CAGW ON JOBS SPEECH: CUT WASTE, CUT TAXES, CUT REGULATIONS | Citizens Against Government Waste

CAGW ON JOBS SPEECH: CUT WASTE, CUT TAXES, CUT REGULATIONS

Press Release



For Immediate Release

Contact:202.467.5334
September 8, 2011                                                         Luke Gelber (202) 467-5318

 


(Washington, D.C.) – Today, Citizens Against Government Waste (CAGW) issued a statement urging President Obama to pursue a pro-taxpayer agenda in his Thursday night address to Congress.  The address comes on the heels of the Department of Labor’s August jobs report, which revealed that the American economy added no net jobs last month and unemployment remains at 9.1 percent.  President Obama is expected to propose $300 billion in additional stimulus spending in the form of infrastructure investment, limited tax cuts, and extended unemployment benefits.   


“The American economy is struggling with a dual crisis,” said CAGW President Tom Schatz.  “The first is unemployment, and the second is uncertainty.  Both have lasted for more than two years, and yet all signs indicate that the President and his allies in Washington will pursue more of the same tired, ineffective, and counterproductive proposals.  Despite the 2009 stimulus package’s failure to keep unemployment below 8 percent; $4 trillion in new debt since the end of 2008; and Standard and Poor’s decision to reduce the federal government’s AAA credit rating, the administration has failed to restore confidence in government or give businesses any reason for optimism.


“President Obama’s efforts to ‘create jobs’ have consisted of speeches and massive amounts of spending.  The results have repeatedly confirmed fiscal conservatives’ long-held belief that sustained economic recovery must come from the private sector.  The best way to encourage investment and create jobs is to eliminate wasteful spending, cut taxes, and clear away burdensome regulations. 


“One hopes that the rumors of a proposal for a National Infrastructure Reinvestment Bank (NIRB), which would add to the list of risky government-sponsored enterprises (GSEs), are just rumors.  Otherwise, the acronym should be changed to TIFB: Taxpayers Investing in Future Bailouts.  Fannie Mae and Freddie Mac, the two largest GSEs, have already snatched $170 billion from taxpayers. 


“President Obama must learn from his past failures and encourage growth from the bottom up, rather than from the top down.  The last stimulus was intended to spur growth in green energy, yet three stimulus-funded solar power firms have declared bankruptcy in the last 30 days, and one of those companies, Solyndra, was raided today by the FBI.  The President has also admitted that the supposedly ‘shovel-ready’ projects he hoped would kick start job creation were ‘not as shovel-ready as [he] expected.’ 


“Further stimulus will only encourage the big spenders in Washington to again waste billions on political cronyism and pork.  When one is in a huge $14.7 trillion hole, it is time to stop digging,” Schatz concluded.


Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, mismanagement and abuse in government.

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