AS ‘RECOVERY SUMMER’ DRAWS TO A CLOSE, WHERE ARE THE JOBS?
Wednesday, September 1st, 2010Syracuse, New York – With the summer season winding to a close, Republican, Conservative and Independence candidate for U.S. Congress Ann Marie Buerkle continues to ask, “Where are the jobs that the multi-billion dollar stimulus promised?”
“Two-thirds of all stimulus dollars will have been spent within the next few weeks,” said Buerkle. “President Obama promised this summer was going to be ‘the season of recovery.’ In reality, private companies only added 153,000 jobs in May, June, and July combined, a far cry from the million or so jobs promised.”
At a Recovery Act event in Columbus, President Obama predicted that thousands of infrastructure and construction projects the stimulus funded would come on-line this summer to help “create jobs for American workers and economic growth from businesses, large and small.” Earlier in the year, Vice President Joe Biden forecasted the steady creation of 250,000 to 500,000 new jobs per month throughout the summer.
Instead, while the federal government has parceled out $787 billion in Recovery Act funding, leading economists predict that economic growth will continue to drop rapidly for the rest of the year. Growth was only at 2.4% in the second quarter of the year.
Further evidence of a deteriorating economy can be found in a report released last week by the National Association of Realtors that shows sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas. Realtors attribute the 27% drop in sales to the weakening economic recovery and job uncertainty. A similar report shows equally gloomy new home sales number as well.
Other economic news is also dire as retailers report slumping back-to-school sales and many economists are finding investors are sitting on capital, also unwilling to spend. August 2010 unemployment figures are due Friday from the Bureau of Labor Statistics.
When justifying the stimulus’ enormous cost and arguing his support for the spending in January 2009, incumbent Congressman Dan Maffei proudly stated the legislation, “will improve the economy of local families and the economy. There are parts of this bill that will provide an immediate injection into the Western and Central New York economy and create jobs, and there are provisions for our long-term economic growth.”
In an interview posted by the Auburn Citizen earlier this week, Maffei reversed himself and admitted, “Okay, maybe the recovery bill wasn’t everything that it could have been…”
“Washington needs to recognize that the real foundation for economic renewal lies in igniting American entrepreneurial spirit through lower taxes and smaller government,” added Buerkle. “The role of the government is not to create jobs. The government should be creating an environment where small businesses can be successful. That is the prescription for economic recovery.”
