Message to Obama: Stop The Spending And Cut The Taxes
Investors Business Daily
Economy: Now that the bad news of Chicago's failure to land the 2016 Olympics is out, can we move on and do something about an economy that's bleeding jobs?
Almost lost in the Olympic hoopla was news that the U.S. shed 263,000 jobs in September and that unemployment has reached a 26-year high of 9.8%.
This is a serious problem, but it isn't being addressed. Here we've had a $787 billion stimulus package, $700 billion in TARP funds and a variety of Treasury and Fed initiatives that, according to Bloomberg News, add up to $11.6 trillion in taxpayer exposure- all as part of an effort to revive the economy.
And what do we have to show for it?
At the start of the year, the White House forecast 4 million new jobs by the end of 2010.
It took some uncharacteristic understatement from Vice President Joe Biden, as he met with his middle-class task force Friday, to put the jobs report in perspective: "We still have a whole lot more work to do." No kidding.
Since the start of the year, the U.S. has lost 4.1 million jobs- 7.2 million total since the recession began. Americans were told early this year that passing the stimulus was vital, that it would put us back on the path to economic growth and that joblessness would top out at 8.5%.
Now we're looking at 10%.
Politicians may act surprised, but they shouldn't be. They caused it. Policies based on massive government spending, higher taxes and costly regulation don't work.
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