Last night the president used a nationally televised address to a joint session of Congress to introduce his latest plan for job creation. While I agree with the president that we must get folks back to work, I do not believe that another failed stimulus is the answer.
President: "This expands on the tax cuts that Democrats and Republicans already passed for this year. If we allow that tax cut to expire middle-class families will get hit with a tax increase at the worst possible time."
Fact: In a 2008 testimony before the House Budget Committee, Federal Reserve Chairman Ben Bernanke agreed with Republicans, warning that "You would not want to have a net tax increase in the middle of a slowdown."
GOP: Our nation continues to suffer from a serious jobless problem. Republicans believe that we must permanently stop all job-killing tax hikes scheduled to take effect and give small businesses a tax deduction so that they can hire new employees.
President: "The purpose of the American Jobs Act is simple: to put more people back to work "
Fact: In January 2009, the White House promised that their so-called "stimulus" would keep unemployment below 8 percent. However, unemployment has been above 8 percent for 31 months and has averaged 9.4 percent.
GOP: With nearly one in ten Americans out of a job, Republicans believe the fastest way to get people working again is by shrinking the size of the federal government and removing barriers small businesses face from excessive federal regulations.
President: "And everything in this bill will be paid for. Everything."
Fact: The president failed to explain exactly how he would pay for his nearly $450 billion proposal, but said that he would send his plan to the Joint Select Committee on Deficit Reduction, or "super committee," tasked with identifying federal budget savings.
GOP: During a time when the federal deficit is on a path to reach $1.48 trillion, Republicans believe that the federal government must restructure the federal budget by reducing spending, enforcing statutory caps and requiring a Balanced Budget Amendment.
House Republicans have advanced a number of job-creating proposals -- many of which have passed with bipartisan support -- that remain stalled in the Democratic-controlled Senate. I urge the president to support these initiatives which promote private sector growth, decrease job-crushing regulations and boost American-made energy production.
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