GOP slams stimulus on fifth anniversary

GOP slams stimulus on fifth anniversary
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POSTED: Monday, February 17, 2014 - 12:49pm

UPDATED: Tuesday, February 18, 2014 - 12:38pm

Five years after the signing of the American Recovery and Reinvestment Act of 2009 into law, the measure, which is better known as the Stimulus or Recovery Act, was roundly criticized once again by Republicans.

"The Stimulus That Wasn't: Five Years Later, It's Clear Obama's Stimulus Was A Waste Of Taxpayer Dollars," was the headline on an email blast from the Republican National Committee Monday morning.

The stimulus was the first major bill pushed by Obama as he took over in the White House, and he signed the measure into law just a few weeks into his presidency. The law was designed to respond to the severe recession and skyrocketing unemployment, which the President inherited, by saving and creating jobs by pumping money into the economy. The original pricetag of the measure was $787 billion, which was later revised upward to around $830 billion.

The stimulus was immediately opposed by the GOP, which had lost the White House and lost more ground to the majority Democratic Party in both the Senate and the House of Representatives in the November 2012 elections.

Passed by the House with no GOP support, the stimulus cleared the Senate with just three Republicans voting for the measure. The stimulus, along with the Wall Street and auto bailouts implemented a few months earlier under President George W. Bush, are largely credited with sparking the creation of the tea party movement.

"If you recall five years ago, the notion was that if the government spent all this money - that, by the way, was borrowed- that somehow the economy would begin to grow and create jobs. Well, of course, it clearly failed," said Republican Sen. Marco Rubio of Florida, in a video released Monday morning.

"Five years later, underemployment is still too high, the number of people that have dropped out of the workforce is astounding, unemployment remains stubbornly high and our economy isn't growing fast enough - proof that massive government spending, particularly debt spending, is not the solution to our economic growth problems," Rubio added.

Senate Minority Leader Mitch McConnell of Kentucky and two other members of the GOP Senate leadership, Sens. John Cornyn of Texas and John Thune of South Dakota, also released statements critical of the stimulus.

The White House Monday afternoon touted the effectiveness of the law.

"Five years after the Recovery Act, the U.S. economy is undoubtedly in a stronger position than when President Obama took office. The economy has now grown for 11 straight quarters, and businesses have added 8.5 million jobs since early 2010. While far more work remains to ensure that the economy provides opportunity for every American, there can be no question that President Obama's actions to date have laid the groundwork for stronger, more sustainable economic growth in the years ahead," said Jason Furman, Chairman of the Council of Economic Advisers, in a statement put out by the White House.

Vice President Joe Biden will mark the stimulus on Wednesday, as he travels to Granite City, Illinois to "highlight the need for continued investment in infrastructure to create jobs and grow our economy," according to a release from the White House.

The most recent non-partisan, live operator polling on the stimulus appears to come from Pew Research two years ago. According to that survey, 37% of Americans supported the stimulus, with 41% disapproving and nearly a quarter unsure. As expected, there was a wide partisan divide, with two-thirds of Democrats but just 12% of Republicans supportive of the measure.


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Deaf, check the employment/job ratio..jobs have been outsourced to China/Indonesia/Guatemala/Pakistan just so CEOs can get penthouse offices and obscene pay/perks/benefits and investors can rake in dividends. You consistently get it wrong..you refuse to put the responsibility where it belongs..on the greedy rich who just want more at the expense of American workers..and what do we get back from overseas cheap labor? Garbage that breaks/wears out/becomes obsolete. JOBS FOR AMERICANS... NOW!

A republican congress and Bill Clinton made derivatives legal and set the stage for the entire 2008 collapse with passage of the Commodity Futures Modernization Act of 2000. It took 8 years for this little piece of bipartisan legislation to tank the economy. There is no two party system Deaf I'm sorry but big donors own both parties outright. We have to take the money out of elections and give everyone equal airtime during elections to get back to a more democratic government.

Bravo, you get it ! There is an additional factoid to the collapse which reveals that the economy was purposely crashed, the CRA. This needed piece of legislation is the birthplace of the mortgage bundles from which derivatives were created. Fathered by Barney Franks and Chris Dodd in league with the Federal Reserve, these two Hebes started the ball rolling with no-doc lending. This allowed the "Stimulus" to favor zio-banks. Clinton defanged the FCC which is now the govt.'s propaganda machine.

And folks, RECORD number of people under 35 now live with their parents cause they can't afford to move out. Getting closer to the Italy model of living (but then Obama does say we work to much and need to quit working full time.... yea like we don't have bills to pay!)

Vote folks.. VOTE. Do to the Dems what VW workers did to the UAW.

Vote for whom? If a candidate were to have American principles the media would ignore them or label them as unelectable and, if that didn't work, there is always the programmable electronic voting machine in battleground states. It would take a revolution to be an American again.

And like herpes Obamacare just keeps growing and growing and doing more damage.

But cheer up folks, MID-TERM elections are almost here. You have a chance to roll it back. Un-Elect Democrats and give Republicans, Tea Party, & Libertarians a chance to get an overriding majority in both houses. Large enough to override the predictable Obama veto.

And if Obama does not straiten up, IMPEACH him. 2/3 majority in the senate can send him to jail if need be.

Do it for the children and grand children!

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