Hensarling on Latest GDP Report

WASHINGTON, DC — Congressman Jeb Hensarling, Vice Ranking Member of the House Budget Committee and the top Republican on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit issued the following statement after the Bureau of Economic Analysis (BEA) at the Department of Commerce, released its Third Quarter 2009, Gross Domestic Product (GDP) Advance Estimate.

“The 3.5% estimated increase in GDP is good news.  But we still don’t see new jobs.  You can’t have a jobless recovery.  No jobs, no recovery.”
 

“Since being sworn into office on January 20, 2009, the Obama Administration, with its robust Democratic majorities in Congress, has passed a $1.138 trillion big-government stimulus bill costing $9,745 per household, a $410 billion pork-filled omnibus spending bill costing $3,511 per household, and a $3.6 trillion budget costing every household $30,826.  On top of these policies, the Obama Administration has proposed several jobs-killing taxes, such as a new national energy tax costing anywhere from $1,600 to $3,000 per American household, and $534 billion in new taxes on businesses to pay for the Democrats’ so-called health care reform.

“Instead of the big government stimulus bill, we should have passed legislation like the Republican alternative that used a proven approach to stimulate the economy and increase GDP by providing tax relief and incentives to all families and small businesses. 

“Unfortunately for future generations of Americans, while the number of jobs the “stimulus” bill was projected to create goes down, the price paid by the American people for its failure will continue to go up.”