Thirty-two months into his presidency, and 31 months after he signed the failed $1 trillion “stimulus” bill, President Obama was on the trail touting a new, undisclosed jobs plan. After spending the majority of his time and energy on a government takeover of health care and spending money we don’t have, the president suggests that his is finally ready to pay attention to the nation’s 9.1 percent unemployment rate. Unfortunately, the president continues to ignore the House Republican plan to create jobs and it’s clear the that president is determined to increase spending, pile on more debt, and increase taxes on families and small businesses. Here’s where the president’s economic policies have gotten the country so far:
Worst Unemployment since the Great Depression: Unemployment now stands at 9.1 percent, which is significantly higher than the 7.8 percent rate when the president took office and higher than the 6.7 percent rate the administration promised unemployment would be if the failed stimulus became law. Unemployment has been above 8 percent for 30 months—the longest streak since the Great Depression. From March 2009 (the month after the stimulus became law) through July 2011, unemployment has averaged 9.4 percent.
Stagnant Economic Growth: According to the Bureau of Economic Analysis, growth in the U.S. has slowed to an anemic pace. In the second quarter of 2011 growth was estimated at 1.3 percent and the growth rate for the first quarter of 2011 was downgraded from 1.9 percent to 0.4 percent. Since the latest recession ended in June of 2009, growth has averaged just 2.4 percent, which is far too slow to replace the 3.1 million jobs that have been lost since January 2009. By comparison, in the eight quarters following our nation’s last deep recession which ended in November of 1982, growth averaged 6.3 percent each quarter.
Small Business Optimism Reaches 10-Month Low: According to the National Federation of Independent Business’ (NFIB) August 2011 Small Business Economic Trends report, optimism among small business owners that the economic outlook will improve in the short term fell to its lowest level since September 2010 and has declined for five straight months. The report also shows that just 2 percent of small businesses plan on adding jobs over the next three months. According to the NFIB, “considering the confidence-draining performance of policy makers, there is little hope that Washington will stop hemorrhaging money and put spending back on a sustainable course.”
The Republican Plan for Job Creation and Growth
House Republicans have a plan to create jobs and restore confidence and certainty to the economy. The House Republicans plan includes a budget that would protect America’s entitlement programs from bankruptcy (without tax hikes), a Plan for America’s Job Creators that would provide a better environment for private-sector job growth, and a Balanced Budget Amendment to the Constitution so Washington will be required to live within its means. In addition, there are over a dozen other jobs bills approved by the House which have stalled in the Democrat senate. Unfortunately, the 13.9 million unemployed Americans have been ignored by the President and Democrats in Washington. Republicans are committed to creating jobs, getting our nation’s fiscal house in order, and restoring economic certainty for long-term growth and prosperity for every American.