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Still Trying To Sell It

- November 2, 2011

Obama Stays In D.C. To Sell The Next Part Of His Stimulus 2.0, An Area That Has Basked In Obama’s $825 Billion Stimulus Largess

“President Obama’s Next Stop On His Jobs Tour Will Be In Georgetown On Wednesday When He Appears At The Waterfront Park, Near The Key Bridge, To Highlight The Need For Infrastructure Investments To Boost The Economy, A White House Official Said.” (David Nakamura, “Obama To Visit Georgetown’s Key Bridge To Promote Jobs Plan,” The Washington Post, 10/31/11)

OBAMA’S STIMULUS HAS FAILED THE AMERICAN PEOPLE WHO CONTINUE TO FACE RECORD HIGH UNEMPLOYMENT

Since President Obama’s $825 Billion Stimulus Bill Passed, The Nation Has Lost 1.5 Million Jobs And The Unemployment Rate Has Increased From 8.2 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 11/1/11)

  • Despite Obama’s Advisors Predicting That The Stimulus Would Keep Unemployment Below Eight Percent, The Unemployment Rate Has Remained Above Eight Percent For A Record 32 Straight Months. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09; Bureau Of Labor Statistics, BLS.gov, Accessed 11/1/11)
  • FactCheck.org: “It’s Accurate To Say The Stimulus Has Failed To Live Up To Initial Expectations.” “CBO's high estimate is still short of the 3.5 million jobs that Obama had said would be created by the end of 2010, so it's accurate to say the stimulus has failed to live up to initial expectations. White House advisers wrongly estimated that the stimulus would bring the unemployment rate down to 7 percent — though they also thought the rate without the stimulus would be lower than it actually is, and they made clear that ‘substantial uncertainty’ surrounded those estimates.” (Lori Robertson, “Dueling Economic Ads,” FactCheck.org, 6/30/11)

Unemployment Next Year Could Remain Higher Than 8 Percent Meaning No Job Growth After “The Biggest Stimulus Package In The History Of The World.” “The White House anticipates unemployment at 8.25 percent and Goldman Sachs and others warn the number could be higher — close to 9 percent, which would mean no net job growth after the biggest stimulus package in the history of the world.” (Jim VandeHei and Mike Allen, “Obama’s Big Drags,” Politico, 8/4/11)

NOW OBAMA IS SELLING THE NEXT PART OF HIS JOBS ACT IN D.C., WHICH HAS BASKED IN STIMULUS LARGESS

In 2009, DC Received 10 Times As Many Stimulus Grants And Contracts Than The National Average. “Of the stimulus grants and contracts awarded so far, the District has received nearly 10 times as much per capita as the national average, and Maryland has received more per capita than much harder-hit states, among them Florida, Michigan, Nevada and Ohio.” (Alec McGillis, “Much Of Stimulus Funding Going To Washington Area Contractors,” The Washington Post, 12/3/09)

  • $14 Billion Of Stimulus Money Was Earmarked For Use On Federal Buildings. “That’s because nearly $14 billion of the $787 billion stimulus package has been earmarked for the construction and renovation of federal buildings. Some $5.5 billion has been allocated to properties owned by the General Services Administration (GSA), with $1.2 billion of that dedicated to the Washington region.” (Jennifer DePaul, “Capital Makeover: Stimulus Fuels D.C. Construction,” The Fiscal Times, 8/26/10)
  • Federal Contractors Were “Paid A Hefty Slice Of [Stimulus] Money To Help Spend The Rest Of It.”  “Reports from stimulus recipients show that a sizable sum has gone to federal contractors in the Washington area who are helping implement the initiative -- in effect, they are being paid a hefty slice of the money to help spend the rest of it.” (Alec McGillis, “Much Of Stimulus Funding Going To Washington Area Contractors,” The Washington Post, 12/3/09)

The Washington Metro Area “Bask[ed]” In The “Largess” Of The Stimulus. “As struggling communities throughout the country wait for more help from the $787 billion stimulus package, one region is already basking in its largess: the government-contractor nexus that is metropolitan Washington.” (Alec McGillis, “Much Of Stimulus Funding Going To Washington Area Contractors,” The Washington Post, 12/3/09)

