With the monthly unemployment rate rising to 9.2 percent last week and only 18,000 jobs created in the month of June – the economic outlook is very bleak for America. Already, July is looking like another stagnant job month with over 400,000 Americans already getting the pink slip in the first week. Our economy has shed over 400,000 jobs each week for thirteen weeks now. These numbers are simply unacceptable and President Obama’s failed policies and irresponsible priorities are to blame.
Where are the jobs President Obama promised back in January 2009? Back then, the Obama Administration predicted that the jobless rate would not surpass 8 percent if the stimulus bill passed. Of course, the stimulus bill did pass, and we haven’t seen unemployment below 8 percent since.
The failed stimulus has done nothing to put the economy on the right path towards prosperity – in fact, it cost the American taxpayer $278,000 per job created. The Obama stimulus plan was nothing but a lesson in how to waste almost a trillion dollars in taxpayer funds. (Read Citizens United’s exclusive report on where the stimulus money went.)
Americans are struggling and need real leadership in Washington. President Obama and the Democrats in Congress led us into the economic abyss that we are in now. In 2009, they had a chance to deliver “hope” and “change” by reaching a bipartisan consensus on how to fix the economy. Instead they chose the partisan path – the path their special interests wanted and the path that has led to hard times that will be felt “for a long time to come,” according to Obama’s own Treasury Secretary Timothy Geithner.
Aside from the unemployment rate, the only other economic number that has gone up since the stimulus passed is our national debt. July 8th marked the 800th day since Democrats in Washington last passed a budget and it is no coincidence that our $14 trillion national debt continues to skyrocket. In 800 days, our debt has increased by $3.2 trillion, we’ve paid $439 billion in interest on that debt, and the government has spent $7.3 trillion. How can the federal government be successful in balancing the books and paying down the debt without a budget?
As debt ceiling negotiations continue, Republicans must hold the line on not allowing any tax increases. With another horrible jobs report, the American people need a larger tax burden like they need another trillion dollars added to our debt.
House Republicans will be introducing a balanced budget amendment to the Constitution later this month. The balanced budget amendment is part of a larger strategy to Cut, Cap, and Balance the federal government’s finances during these difficult times. Many American families live within their means; the balanced budget amendment will force lawmakers in Washington to make the tough decisions our citizens have been making every day – finally.
Tennessee Congresswoman Marsha Blackburn will introduce amendments to the notoriously pork-heavy Energy and Water Appropriations bill this week. Blackburn’s spending cut amendments can save the American taxpayer up to $1.5 billion. The Blackburn amendments highlight Republicans’ commitment to cut waste out of federal government spending. While President Obama and Congressional Democrats sit idly by as the economy heads further into the gutter, Congressional Republicans are trying to fix our fiscal mess bit by bit.
President Obama seems lost in dealing with our economic crisis because he is so fixated on pushing the same old liberal ideas that just feed the status quo and make it worse. More government control and spending are no prescription for an economic recovery. The arrogance of the Obama Administration last week in saying that Americans do not care about the unemployment rate just shows that their heads are in the sand. The only people in the entire nation who don’t seem to care about the high jobless rate are the ones sitting in the White House.