From his press office:
House Speaker John Boehner (R-OH) today issued the following statement marking the five-year anniversary of Barack Obama’s “stimulus” plan being signed into law:
“The ‘stimulus’ has turned out to be a classic case of big promises and big spending with little results. Five years and hundreds of billions of dollars later, millions of families are still asking ‘where are the jobs?’ More Americans are living at or below the poverty line. Median household incomes are down. Prices on everything from gas to groceries are higher. A new normal of slow growth has set in, with most now saying the worst is yet to come. And to think that the White House said the ‘stimulus’ would make things better ‘almost immediately.’
“Rather than push for solutions to get us back on track, the president seems content serving up slogans and photo-ops. We should set our sights higher, and aim to restore America as a nation of builders. Whether it’s improving job training, building the Keystone pipeline, or expanding markets for American exports, there are a number of areas ripe for bipartisan action. We sent the president a letter after the State of the Union outlining areas of common ground, and we await his reply. In the meantime, the House will continue to listen to the American people and focus on passing good jobs bills that promote growth and opportunity.”
It is great to see Boehner talking sense and reminding us all of the “stimulus” insanity. If nothing else, it gives me an excuse to view one of my favorite political videos:
But let’s step back. Here is another video, featuring the George W. Bush with John Boehner and Mitch McConnell prominently displayed behind him.
Yes Obama is far worse than Bush, but the difference is only quantity, not quality, as far as the idiocy of “stimulus” is concerned. At that time Boehner had no problem giving “a booster shot to our economy,” in Bush’s words. These were called “tax refunds” but they amounted to sending out checks in the hope that greater spending would save the economy. Here is Wikipedia on the rationale:
As 2008 began, economic indicators suggested an increased risk of recession. Federal Reserve Chairman Ben Bernanke testified before Congress that quick action was needed to stimulate the economy through targeted government spending and tax incentives. Congress moved rapidly to pass such legislation. The legislation was designed to stimulate spending by businesses and consumers during 2008. The hope was that the targeted individual tax rebates would boost consumer spending and that targeted tax incentives would boost business spending.
Lawmakers raised the limits on conforming mortgages eligible for government insurance and GSE purchase in response to the subprime mortgage crisis. This crisis had resulted in a widespread credit crunch by late 2007. The credit crunch led to a reluctance by lenders to issue so-called jumbo mortgages for the purchase of houses that exceeded the FHA and GSE limits. The United States housing bubble had pushed house prices above those limits in many areas of the country. As interest rates rose for jumbo mortgages, fewer buyers could afford them, and house prices were being forced down toward the limits for conforming mortgages. By raising those limits, lawmakers hoped to slow or halt the decline in house prices, which threatened the financial well-being of homeowners, banks and other financial entities holding jumbo mortgages.
The FHA loan limits also went up with the stimulus package on March 6. The loan limit package is called “FHA Forward.”
So maybe you’re old enough to remember all the way back to 2008. If so, you will remember that we still had a housing collapse and a recession. Bush’s success was no better than Obama’s. Obama just spent more is all.
As much as I agree with Boehner’s words, I don’t think anyone will find them sincere. A few Republican cheerleaders will pretend they are profound but the fact is that Obama simply followed Bush’s precedent as recommended by a Bush-appointed Federal Reserve chairman who also served the Obama administration.
And it was this kind of economic insanity, culminating in the TARP plunder, that started the Tea Party before Obama ever won the Presidency. If you want to know why Chamber-of-Commerce RINOs hate us, look no further. The Tea Party was a spontaneous movement to remove them from power.
Boehner was with Bush all the way. We still have work to do.