GAO: Obama’s $400 billion stimulus is a ‘disaster’
By MICHELLE D. EBERLIN and JOE KARLSTEINAPSIAssociated PressStaff writersAssociated PressAPThe stimulus bill was supposed to help the economy rebound from the financial crisis.
The $400-billion stimulus bill, signed into law by President Barack Obama on Sept. 1, 2008, had promised to boost job growth and boost the nation’s economy.
It also had been touted as a major job creator.
But it has never worked out that way.
The Obama administration has spent more than $800 billion of the $1.5 trillion stimulus package, but the stimulus has been mostly worthless to the economy, and has led to stagnant wages and higher unemployment.
The White House has claimed that the stimulus was designed to be paid for through payroll tax increases and the payroll tax holiday, but many of the measures passed by Congress in 2011 and 2012 have had little impact on the economy.
The last two tax increases passed by the House and Senate passed without any major impact on jobs.
The latest CBO report on the stimulus shows that the cost of the stimulus package has not kept pace with inflation.
The Congressional Budget Office projects that $3.6 trillion in new revenue will be lost in the coming years.
The White House said that $2.1 trillion of the spending is still going to payroll taxes and the rest is for tax cuts.
The report also projects that the Obama administration will miss its goal of $3 trillion in job growth by 2022.
The CBO estimates that the $400.4 billion in stimulus money will be used to pay for tax increases of about $5.2 billion, which will cut tax rates by about 4.5 percentage points.
That means the Obama stimulus has raised $1 trillion in tax revenue for the government.
The new report also found that the economic stimulus has contributed to a decline in the labor force participation rate, which is a measure of the participation rate of workers in the workforce, which has fallen below 60 percent for the first time in 25 years.
The unemployment rate rose to 5.7 percent in October, its highest since December 2009, and is still well above the long-term average of 6.4 percent.
The stimulus package was supposed for implementation in 2009 and 2010.
In January 2011, the Bush administration canceled it.
President Joe Biden signed the stimulus into law in March 2012, and the White House later announced that the plan was not being funded.
In October, the House of Representatives approved a $300 billion spending bill to implement the stimulus.
But on Sept, 29, 2014, the Obama Treasury Department abruptly canceled the stimulus, saying it had no money left for the rest of the year and was cutting spending for the fiscal year.
The Treasury Department also said that the spending bill would cut $600 billion from the unemployment insurance program over the next decade, leading to a $1,000 increase in unemployment benefits for every worker.
A group of Senate Democrats, led by Sen. Patty Murray of Washington, sued the Obama White House over the canceled stimulus.
The lawsuit argues that the White the stimulus plan was a failure because it failed to deliver on its promises of job growth.
In his veto message to Congress, Obama said that he would not approve the $300.3 billion stimulus bill.
But in his veto letter to Congress on Sept 29, Obama did not specify whether the administration would appeal the ruling.
The decision by the Obama Administration was final.
“The stimulus was not supposed to be a job creator,” Murray said.
“It’s a disaster.
This is the first real blow to the recovery that we have experienced in decades.
It’s been a disaster, and we’re not going to let it continue.”
The White, the White and the MoneyThe $300-billion economic stimulus bill is one of several pieces of stimulus legislation that have failed to get through Congress.
The House of Reps.
Paul Ryan of Wisconsin, chairman of the House Ways and Means Committee, has also proposed an overhaul of the tax code.
The Senate has not yet acted on that legislation.
The House passed a $3,500-a-month tax credit for businesses that hire temporary workers.
But that measure failed to gain traction, largely because the GOP controlled Congress and the House did not want to impose the tax credit on businesses that employ permanent employees.
The tax credit would have raised $100 billion in additional revenue, but only $100.6 billion of that money was earmarked for payroll tax relief and $60 billion for tax breaks for businesses.