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Changing the Nation, One State at a Time
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Changing the Nation, One State at a Time
This information and much more may be found on Spending Revolt's website. In fact, while I typed this the government spent $1.73 million.
The $862 billion stimulus package was sold to Americans as a way to reduce unemployment and pull the economy out of a recession. With unemployment well over 9 percent and increasing talk of a double-dip recession, the claim that Washington’s all-in bet on government spending has paid off doesn’t ring true.
Unless, of course, you’re Joe Biden, who has said the stimulus worked beyond his “wildest dreams.”
Diana Furchtgott-Roth, former senior economist at the Labor Department, points out that consensus around whether the stimulus worked or not is important because there are calls from various camps for more of the same. One group thinks that it worked, therefore we should spend more. Another group thinks that it didn’t work, therefore we should…spend more.
Americans seem to have made up their minds, with poll after poll indicating that the public believes the stimulus failed to help create employment. A recent TIME magazine poll shows that two-thirds oppose a second stimulus and more than half think we would have been better off without the first one. Those who were supposed to be helped the most by the hundreds of billions in spending seem to agree. According to Furchtgott-Roth…
“Unemployed Americans know that they are worse off than before the stimulus package was passed, despite rosy estimates from [Congressional Budget Office]. It’s time to try a different tack – lower taxes and spending – and budget numbers that are based on reality.”
Economic growth must be driven by a strong private sector recovery, but Washington’s actions are driving uncertainty and hurting confidence. More responsible governing is essential before companies will begin hiring and investing again.
Unfortunately for Congress, the best of intentions can’t substitute for reality, and the reality is that they can’t spend us into prosperity.