  • “While Most American Cities Have Cut Spending To Close Budget Gaps And In Some Cases Are Selling Or Leasing Everything From Airports To Zoos, The Nation’s Capital Is In The Midst Of An Extreme Makeover, Supported Largely By Stimulus Funding.” “While most American cities have cut spending to close budget gaps and in some cases are selling or leasing everything from airports to zoos, the nation’s capital is in the midst of an extreme makeover, supported largely by stimulus funding. Stroll down the streets of the federal city — assuming you can, with all the cranes, bright orange cones, dump trucks and trailers strewn about — and witness a major construction boom and brick-and-mortar spruce-up.” (Jennifer DePaul, “Capital Makeover: Stimulus Fuels D.C. Construction,” The Fiscal Times, 8/26/10)

Due To Government Contracts, “Job Growth In D.C. Is Nowhere Near The Pitiful Numbers In Other Parts Of The Country.” “‘Job growth in D.C. is nowhere near the pitiful numbers in other parts of the country,’ said David Kessler, Office Managing Principal with the Reznick Group,. ‘There is a lot of job movement, whereas people are barely hanging on in other parts of the country.’ Kessler attributes the activity to companies that have contracts with the federal government.” (Jennifer DePaul, “Capital Makeover: Stimulus Fuels D.C. Construction,” The Fiscal Times, 8/26/10)

  • DC’s Capital Area Has An Unemployment Rate Of 6%, Compared To 9.1% For The Nation. “While the nation's unemployment rate is 9.1%, the capital area has an unemployment rate of 6% even as the city itself has an 11.1% jobless rate.” (Elizabeth Williamson, “Washington Area Is Tops In Income,” The Wall Street Journal, 10/19/11)
  • Washington, DC Is The Highest-Income Metropolitan Region In The Nation. “Washington, D.C., nosed out San Jose, Calif., as the nation's highest-income metropolitan region, fueled mainly by its army of attorneys, consultants, lobbyists and outside government contractors. Census data for 2010 show median household income was $84,523 in the D.C. area, compared with $83,944 for the San Jose region, the epicenter of Silicon Valley. Both numbers are well above the median income of about $50,000 for the nation as a whole.” (Elizabeth Williamson, “Washington Area Is Tops In Income,” The Wall Street Journal, 10/19/11)

FACING EMBARRASSING OPPOSITION FROM DEMOCRATS, OBAMA IS TURNING TO EXECUTIVE ORDERS WHICH WON’T ACCOMPLISH MUCH

Senate Democrats Continue To Object To Obama’s Piecemeal Stimulus

Sen. Ben Nelson (D-NE): “I Have Some Of The Same Concerns About The Way It’s Paid For.” “‘I have some of the same concerns about the way it’s paid for,’ Nelson told POLITICO on Monday night.” (Scott Wong, “Next Jobs Bill Faces Hard Road,” Politico, 10/31/11)

Sen. Joe Lieberman (I-CT): “I Have The Same Concerns As I Have Before.” “‘I have the same concerns as I have before,’ Lieberman told POLITICO on Monday night. ‘These are programs that I normally support, but I think the main event now is the supercommittee and I don’t want to make their job any more difficult.’” (Scott Wong, “Next Jobs Bill Faces Hard Road,” Politico, 10/31/11)

Sen. Jim Webb (D-VA): “I’ve Consistently Said We Should Not Raise Taxes On Ordinary Earned Income.” “‘I’ve consistently said we should not raise taxes on ordinary earned income. I don’t believe that’s the way to pay for this,’ Webb told POLITICO.”  (Scott Wong, “Next Jobs Bill Faces Hard Road,” Politico, 10/31/11)

And His Executive Orders Are More Rhetoric Than Substance

 “With His Jobs Bill Mired In A Divided Congress, President Obama Has Been Touting A Series Of Unilateral Actions…” “With his jobs bill mired in a divided Congress, President Obama has been touting a series of unilateral actions that his administration says will help the middle class and the American economy. His critics, however, say the impact will be limited at best.” (Devin Dwyer, “Obama Executive Actions May Have Limited Impact,” ABC News, 10/31/11)

