Coats: Failure of Stimulus Bill Shows President Has Made Economy Worse

Says “more spending, more taxing and more regulating does not generate economic growth”

WASHINGTON, DC – Senator Dan Coats (R-Ind.) issued the following statement in advance of the three-year anniversary of the stimulus bill:

“The grand promises of the Obama stimulus plan failed to come true and today our economy is in worse shape than when the president took office. Under this failed plan, Washington borrowed nearly one trillion dollars to try to create economic growth, but instead our economy lost over one million jobs.

“Despite the administration’s vow to reduce unemployment rates, millions of Americans are waking up every day without a job, and many have given up looking for work entirely. For the past three years, we have seen that more spending, more taxing and more regulating does not generate economic growth.

“After the failure of his stimulus plan, the president should recognize that government spending does not create private-sector jobs. Reforming the tax code, eliminating harmful regulations and increasing exports are proven ways Congress can help our job creators invest and hire.”

President Obama signed the $825 billion stimulus bill into law on February 17, 2009.

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