Posted on February 17, 2011
WASHINGTON – U.S. Senator Lamar Alexander today released a statement on the two-year anniversary of the President signing into law the so-called “stimulus” package:
“The so-called stimulus plan signed into law two years ago today not only failed to create the jobs that would keep unemployment under 8 percent, as taxpayers were promised, but also added over a trillion dollars to our already-staggering debt, which is now the most urgent problem facing us today.”
Senator Alexander voted against the bill in February 2009, warning his colleagues on the Senate floor at the time that, “It’s a spending bill, not a stimulus bill…. If we knew all the money we are about to borrow, our appetite for spending … mostly on projects that don't create jobs in the next few months would diminish.
“There is no doubt about the fact that it increases our national debt. The debt is not some abstract thing. Our national debt [as of Feb. 2009] is $10.7 trillion. This adds to the national debt as much money as – put it this way: it took from the beginning of the Republic until 1982 to have a cumulative debt of $850 billion, and this is more than that. This is a lot of money … This adds about $10,000 to each family’s share of the debt.”
The national debt now stands at over $14.1 trillion.
# # #