Gibbs: Happy Birthday, Stimulus…

February 17, 2011
Press Release

WASHINGTON, D.C. – U.S. Congressman Bob Gibbs issued the following statement on the two-year anniversary of President Obama’s so-called economic stimulus becoming law:

“Today marks the two-year anniversary of the ‘stimulus’ package being signed into law.  However, the president's ‘stimulus’ spending binge isn't working and has failed to deliver on its promises.  With a final price tag of over $1 trillion, the ‘stimulus’ package did nothing but add to our out of control national debt and leave Southeastern Ohio residents asking, ‘Where are the jobs?’. 

“We know that nearly a trillion dollars in ‘stimulus’ spending hasn’t created the jobs Democrats promised, so what has it done? Here’s a by-the-numbers look at the real economic impact of the ‘stimulus’:

  • Private sector jobs lost since the ‘stimulus’ was signed: 1.8 million
  • Obama Administration’s projected unemployment rate with the ‘stimulus’: 7 percent; actual unemployment rate: 9.4 percent
  • Difference between the number of jobs the Administration said there would be if the ‘stimulus’ passed (137.6M) versus how many there are (130.7M): -6.8 million
  • Number of U.S. states that have lost jobs since the ‘stimulus’ was signed:47 out of 50
  • Increase in the U.S. debt since the ‘stimulus’ was signed: $3.34 trillion
  • Increase in non-defense discretionary government spending since President Obama took office: 84 percent

“Ohio was projected to gain 133,000 jobs, but instead has lost 165,400.  In fact, 47 out of 50 States have lost jobs since the stimulus, and the only place in America that actually achieved the Administration’s job creation projection is Washington, D.C.

“We must address this spending-driven fiscal crisis.  That is why, on the two year anniversary of President Obama’s enactment of the stimulus, I am acting to decisively to end the ‘stimulus’ spending binge by cutting over $100 billion in government spending.  Once passed, it represents the largest reduction in non-security discretionary spending in the history of the nation.

“I will continue working on responsible plans to jumpstart the economy without burying future generations deeper in a debt that this generation was not responsible enough to pay for ourselves.”