U.S. Sen. John Cornyn, a member of the Senate Finance and Budget Committees, made the following statement regarding President Obama's announcement on the stimulus and the number of jobs he predicts will be created by summer.
"The definition of insanity is doing the same thing over and over again and getting the same result. Since January, the Obama Administration has repeatedly thrown trillions of taxpayer dollars at the economy in the hopes that, sooner or later, our economy will begin to correct itself. They have muscled through a $1 trillion stimulus bill, taken over the banking and car industries and are now attempting a Washington takeover of the health care industry. Now they say the problem isn't that we aren't spending too much, the problem is we aren't spending it fast enough. This fiscal insanity must stop.
"Americans are gravely concerned about the unsustainable level of spending over the past five months. Instead of political posturing, we need the Administration to stop the insanity, curb spending and create real, well-paying jobs."
Despite such massive spending in so little time, the White House now says that it wasn't spending it fast enough and will now accelerate spending to "save or create" 600,000 jobs in the next three months.
Since President Obama has taken office, the U.S. economy has lost more than 2,180,000 jobs. (http://www.bls.gov/news.release/empsit.nr0.htm)
When asked at a hearing about the Administration's claim that they have added 150,000 new jobs, Commissioner Of Bureau Labor and Labor Statistics Keith Hall couldn't verify the "saved jobs" rhetoric - even after Christina Romer of the President's Council of Economic Advisers recently testified it would. Instead, Commissioner Hall said, "No. That would be a very difficult thing for anybody to substantiate."
The Obama Administration said that the stimulus would ensure that the unemployment rate wouldn't hit 8 percent. Less than four months after the President signed the legislation into law, the unemployment rate has reached 9.4 percent.