Five Years Later, Nation Still Waiting on Promises of Stimulus

 
This years President's Day coincides with the fifth anniversary of the signing of the American Recovery and Reinvestment Act into law.
 
The President promised that a $1 trillion spending and debt package would immediately net economic growth. Since the bill's inception, the nation's debt has reached $17 trillion. While the President and his allies in Congress claimed that the stimulus bill would help bolster a sluggish economy and create long-term job growth, five years later the nation is still waiting.
 
Obama promised that with the passage of the stimulus, the unemployment rate would not exceed 8 percent. In reality, the unemployment rate peaked at 10 percent in October of 2009 and stayed above 9 percent for the following two years. Furthermore, labor force participation  since 2009 has plummeted from 66 percent to 63 percent, its lowest percentage in decades, forcing three million workers to leave the labor force. To make matters worse, another four million Americans are long-term unemployed and have been looking for work for 27 months or more.
 
The promise made five years ago has brought more underemployment and unemployment, a larger number of work force dropouts, and a sluggish economy.
 
The American Recovery and Reinvestment Act has been a burden on the economy and the taxpayers who foot the bill. Its failure is proof that massive government debt spending is not a viable solution to economic instability. This fifth anniversary should serve as reminder to lawmakers, as the economy is still trying to recover, to not repeat the same mistakes moving forward. 

TAGS: Spending, Regulation, Budget Reform

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