Congressman Tom Price (R-GA) issued the following statement in response to a report that Caterpillar, Inc. will lay off almost 2,500 plant workers. This announcement comes just over a month after President Barack Obama appeared at a Caterpillar plant in East Peoria , Illinois , to boast that his so-called stimulus plan would actually bring jobs back to Caterpillar and similar companies across the country.

“Caterpillar’s announcement is another piece of mounting evidence that the President’s reckless spending spree is doing nothing to foster real, long-term recovery,” said Congressman Price. “President Obama and his allies in Congress have passed over a trillion dollars in debt onto the backs of American taxpayers. We have yet to see any indication that this irresponsible spending will create real economic growth. Instead, we get more grim economic outlooks and another broken promise from the President.

“We can turn the economy around, but it will require recognition that people are much better able to invest their own money than is Washington . The administration’s lack of faith and confidence in the American people ignores history by relying on short-term public projects and government expansion to end economic strife. By trusting in Americans, we will restore economic freedom and put the power to grow back in the hands of businesses like Caterpillar. Real recovery means creating an environment in which American individuals and businesses are willing and able to invest their own hard-earned money.”

Note: The Republican Study Committee has introduced H.R. 470, the Economic Recovery Act, legislation based on three main themes: 1) Support Families through Tax Relief; 2) Provide Economic Relief for American Businesses and Entrepreneurs; and 3) Save Future Generations from a Crushing Debt Burden. For a full summary, click here.