In an August 21 editorial, The Washington Examiner claimed that “Obama's economic stimulus follies in 2009 failed miserably to get the economy growing.” In fact, economic experts agree that the stimulus created or saved millions of jobs and boosted GDP by 1.8 to 2.7 percent. The editorial also falsely claimed that the stimulus cost "$859 billion" -- in fact, the bill cost an estimated $787 billion.
From the editorial:
President Obama will deliver yet another “major speech” after he returns from his Martha's Vineyard vacation. Among other things, he promises the speech will contain details of a new “stimulus plan” for getting America's stagflating economy back on the right track. According to the Washington Post, “Obama also plans to announce a major push for new deficit reduction, urging the special congressional committee formed in the debt ceiling deal this month to identify even more savings than the $1.5 trillion it has been tasked with finding. In packaging the two, he will make the case that short-term spending can lead to long-term savings.”
Note two things here: First, spending $859 billion on Obama's economic stimulus follies in 2009 failed miserably to get the economy growing, so the president wants to try it again in 2011. Since unemployment remains above 9 percent and millions of Americans have given up even looking for new jobs, it's worth reviewing what he and other prominent Democrats promised the 2009 stimulus program would do.