Originally posted on February 18, 2010.
Yesterday marked the one year anniversary of the massive $787 billion stimulus being signed into law. The White House continues to claim that the stimulus has saved upwards of 2 million jobs in the past year. According to Obama, the “stimulus” has been a record success:
One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility.
Despite the White House’ statements, only 6 percent of Americans believe that it has saved a single job. Rep. Eric Cantor (R-VA) responded to the “stimulus’” first year anniversary with disappointment:
In the year since the Democrats’ stimulus program was enacted, over three million jobs have been lost, billions of dollars have been wasted, and an unprecedented debt has been passed on to our children — these are not the results that America hoped for. Struggling small business owners, families and young workers see trillions in debt, on their tab, and still no job creation.
The Associated Press explains that since the “stimulus” has come into effect, Americans have still lost jobs at an alarming rate:
When Obama signed the stimulus law, the nation’s unemployment rate was 7.7 percent. His administration had promised the program would stop the jobless rate from passing 8 percent. But weeks after the stimulus became law, that threshold was broken…Since the program began, the nation has lost 2 million more.
A video by the Republican National Committee entitled “Broken Promises” depicts how the unemployment has steadily increased within the past year. Instead of celebrating the one year anniversary of the “stimulus”, Obama should face the facts and pledge to never ratify another failed “stimulus” experiment.