Cantor says Obama’s economic programs are not working
Rep. Eric I. Cantor, R-7th, delivering the response to President Barack Obama's weekly radio and video address, said today that Obama's economic programs "have not produced jobs, have not produced prosperity and have not worked."
Obama had said in his address that the $787 billion stimulus program must be given a chance to work before consideration is given to a second such jolt for the still-ailing economy.
"We must let it work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity," the president said in his recorded message.
Cantor, the GOP whip in the House of Representatives, said Republicans have offered an alternative economic plan that would have revitalized small businesses and helped middle-class families.
The Henrico County resident urged the listening audience to call their congressional representative and the president and "let them know that you think Washington should stop the reckless spending, stop the careless borrowing and stop the war on the middle class."
As the second ranking Republican in the House, Cantor has become one of the leading critics of Obama and the stimulus.
"This is now President Obama's economy and the American people are beginning to question whether his policies are working," Cantor said.
He said tax rates should be reduced so taxpayers will see "an immediate increase in their income."
"We believe Washington must stop targeting America's small businesses and instead should empower them by allowing employers to take a tax deduction to free up funds to retain and hire new employees," he added.
The Associated Press contributed to this report.
Reader Reactions
Anon, I don’t like where we are but we are here. Delaying the inevitable will only make the inevitable cleansing of our debt more painful.
We have reached the end of the road in an historic credit bubble. The only thing that keeps the bubble from popping is the US government keeping the pretense that our banks are not insolvent but they are. There are trillions of dollars in loans that will not and cannot be paid back.
The reason the FDIC does not shut these banks is two fold. It does not have the resources to make whole the depositors and just as important, wiping out the bond holders will cripple many state, local and private pension funds and insurers. But pretending the banks are solvent by not forcing them to mark to market the loans they have made does not make those loans any more likely to be repaid.
It is this massive overhand of debt, 3.5 times our GDP and growing that must
be reduced or we are headed for not just a depression but a total economic collapse. Instead Obama and the Fed are trying to expand the credit bubble further. Yet not even the US government, drowning its own red ink and obligations, has the resources to prop up debt on this scale.
Eric Cantor please do me a favor and shut up you little weasel hypocrite.
Your time in Washington was rubber stamping all of the irresponsible spending of the last administration and then holding your hand out for some TARP money for the bank your wife is the director of NY Private Bank and Trust who took over 200 million in TARP money. I find it amazing the Republicans are standing by and sighting unemployment and saying the stimulus is not working, these are the same people who said let the American Auto Industry fail, what a way to support middle class Americans by wanting them to sink and if President Obama would have taken their advice unemployment would be at 12 or 13 percent right now. So please Eric shut up.
Kant,
Is your argument that we should wait until all the banks all over the world have failed before we try to respond? I understand about Adam Smith’s theory of Creative Destruction. But, do we have to go all the way back to the Stone Ages? Is agonizing pain something you enjoy?
If stimulus worked we wouldn’t be here. Over a year ago we all got those $600 checks as part of a $160 billion stimulus
bill. Remember? Did it ‘revive’ the economy. Of course not but it did ALMOST
buy Bush enough time to get through the 2008 election but for Lehman and AIG collapsing in mid September.
The Democrats are playing the exact same
game here folks except they don’t need
6 months like Bush, they need 24 months to make it past November 2010 hence their stimulus bill is $787 billion and not front loaded. Unfortunately, borrowing billions can’t solve the problem because the problem is debt.
What is worse, the real collapse has not yet arrived and the government has, by virtue of all this ‘stimulus’ borrowing, shot its wad. When we finally have to accept that our banks are insolvent because American business and consumers cannot pay the loans they have taken out the final step down into depression will begin. Unfortunately, because of the bailouts and stimulus spending spent today the government itself will be unable to borrow when we really need it.
yeah,but just imagine the cluster that we would be in if bush was still in office ! you and everyone that responds positively to cantors bantor ( haha ) are all on this band wagon to find something negative that obama is doing. what? still got those “W the president” stickers on your cars?....losers….. give it 2 years or sooner and you will see this economy turned around!
Thanks Mr Cantor. But we already know.
It is the massive failure that appears to be the elephant in news rooms across America that no one in the media wants to talk about.
But everyone on Main Street IS talking about. You can’t escape it.
Greta,
If this was easy, John McCain could have done it. I’m sure there is some earmark somewhere that he could skewer to make this all go away.
And that is exactly the point. Trillions spent in just 120 days.
And no sign of stoppage or even slowing down.
Welcome to the Obama-Spend-A-Ton.
If the ride makes you feel dizzy and confused you are in the right place.
Take a ticket and get in line.
Well yeah it’s a no brainer. It’ not working, in fact it’s getting worse by the day. Now they want to bail out small businesses so they can buy votes for this ridiculous bill they are putting off until August. What a joke. They are simply out of control with all this wasteful spending. It appears that they want to break us down so that we are totally dependent on them (government). Bigger government, what a mistake!
Eric! Baby! It’s been 120 days. Get a grip!
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