Record Federal Spending Increase Due to Wasteful Spending Like the Failed Stimulus Package
Federal domestic spending increased by a record 16 percent this year, thanks to wasteful spending by the Obama administration, such as its “huge economic stimulus package.”
The $862 billion stimulus package increased unemployment by wiping out thousands of jobs in America’s export sector, while giving 79 percent of its green-jobs funding to foreign firms.
Obama falsely claimed that the $787 billion stimulus package was needed to prevent “irreversible decline,” but the Congressional Budget Office admitted that it would actually shrink the economy “in the long run.” As the Washington Examiner notes, “If his stimulus program was approved, Obama promised, unemployment would not go above 8 percent . . . The reality is that it passed 10.3 percent.”
“Nearly two-thirds of Americans do not believe the $787 billion stimulus package the president passed last year has helped create jobs, according to a new Pew Research Center poll.”As the Washington Examiner notes, “a recent survey of business economists showed they didn’t think the stimulus was creating jobs, either.” President Obama falsely claimed that virtually all economists supported his stimulus package, but this was patently untrue at the time he made this claim, when at least 200 economists publicly opposed it, and it is even more untrue now.
Unemployment has skyrocketed past European levels, as big-spending countries have fared worse than thrifty ones. Germany, which avoided adopting a huge American-style stimulus package, has an unemployment rate much lower than ours, and experienced a massive 9 percent growth rate in the second quarter of 2010.
“President Obama’s policies would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said” earlier.