009 to the latest figure of 10.1 percent. In fact New Jersey ranks 34th in stimulus jobs created. That is contrary to the Vice President's comments that taxpayers "got their money's worth' out of the stimulus law.
"Passage of the 2009 stimulus law should serve as an expensive lesson in fiscal irresponsibility. A better plan would have been passage of the Republican stimulus package -- a bipartisan plan that would have created twice the jobs at half the cost.
"Washington must stop attempting to spend its way to a better economy and instead exercise fiscal discipline by cutting spending, reducing our national debt and providing tax relief for all working Americans."
For his part, Congressman Lance has proposed a five-point jobs package that includes meaningful tax relief for individuals and businesses, real reforms to curb frivolous lawsuits and a plan to reduce federal spending and lower our national debt.