Bachmann on Obama’s Plan: ‘We Already Know It Will Fail’
Bachmann said the $447-billion jobs bill President Obama is urging Congress to pass is not much different from the American Recovery and Reinvestment Act (stimulus) passed in 2009.
“The only remedies the president knows are temporary, government-directed fixes, and even if the president’s plan passes, we already know it will fail,” she said. “In practice, we haven’t paid for his last trillion-dollar jobs program, and now his latest plan would have us embrace potentially over $400 billion in new government spending.”
Bachmann, a GOP presidential contender, has her own prescription for what ails the economy. She is calling for the repeal of Obamacare, the Dodd-Frank financial reform bill and various regulations. She said she would “massively” cut spending and the size of government; regain investment from overseas; increase exports and sign trade agreements; inspire innovation, and “provide job-creating energy solutions” by reducing regulations on developing new domestic energy supplies.
Bachmann held her news conference after President Obama outlined his jobs plan to a joint session of Congress. The Obama plan includes extending the payroll tax cut agreed to last year, providing tax incentives for companies that hire unemployed people, and providing funding for construction and infrastructure improvements to roads and schools (union jobs).
Obama says the plan he is sending to Congress would be paid for by offsets elsewhere, but he will leave the details up to a newly formed congressional “super committee.”
“Four years ago, President Bush’s deficit was around $160 billion dollars; today, President Obama’s is nearly ten times that amount,” Bachmann said. “The president and vice president’s plan to spend us to prosperity has failed -- and worse, they have stolen from a generation of Americans yet unborn, the consequences of which mean a near-certainty of reduced choices and a dramatically downsized lifestyle for future generations from what we enjoy today.
“Generational theft is a moral and ethical issue, and I care deeply about both the present generation and generations to come.”
Bachmann said extending the payroll tax holiday would reduce over $111 billion dollars to the Social Security trust fund this year, putting Social Security checks to seniors at even greater risk. Moreover, “Spending taxpayer dollars on more infrastructure projects failed to create lasting jobs in the last stimulus,” she said.