NRSC: As Fall Begins, What Happened To Joe Sestak’s Failed Recovery Summer?

As Fall Begins, What Happened To Joe Sestak’s Failed Recovery Summer?
 
WASHINGTON – With only 40 days until voters cast their ballots in Pennsylvania, liberal U.S. Representative Joe Sestak (D-PA) and his party’s so-called “Recovery Summer” have failed to deliver the economic revival that Democrats promised when they launched their empty rhetoric in June 2010. Instead, Sestak’s massive government spending and out-of-control debt have failed to provide much-needed relief to Americans, who today struggle under 9.6 percent unemployment.
 
“Just like the rest of his out-of-touch Washington agenda, it’s clear that Joe Sestak’s so-called ‘Recovery Summer’ did nothing to help Pennsylvanians as they struggle to make ends meet,” said National Republican Senatorial Committee (NRSC) spokeswoman Amber Marchand. “In just 40 days, Pennsylvanians will have the opportunity to hold Sestak accountable for his costly, failed record, when they elect Pat Toomey who will fight to cut spending, rein in the size of government and create much-needed jobs in his state.”
 
Background Information:
In January 2009, The National Unemployment Rate Was 7.7%. (U.S. Department Of Labor’s Bureau Of Labor Statistics, www.bls.gov, Accessed 8/19/10)
 
“Back In Early January, When Barack Obama Was Still President-Elect, Two Of His Chief Economic Advisers — Leading Proponents Of A Stimulus Bill — Predicted That The Passage Of A Large Economic-Aid Package Would Boost The Economy And Keep The Unemployment Rate Below 8%. It Hasn’t Quite Worked Out That Way.” (Stephen Gandel, “Obama’s Stimulus Plan: Failing by Its Own Measure,” Time, 7/14/09)

In August 2010, The National Employment Rate Was 9.6%. (U.S. Department Of Labor’s Bureau Of Labor Statistics, www.bls.gov, Accessed 9/23/10)

August 2010: “Layoffs Are Back, And That’s Bad News For The Fragile Economic Recovery.” (Christopher S. Rugaber, “Spike In Layoffs Feeds Fear Of Faltering Recovery,” The Associated Press, 8/20/10)
 
In January 2009, The National Debt Was Roughly $10.6 Trillion. (U.S. Department Of The Treasury’s Bureau Of The Public Debt, www.treasurydirect.gov, Accessed 8/20/10)

By September 23, 2010, The National Debt Had Climbed To Nearly $13.5 Trillion. (U.S. Department Of The Treasury’s Bureau Of The Public Debt, www.treasurydirect.gov, Accessed 9/23/10)

P  The National Debt Has Increased By Nearly $2.9 Trillion In Less Than Two Years Under President Barack Obama. (U.S. Department Of The Treasury’s Bureau Of The Public Debt, www.treasurydirect.gov, Accessed 8/20/10) 

 “The Nonpartisan Congressional Budget Office On Thursday Estimated That The Federal Budget Deficit For 2010 Will Hit $1.34 Trillion . . . . The shortfall is still the second largest in more than six decades, coming in at 9.1 percent of GDP. It is exceed by last year’s shortfall, which was 9.9 percent of GDP.” (Jay Heflin, “CBO Deficit Projection Lower, But Still Gloomy,” The Hill, 8/19/10)
 
“High Unemployment And Meager Wage Growth Already Are Driving Many Americans’ Reluctance To Make Major Purchases, So A Return Of Falling Home Equity Could Further Depress Confidence And Consumer Spending.” (Sudeep Reddy and Nick Timiraos, “Plunge in Home Sales Stokes Economy Fears,” The Wall Street Journal, 8/25/10)

“‘Today’s News On The Economy Has Been Nothing But Awful,’ Paul Ashworth, An Economist At Capital Economics, Wrote In A Note To Clients. ‘The Recovery Is Clearly Slowing.’”  (Christopher S. Rugaber, “Spike In Layoffs Feeds Fear Of Faltering Recovery,” The Associated Press, 8/20/10)
 
“Ken Simonson, Chief Economist At The Associated General Contractors Of America, Said Highway Contractors Began Working On Stimulus Projects As Much As A Year Ago, ‘And Now That Pipeline Is Empty.’ Work On Commercial Projects Such As Office Buildings, Malls And Hotels Is ‘Dead, Dead, Dead,’ He Added.” (Christopher S. Rugaber, “Spike In Layoffs Feeds Fear Of Faltering Recovery,” The Associated Press, 8/20/10)

“[E]conomists Are Concerned That The Unemployment Rate Will Start Rising Again Because Overall Economic Growth Has Weakened Significantly Since The Start Of The Year.”  (Christopher S. Rugaber, “Spike In Layoffs Feeds Fear Of Faltering Recovery,” The Associated Press, 8/20/10)

“The U.S. Economy Faces Difficult Times Ahead With Chronic Unemployment And Slow Manufacturing Hurting The Pace Of Recovery, The Head Of Congress’ Budget Agency Said on Thursday. The warning from the non-partisan Congressional Budget Office came on top of more bad U.S. economic data that heightened concerns about a return to recession, roiling markets.” (Richard Cohen and Donna Smith, “More Tough Economic Times Forecast By CBO,” Reuters, 8/20/10)

“Congressional Budget Office Director Douglas Elmendorf Said The Economy Faces A Tough Recovery From Recession, although the CBO predicted 3 percent economic growth this year. ‘The considerable number of vacant houses and underused factories and offices will be a continuing drag on residential construction and business investment, and slow income growth as well as lost wealth will restrain consumer spending,’ he said.” (Richard Cohen and Donna Smith, “More Tough Economic Times Forecast By CBO,” Reuters, 8/20/10)
 
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