Well, the Stim passed and things got better, right?
Wrong. Eighteen months have passed since the Administration claimed an economic Stimulus in the range of $775 billion would create 3.5 million jobs and cap unemployment at 8 percent. (1) Instead, 2.3 million American jobs have been LOST, unemployment spiked from 7 percent to nearly 10 percent and has remained there, and taxpayers are on the hook for a trillion dollars, including interest. There's been a total reduction of 2.3 million jobs from February 2009 until June 2010, including job losses in almost all business sectors. (2)
The only job sector “gains” were in government jobs – which means taxpayers will continue picking up the tab to keep these jobs in place after Stimulus funds expire. That is the working definition of “unsustainable” employment.
“The private sector is losing jobs and the government-created jobs from the Stimulus are unsustainable without future tax increases,” said Congressman Charlie Dent. “Taxpayers take note: John Callahan thinks that is success. John Callahan believes we’re getting our trillion dollars worth from the Stimulus and other failed job measures in the past year. How much more of your money will he be willing to spend on disastrous policies?”
1. Romer-Berstein report of Administration’s stimulus projections, Jan, 10, 2009http://www.politico.com/static/PPM116_obamadoc.html
2. U.S. Dept. of Labor, Bureau of Labor Statistics