John Boehner 8TH DISCTRICT OF OHIO

Despite the Obama Administration’s massive spending binge, Vice President Joe Biden again criticized Republicans on spending.  His attacks conveniently ignore the fact that this administration has added $3 billion to the national debt, run up a $1.3 trillion deficit, and left millions of Americans asking “Where are the jobs?”

As the manager of the failed ‘stimulus’ - which 68 percent of Americans believe has been “wasted” - Vice President Biden is a curious messenger for the Obama Administration’s desperate attempt to distance itself from the out-of-control spending spree that has been going on in Washington on the Democrats’ watch.  As the Vice President talks about fiscal responsibility, it’s worth bearing in mind his dubious record as the manager of the Obama Administration’s failed, budget-busting economic ‘stimulus.’

The Obama Administration Claimed that the ‘Stimulus’ Would Keep Unemployment Below Eight Percent and Create Millions of Jobs:

• The Obama Administration claimed that the ‘stimulus’ would keep unemployment below eight percent. (TIME, 7/14/09)

• The Obama Administration claimed the ‘stimulus’ would “save or create three to four million jobs.”  (The New York Times, 1/10/09)

Vice President Biden Later Admitted that the White House’s ‘Stimulus’ Projections Were Wrong:

In June 2009, Vice President Biden Said That “Everyone Guessed Wrong” on the Economy, Denied That the Stimulus Was Sold on the Eight Percent Unemployment Promise. NBC’s David Gregory: “But here is the reality, and that is when this report was issued by your economic advisor and Dr. Romer from the White House, the assertion was that you could keep unemployment at 8 percent and then it would go down after that. In fact, it's now at 9.4 percent. Was it oversold?” Vice President Biden: “No. What we did is, we took the econometric models that were used by businesses as well as academics at the time. No one realized how bad the economy was. The projections, in fact, turned out to be worse. Gregory: “But this package was sold on the premise that it would, in fact, keep unemployment at 8 percent. It's exceeded that with the recovery plan.”  Vice President Biden: “No, no, it wasn't sold on that. It was sold on it would create –” Gregory: “That's what the report said, Mr. Vice President.” Vice President Biden: “No, it said it would -- what would happen was it would save or create jobs. It's doing that, it is doing that. Everyone guessed wrong at the time the estimate made, about what the state of the economy was at the moment this was passed.” (NBC’s “Meet The Press,” 6/14/09)

Today, There Are 14.8 Million Unemployed Americans, and 2.5 Million Have Lost Their Jobs Since the ‘Stimulus’ Was Signed Into Law:

• There are currently 14.8 million unemployed Americans, leaving the unemployment rate stuck at 9.6 percent. (Bureau of Labor Statistics, 10/8/10)

• Instead of creating 3.7 million jobs as promised, 2.5 million jobs have been lost since the Democrats’ ‘stimulus’ was signed into law. (House Ways & Means Republicans, 9/22/10)

• “The economy is now over seven million jobs short of what Democrats promised in January 2009 if their stimulus bill passed.” (House Ways & Means Republicans, 9/22/10)

Vice President Biden Claimed the ‘Stimulus’ Would Create Jobs During the ‘Recovery Summer’:

• Vice President Biden: “So the ripple effects have been felt thus far since the Recovery Act passed. But my point is, this summer you're going to see even more ripple effect out there. This is the -- the Act is now -- as I said, the pace on the ball is moving into its highest gear here in terms of direct investment in projects.” (White House Press Briefing, 6/17/10)

But the Economy Continued Losing Jobs in June, July, August and September:

• According to the U.S. Bureau of Labor Statistics monthly jobs report, the economy lost 125,000 jobs in the month of June. (Bureau of Labor Statistics, 7/2/10)

• According to the U.S. Bureau of Labor Statistics monthly jobs report, the economy lost 131,000 jobs in the month of July. (Bureau of Labor Statistics, 8/6/10)

• According to the U.S. Bureau of Labor Statistics monthly jobs report, the economy lost 54,000 jobs in the month of August. (Bureau of Labor Statistics, 9/3/10)

• According to the U.S. Bureau of Labor Statistics monthly jobs report, the economy lost 95,000 jobs in the month of September. (Bureau of Labor Statistics, 10/8/10)

Vice President Biden Admitted that Stimulus Dollars Would be Wasted:

• Vice President Biden Said Publicly That Some Stimulus Money “Is Going To Be Wasted.” “‘We know some of this money is going to be wasted,’ Biden said during a roundtable discussion in New York with business leaders aimed at promoting the two-year stimulus plan.” (Reuters, 6/2/09)

• Vice President Biden: “There are going to be mistakes made … Some people are being scammed already.” (Reuters, 6/2/09)

BETTER SOLUTIONS IN THE PLEDGE TO AMERICA.  Republicans understand that we must do a better job of providing the fiscal discipline economists say is needed to create jobs.  That is why cutting spending is a critical part of the GOP’s Pledge to America.  The Pledge lays out specific proposals to restore fiscal responsibility to Washington by: cancelling unspent ‘stimulus’ funds, immediately cutting government spending to pre-‘stimulus,’ pre-bailout levels; establishing a hard cap on new discretionary spending; cutting Congress’ budget and holding weekly votes on spending cuts.  Republicans will continue fighting for immediate enactment of every provision in the Pledge to America to create jobs and get the economy moving again.