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Romney Campaign Press Release - Three Years Later, Obama's Stimulus is Still Failing

February 17, 2012

Three Years Ago, President Obama Signed His Stimulus Package Into Law:

On February 17, 2009, President Obama Signed His Stimulus Bill Into Law. "Racing to reverse the country's economic spiral, President Barack Obama signed the mammoth stimulus package into law Tuesday and readied a new $50 billion foreclosure rescue for legions of Americans who are in danger of losing their homes." ("Obama: Stimulus Lets Americans Claim Destiny," The Associated Press, 2/17/09)

After Three Years, The Only Thing President Obama's Stimulus Has Produced Is A Series Of Broken Promises:

THEN: Shortly After The Stimulus Passed, President Obama Promised That His Administration Would Guard Against "Wasteful Spending." OBAMA: "I know there are some in this chamber and watching at home who are skeptical of whether this [stimulus] plan will work. I understand that skepticism. Here in Washington, we've all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right." (President Barack Obama, Remarks To Joint Session Of Congress, Washington, DC, 2/24/09)

  • NOW: President Obama Has Projected The "Fourth Straight Year Of Deficits Over $1 Trillion." "Obama's budget projects that the deficit for the current year will total $1.33 trillion, the fourth straight year of deficits over $1 trillion." ("Highlights Of Obama's $3.8 Trillion Budget," The Associated Press, 2/14/12)
  • NOW: Since President Obama Took Office, The National Debt Has Increased By $4.8 Trillion. (U.S. Department Of Treasury Website, www.treasurydirect.gov, Accessed 2/16/12)

THEN: President Obama's Advisors Initially Predicted The Stimulus Would Keep Unemployment Below Eight Percent. (Christina Romer and Jared Bernstein, " The Job Impact Of The American Recovery And Reinvestment Plan ," 1/9/09)

  • NOW: "The Congressional Budget Office Is Projecting Unemployment Of More Than 8% Throughout This Election Year And Into 2014." (David Jackson, "CBO Projects 8%-Plus Unemployment Into 2014," USA Today, 2/16/12)
  • NOW: Thirty-Six Straight Months Of Unemployment Above 8%: The jobless rate has been above 8% since February 2009, a thirty-six month span unequaled in recorded history. (Bureau of Labor Statistics, www.bls.gov, 2/16/12)
  • NOW: Highest Level Of Long-Term Unemployment In Recorded History: Since December 2009, more than 40% of jobless workers have been unemployed for six months or longer, the highest level in recorded history. (Bureau of Labor Statistics, www.bls.gov, 2/16/12)
  • NOW: Nearly 24 Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau of Labor Statistics, www.bls.gov, 2/16/12)

THEN: President Obama Promised That Shovel-Ready Jobs Would Be Created "The Minute We Can Get Those Investments To The State Level." OBAMA: "We've got shovel-ready projects all across the country that governors and mayors are pleading to fund. And the minute we can get those investments to the state level, jobs are going to be created." (President-Elect Barack Obama, Remarks Announcing Energy & Environment Team, Chicago, IL, 12/15/08)

  • NOW: President Obama In 2011: "Shovel-Ready Was Not As Shovel-Ready As We Expected." "Remember 'shovel-ready projects.' Those were construction projects in the 2009 stimulus bill that were supposed to get moving right away ... 'Shovel-ready was not as shovel-ready as we expected,' Obama said." (David Jackson, "Obama Jokes About 'Shovel-Ready Projects'," USA Today, 6/13/11)

Mitt Romney, Romney Campaign Press Release - Three Years Later, Obama's Stimulus is Still Failing Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/300117

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