WASHINGTON — U.S. Rep. John Spratt (D-SC) issued the following statement today on the President’s economic policies. The President is scheduled to participate today in an event in Washington about the economy.
“Today, the President participates in another event about the economy. While all Americans are heartened by optimistic signs that the economy may be beginning to turn around, the fact remains that the Administration’s tax cuts and budget policies have not created the jobs promised over the last three years. Time after time, the Administration has claimed that more tax cuts would create large numbers of jobs. Instead, the economy has lost 2.9 million private-sector jobs since President Bush took office. While the President continues to claim that a recovery in the job market is just around the corner, many ordinary Americans have seen few signs of it.
“Just last week, the Economic Report of the President made the Administration’s latest promise on jobs — 2.6 million new jobs would be created by the end of this year. That claim seemed overly optimistic to many analysts, and this week the President and his economic team have distanced themselves from last week’s prediction. When it comes to jobs, the Administration increasingly runs the danger of undermining its credibility with the American people.
“The Administration’s tax cuts have not created jobs as promised, but they have created huge deficits that will stifle growth in the future and burden our children and grandchildren with debt.”