President Obama has spent the majority of his first 32 months in office doing everything except creating American jobs. The president signed a failed $1 trillion “stimulus” bill and promised that unemployment would not rise above 8 percent. Unemployment has averaged 9.4 percent since then. The president spent months passing an unpopular government takeover of healthcare that CBO says will destroy at least 800,000 American jobs. The Obama administration has also publicly listed a total of 219 new job-destroying regulatory actions, each of which would have an estimated cost to our economy of $100 million or more. As a result of the president’s failed policies, the economy has shed 2.4 million jobs since February 2009. This week’s Census report on poverty in America confirms a sad fact that most Americans already know: President Obama’s economic policies have failed and the nation cannot afford more of the same.
New Census Data Shows A Record Number of America’s Families Are Suffering From Job-Destroying Policies
This week, the U.S. Census Bureau released its report on income and poverty in America in 2010. Some of the report’s disappointing findings are list below.
While Federal Budgets Explode, Family Budgets Shrink
In FY 2011, CBO estimates that federal spending will total $3.6 trillion or 23.8 percent of GDP. This would be the highest amount of federal spending in history, barely eclipsing the spending levels in 2009 and 2010. Runaway spending has resulted in the three straight $1 trillion annual deficits under President Obama. Prior to 2009, the highest budget deficit in history was $459 billion. As the new Census data shows, the Obama Administration’s spending binge may be a boon for the federal government, but it has been a bust for struggling America
Federal Spending Soars As American Families Suffer
Federal Spending by Budget Function
Farm income Stabilization
Education, Training, and Social Services
Food and nutrition assistance
The American Family Budget
Sources: U.S. Census Bureau, Income, Poverty, and Health Insurance Coverage in the United States: 2010; and OMB Historical Budget Tables, Table 5.1.
The House Republican Plan America’s Job Creators
House Republicans have a Plan for America’s Job Creators to reduce government red tape and provide lasting certainty for job creators so they can put Americans back to work.
House Republicans are committed to taking every possible step to spur job creation and get our economy back on track so that Americans can do what they do best: create, innovate and lead.