The following is cross-posted at www.fiscalaccountability.org
On Friday, August 7th, President Obama gave a speech in the rose garden in response to the release of the jobless statistics by the Bureau of Labor Statistics that showed slightly less dismal unemployment numbers than were expected for July. The President lauded the “stimulus” as a move that “rescued our economy from catastrophe” and assured those in attendance that “today, we’re pointed in the right direction.”
While unemployment still teeters just under 10% for the national average and 26 states saw an increase in their unemployment numbers over the last month, if the Administration believes the economy to be on the upswing, it should act accordingly. After only spending 10% of the “stimulus” act, America is apparently back on the right track and Congress should move swiftly to repeal the rest of the unobligated funds in the act to give back to the American taxpayers what was taken from them in February to “stimulate” the economy. While the country is sorely missing those 3.5 million jobs the president promised to save or create, the President clearly believes he has delivered the American people from the economic disaster that was certain without the “stimulus” act. As such, he should refrain from continuing to uselessly spend taxpayers’ money to “stimulate” an economy that has already been saved.