"In politics, you can say all sorts of things that have no relationship with reality." --Thomas Sowell
In 2009, Democrats enacted a $1.138 trillion “stimulus” plan (including the cost of interest), promoting it as being necessary to create jobs. Recently, Democrats kicked off what they are referring to as the “Recovery Summer.” The recovery summer consists of a six weeks long promotional tour by Democrat leaders to attempt to highlight what they believe to be successes from their stimulus bill. According to Politico, David Axelrod, President Obama’s senior adviser, stated, “This summer will be the most active Recovery Act season yet…[G]iving the American people a first-hand look at the Recovery Act in their own backyards and making it crystal clear what the cost would have been of doing nothing.” While Democrats attempt to convince themselves that spending the nation into bankruptcy is a successful recovery, with nearly 10 percent unemployment, most Americans know all too well that the Democrats’ stimulus is anything but a success.
DEMOCRATS' DEFINITION OF SUCCESSFUL RECOVERY:
Lack of Job Creation: The Bureau of Labor Statistics’ recent jobs report indicates that the unemployment rate for May 2010 was 9.7 percent. Unfortunately, 412,000 of the 431,000 jobs “created,” were temporary government census worker positions that will soon be eliminated. On May 20, 2010, Bloomberg reported, “More Americans unexpectedly filed applications for unemployment benefits last week, showing firings remain elevated even as employment climbs. Initial jobless claims rose by 25,000 to 471,000 in the week ended May 15...”
Increase in Home Foreclosures: On June 10, 2010, CNNMoney.com reported, “Bank repossessions hit a record monthly high in May, according to RealtyTrac, the online marketer of foreclosed properties. Lenders took back 93,777 properties, up 1 percent from the previous month's record and 44 percent from the same period a year earlier.”
Plunge in New Home Sales: On June 22, 2010, the AP reported, “Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record…”
Stifled Economic Growth: On June 23, 2010, the Wall Street Journal reported, “Verizon Communications Inc. Chief Executive Ivan Seidenberg, current head of one of the nation's most influential business groups, slammed the Obama administration for decisions he said ‘create an increasingly hostile environment for investment and job creation…’” Mr. Seidenberg also heads the Business Roundtable, a group made up of the chief executives of the nation's largest listed companies, employing over 12 million people.
Increase Taxes for the Middle Class: Rather than reducing the size of government, the Democrats would fund the expansion of government by imposing higher costs on middle class taxpayers. On June 22, 2010, the AP reported that House Majority Leader Hoyer stated, "[W]hat to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about their implications for our fiscal outlook, including whether we can afford to permanently extend them…"
Ongoing GSE Bailout: As of May 2010, taxpayers lost $145 billion bailing out Fannie Mae and Freddie Mac. According to the Congressional Budget Office, the taxpayers’ liabilities are expected to be nearly $400 billion. Yet, the Democrats continue to protect the failed government sponsored enterprises and refuse to rid the taxpayers of the failed firms’ liabilities.
Excessive Government Spending: According to the Annual Report on the Public Debt, issued by the Treasury Department in June 2010, by 2015 the national debt is estimated to rise above $19.6 trillion with the ratio of debt to GDP rising above 102 percent.
Record Deficit: In a June 2010 report, the CBO projected the federal debt would reach 62 percent of GDP by the end of this year, the highest percentage since shortly after World War II.