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“Stimulus”—$1 Million Spent for Every Job Lost
Posted by Randy | February 23, 2012

This month marks the third anniversary of the unprecedented trillion-dollar “stimulus” package passed under House Speaker Nancy Pelosi and President Obama (the Congressional Budget Office estimates the cost of the stimulus will reach $825 billion and interest on the debt for the stimulus will be at least $347 billion). The American Recovery and Reinvestment Act (H.R. 1) was rushed through the House and Senate on the promise that it would immediately jumpstart our economy and “save or create” up to four million jobs.

However, the reality of the stimulus tells a different story.

  • With 1.1 million jobs lost since the stimulus was enacted (at a total cost of $1.172 trillion), the stimulus spent more than $1 million for every job America lost since it was enacted.
  • Median household income dropped $3,378 in 2010, falling to its lowest level since 1996.  Household income has fallen by 6.4 percent since 2007.
  • At the time the bill was signed into law, the national unemployment rate stood at 7.6 percent. Unemployment has now been above 8 percent for 36 straight months.
  • The U.S. ranks 13th in ease of starting a business in the world according to a World Bank report.  In 2007, the U.S. ranked 3rd.

I was one of only 17 Members of Congress to vote against both this stimulus and every other stimulus and bailout under the Bush and Obama Administrations because I believed that they would not work.

You deserve better than a future of debt, doubt and despair.
It’s time for real solutions. Nearly 30 bipartisan jobs bills already passed under the House Republican Plan for America’s Job Creators. They are now awaiting the Democrat-run Senate’s approval. You can track those bills here.

Comments
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  • Thomas G commented on 2/23/2012
    While you may trumpet being one of 17 congressman to vote against the stimulus, you were also one to vote to shove our great nation into default in arrogant opposition to the overwhelming will of the public!!! That was a DANGEROUS and RECKLESS position and you own that vote sir! The stimulus was at best only 1/2 of what was needed following the total collapse of the financial system at the end of the Bush presidency. It was so bad that the secretary of the Treasury insisted that the speaker of the House attend a meeting within hours. This disaster required immediate and bold action and you congressman let down the country with your lack of support. Your inaction sir has harmed this nation in your refusal to increase taxes on millionaires and billionaires when the public overwhelmingly wants, and need this done, and it includes millionaires and billionaires themselves! How in the name of service to the country can you contribute to 7.5 TRILLION dollars in debt in your first 8 years in congress and then vote to default on the obligation?
  • R. G. commented on 2/26/2012
    The answer to this is NOT more stimulus. Stimulus is simply code for 'maintaining the status quo of the modern fractional reserve banking system'. This is patently obvious by the fact that after multiple TRILLIONS of 'stimulus' by the last two administrations.....none of that money has managed to reach the average American citizen's sphere of existence, in any tangible capacity whatsoever. Keep in mind this has already been enough to pay off EVERYONE's mortgage across the nation. I don't say this by way of supporting such an action, but merely to illustrate how ridiculous the logic of 'getting out of debt by taking on massive new debt' is. Calling for increased taxation on the rich is likewise nothing more than playing into the class-warfare division the current political establishment WANTS us distracted with...not to mention it's like trying to damn the Missouri river with a single standard size sand bag, or that the true manipulators of the levers of power in washington (major corporate interests) will see any such tax hit. Instead, people making $200k (i.e. 'the rich') will have more of their income gleefully stolen by our metastasizing government leviathan, at the cheers of those who fortunately happen to be below such arbitrary income targets.....for now. The simple fact of the matter is that voting to increase the debt during ANY administration is anathema to a solvent republic, and must be opposed at all costs....even if the occupant of the oval office is a member of your party. The key is and always has been....STOP SPENDING MONEY YOU DON'T HAVE....NOT find new ways to take more from the people. Another simple item that warrants very serious considering is the sad fact that we have reached levels of debt that simply CANNOT be repaid, even if we taxed everyone at 100% for the next 3,500 years!! Defaulting on such debt is neither irresponsible or dangerous.....unless you happen to be a member of the same banking establishment which created the massive debt-as-money environment we find ourselves in today. Look at what is happening in Greece, and THAT is our future if we don't wake up and realize that the only people who will suffer from repudiation of debt is the same banking establishment which enabled the Greek government to go into perpetual debt-slavery on the backs of its citizens. Rather, look to Iceland as the model of what should be done to shake the gargantuan parasite of bankster-incurred debt off the people's back. There is a good reason our Founders vehemently opposed a central banking system: "I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson
  • Thomas G commented on 2/27/2012
    I agree we need to exit Afghanistan...given that it costs over 1 million dollars a year per troop there, and for what? We also need to end the disasterous Bush tax cuts that wrecked the nation.
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