President Obama is promoting a new $300 billion economic stimulus program. When he took office in January 2009 he said the $787 billion stimulus program will create 3.5 million jobs by the end of 2010 and unemployment will remain below 8.0 percent. Unemployment is hovering around 10.0 percent, and the jobs promised by Obama might hit 1.5 million by the end of 2010, but during the last 13 months we lost 5 million jobs.
The stimulus saved the jobs of municipal workers, and provided additional unemployment benefits, but it has not provided jobs in the private sector. The money went to government agencies, colleges, non-profit organizations and entitlement programs. These programs will generate annual deficits of $1 trillion to $1.5 trillion for years to come. Our government has squandered our financial resources on failed economic programs, and the American work force continues to suffer.
The domestic priority should be creating millions of new jobs, and other domestic initiatives, including health care reform, should wait until the economy improves.
The Administration and Congress have to reduce the size of government; cut business taxes; and give U.S. companies incentives to operate in this country, and disincentives to move operations and jobs overseas.
Donald A. Moskowitz