$787 Billion Debacle Failed To Create Jobs, Drove Nat’l Debt Past $14.3 Trillion
When liberal U.S. Senator Bob Menendez (D-NJ) and his tax-and-spend friends in Washington rammed through their $787 billion stimulus, they promised it would “save or create 3.5 million jobs before 2011.” Menendez specifically claimed the law would “create and save 100,000 jobs in [New Jersey] during the next two years,” and that “New Jersey is going to do exceptionally well” from the stimulus.
But today, 28 months since Menendez and the Democrats passed their stimulus, America has lost nearly 1.9 million jobs – while New Jersey has lost 84,778 jobs and has actually received far less stimulus funding per capita than the national average.
As CNS News reports:
Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed. In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.
“When Bob Menendez and his fellow Washington Democrats rammed their $787 billion stimulus into law, they promised it would ‘save or create 3.5 million jobs,’ but today there are 1.9 million fewer Americans employed, including nearly 85,000 lost jobs in New Jersey,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond. “Voters will hold Menendez accountable for his massive spending debacle that failed to create jobs while driving our national debt past $14.3 trillion.”
As a reminder, Bob Menendez is the only sitting U.S. Senator currently under federal investigation by the U.S. Department of Justice.
Background Information:
“The Obama administration is defending its claim that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011 even while conceding that unemployment will likely continue to rise beyond its earlier predictions.” (Stimulus plan will create or save 3.5 million jobs, White House says, Associated Press, 05/11/09)
President Obama’s Economic Advisors Christina Romer And Jared Bernstein Predicted Unemployment Would Not Rise Above 8 Percent If The Stimulus Was Passed. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,”1/9/09)
Menendez Said The Stimulus Would Create And Save 100,000 Jobs In New Jersey Within Two Years. “[Menendez] said the recovery plan will create and save 100,000 jobs in the state during the next two years. Ninety percent of those jobs will be in the private sector.” (Monsy Alvarado, “Senator Touts Stimulus,” The [Bergen County, NJ] Record, 2/17/09)
- Menendez: “New Jersey Is Going To Do Exceptionally Well.” (“Menendez: We’re In The Money Feds To Send N.J. Billions,” Jersey Journal, 2/17/09)
Menendez: “This Bill Is About Standing Up For New Jersey Families, It Is About Creating Jobs, Jobs And More Jobs.” (Monsy Alvarado, “Officials Tout Stimulus Bill’s Help For The Unemployed,” The [Bergen County, NJ] Record, 2/3/09)
Menendez: “I Think We Passed A Bold Plan That Creates Jobs In The Short Term And Transforms Our Country To Meet The Challenges We Face In The Long One.” (Monsy Alvarado, “Senator Touts Stimulus,” The [Bergen County, NJ] Record, 2/17/09)
Menendez: “First And Foremost, This Package Is Going To Help Start Creating And Saving Jobs In Our State.” (Beth DeFalco, “Most New Jersey Residents Will See Stimulus Money,” The Associated Press, 2/14/09)
- Menendez: “Jobs Are The Most Essential Piece Of Any Family’s Economic Situation, And That’s The Main Focus Of This Package.” (Beth DeFalco, “Most New Jersey Residents Will See Stimulus Money,” The Associated Press, 2/14/09)
But Since The Stimulus Was Passed, America Has Lost Nearly 1.9 Million Jobs, While New Jersey Has Lost Nearly 85,000 Jobs
- Our County Has Lost Nearly 1.9 Million Jobs Since The Stimulus Passed In February 2009. (Matt Clover, “1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus,” CNS News, 6/14/11)
- The Unemployment Rate Is 9.1 Percent And Has Remained Above 8 Percent For 28 Straight Months. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 6/3/11)
New Jersey Has Lost 84,778 Jobs Since The Stimulus Passed In February 2009
As Of April 2011, New Jersey Lost 84,778 Jobs Since The Stimulus Passed In February 2009. (Bureau Of Labor Statistics, www.bls.gov, Accessed 6/2/11)
New Jersey’s Unemployment Rate Was 8.0% When The Stimulus Passed In February 2009. (Bureau Of Labor Statistics, www.bls.gov, Accessed 6/2/11)
New Jersey’s Unemployment Rate Was 9.3% In April 2011. (Bureau Of Labor Statistics, www.bls.gov, Accessed 6/2/11)
New Jersey Has Received Less Stimulus Funding Per Capita Than The National Average
As Of January 2011, New Jersey Received $1,192 In Stimulus Money Per Capita – 7th Least Of Any State In The Country. (Pro Publica Website, www.projects.propublica.org, Accessed 4/25/11)
- $1,400 Has Been Spent Per Capita Nationally. (Pro Publica Website, www.projects.propublica.org, Accessed 4/25/11)
- Alaska Received The Most Money Per Capita At $3,441. (Pro Publica Website, www.projects.propublica.org, Accessed 4/25/11)