However, “Close Inspection Of The Fine Print Reveals Many Can Only Go So Far.” “While Obama uses sweeping rhetoric in carefully crafted public appearances to promote the benefits of his urgent plans, close inspection of the fine print reveals many can only go so far to address widespread socioeconomic woes without Congress’ help.” (Devin Dwyer, “Obama Executive Actions May Have Limited Impact,” ABC News, 10/31/11)

  • “‘The Terms Are Limited. The Tool Is Limited,’ Said Thomas Mann, A Senior Fellow And Congressional Scholar At The Brookings Institution.” (Devin Dwyer, “Obama Executive Actions May Have Limited Impact,” ABC News, 10/31/11)

“The New White House Order To The FDA, For Example, Simply ‘Enhances’ And ‘Amplifies’ Steps That Are Already Being Taken, Officials Said.” (Devin Dwyer, “Obama Executive Actions May Have Limited Impact,” ABC News, 10/31/11)

Obama’s Housing Initiative Will Only Help A Sliver Of The 11 Million Americans Underwater. “A housing initiative billed last week as relief for some of the estimated 11 million Americans underwater with their mortgages could help roughly 4 million homeowners, according to the administration. But critics say the number will likely be much lower. They point to the administration’s 2009 refinancing program, which was initially projected to help 5 million borrowers but has served fewer than 1 million.” (Devin Dwyer, “Obama Executive Actions May Have Limited Impact,” ABC News, 10/31/11)

  • Obama’s Latest Housing Program Is “The Epitome Of Futility” And “Ridiculously Late.” “One can argue -- and with ample evidence - that the Obama administration's latest ‘plan’ to save homeowners facing foreclosure is the epitome of futility. It's ridiculously late, which means it will have insignificant impact on alleviating the housing crisis. The most troubling aspect is that previous plans to solve the housing problem never got underway so why should we expect the administration to put its weight behind this one.” (Jim Mitchell, Op-Ed, “Homeowners Relief: Obama Plan Too Little, Too Late, Too Confusing,” The Dallas Morning News, 10/24/11)
  • Obama Wants To Look Busy On Housing While Not Doing “The Politically Challenging Work Of Actually Resolving The Larger Threat Housing Poses To The Economy.”  “The last explanation for the program’s limits is a more cynical one. It is designed to help just enough people to claim movement on the issue, but not to do the politically challenging work of actually resolving the larger threat housing poses to the economy. The reason for doing the bare minimum: to give Obama a political weapon against Republicans in 2012.” (Massimo Calabresi, “Obama’s Refinance Program: Underwhelming Policy, Expedient Politics,” Time’s “Swampland”, 10/24/11)

Consolidation Of Student Loans Under Obama’s Plan Would Provide Monthly Savings Of Less Than $10 For The Average Student. “Using these values as the high and low bounds of average student debt over the last ten years, the monthly savings for the average student loan borrower would be between $4.50 and $7.75 per month. Clearly, this isn't going to save the economy. While borrowers with bigger balances would save more, this is the average. And even someone with $100,000 in loans would only cut their monthly payments by $28.50.” (Daniel Indiviglio, “Obama’s Student-Loan Order Saves The Average Grad Less Than $10 A Mont,” The Atlantic, 10/26/11)

  • The Atlantic’s Daniel Indiviglio: “But from a practical standpoint, these executive orders won’t have much of an impact.” (Daniel Indiviglio, “Obama’s Student-Loan Order Saves The Average Grad Less Than $10 A Mont,” The Atlantic, 10/26/11)

Causing People To Question If These Acts Are So Important, “Why Have You Waited?”

MSNBC’s Chuck Todd:  “You are saying you can't wait. Then why have you waited? Why haven't you been -- why didn't you start doing this six weeks ago as you guys were pushing the jobs bill? Do it simultaneously if this stuff is going to work, even around the margins why wait as long as you have?” (MSNBC’s “The Daily Rundown,” 10/27/11)


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