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Update on Jobs, Spending, & Medicare

Update on Jobs, Spending, & Medicare

Aug 22, 2011

Jobs

Worst Unemployment since the Great Depression: Unemployment now stands at 9.1 percent, which is significantly higher than the 7.8 percent rate when the president took office and higher than the 6.7 percent rate the administration promisedunemployment would be if the failed stimulus became law.

Unemployment has been above 8 percent for 30 months—the longest streak since the Great Depression. From March 2009 (the month after the stimulus became law) through July 2011, unemployment has averaged 9.4 percent.

Spending

President Obama Sets Debt Record: Since Obama took office on January 20, 2009, the national debt has increased by over $4 trillion or more than $4 billion each day in office.

To put that in perspective, it took the U.S. from 1776 until 1992 to accumulate the same amount of debt that Obama has borrowed in two and a half years.

Medicare

820 Days And Counting Since The President Was Required To Address Medicare’s Shortfall: It has been more than 820 days since the President was legally required to submit legislation to repair Medicare’s funding shortfalls.

To date, the president has done no such thing. Existing law requires that when the Medicare trustees certify a Medicare funding warning (as they have in every year since 2007), the President has a statutory requirement to propose legislation to Congress within 15 days of his budget submission to remedy the shortfall.

President Obama’s first complete budget was submitted on May 7, 2009, meaning the requirement to submit Medicare reform legislation kicked in on May 22, 2009—more than 820 days ago.

The Republican Plan for Job Creation and Growth

House Republicans have a plan to restore confidence and certainty to the economy and create jobs. For more information on the House Republican Growth Plan, click here: http://www.gop.gov/indepth/jobs

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