Obama’s trillion dollar stimulus package failed.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
Today, GOP Leader John Boehner called for Obama’s failed economic team to resign today.
Reuters reported:
House Republican leader John Boehner on Tuesday called for the resignation of President Barack Obama’s economic team, including Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers.
Boehner, in the text of a speech to be given in Cleveland, called for a “fresh start” on the economy.
They should have resigned months ago.
The full text of Boehner’s speech is here. It’s just unfortunate that Barack Obama won’t step down with them after destroying the nation’s economy.
Here are a few lines from the terrific speech:
Since February 2009, the private sector has lost millions of jobs while the federal government has grown by hundreds of thousands of workers.
We’ve seen not just more government jobs, but better-paying ones too. Federal employees now make on average more than double what private sector workers take in.
More appalling is the fact that this gap more than doubled in President Obama’s first year in office – during a time when millions of private sector workers either lost their jobs or agreed to take pay cuts just to keep the one they have.
It’s just nonsense to think that taxpayers are subsidizing the fattened salaries and pensions of federal bureaucrats who are out there right now making it harder to create private sector jobs…
…Republicans on the House Budget Committee, led by Congressman Paul Ryan, have already identified $1.3 trillion in specific spending cuts that could be implemented immediately.
These are common-sense steps – like canceling unspent ‘stimulus’ and TARP bailout funds – that put the brakes on Washington’s out-of-control spending spree.
Republicans have also proposed establishing strict budget caps to limit federal spending on an annual basis.
If we reduce spending from current levels and impose a hard cap on future growth, we can save taxpayers more than $340 billion and we can make sure this is the last Washington spending spree of its kind.
To restore balance between the federal government and the public sector, Republicans have called for freezing both government pay and government hiring. Instead of growing big-government, let’s focus on growing small businesses…
…President Reagan once said that there ought to be a law against saying “there ought to be a law.” I could not agree more.
It’s not enough, however, to break the current uncertainty, rein in big government, and hope the pendulum swings the other way. Once businesses get up off the sidelines, we need to keep them in the game.
One idea Ways and Means Committee Ranking Republican Dave Camp proposed as part of Republicans’ ‘stimulus’ alternative called for allowing small businesses with fewer than 500 employees to take a tax deduction equal to 20 percent of their income.
This would free up extra capital for investment and new hiring to jumpstart a robust recovery. It was a better solution then, and it is a better solution now.
…Let’s look at what two Republican governors who have been in office only a matter of months have been able to accomplish:
In Virginia, Governor Bob McDonnell entered office facing an unprecedented $4.2 billion deficit. His predecessor, the chairman of the Democratic party, proposed closing the shortfall by imposing the largest tax increase in the state’s history.
Governor McDonnell refused to balance his state’s budget by making it harder for Virginia families and business owners to balance their own.
In New Jersey, Governor Chris Christie entered office facing an $11 billion deficit. His predecessor, also a Democrat, left behind a bloated government that used election-year property tax gimmicks to survive one set of broken promises after another.
Both governors forged bipartisan cooperation, set priorities, cut spending, and closed their shortfalls – without raising taxes.
But unless Washington provides leadership and puts in place policies that promote lasting private sector job creation – our engine of economic growth – the states will continue to face difficult choices year after year after year.
It’s time to put grown-ups in charge. It’s time for people willing to accept responsibility. It’s time to do what we say we’re going to do.
These are the values I learned growing up with 11 brothers and sisters, and these are the values I have passed on to my daughters.
I’ve also told my girls how I was raised to never accept the next best thing for myself or my country.
This is the time. No more uncertainty. No more muddled messages.
America’s strength is her people – hard working, industrious, always pioneering, always innovating – so we will confront these hard truths together and we will tackle these challenges – together.
