President Obama has spent the majority of his first 32 months in office doing everything except creating American jobs.  The president signed a failed $1 trillion “stimulus” bill and promised that unemployment would not rise above 8 percent.  Unemployment has averaged 9.4 percent since then.  The president spent months passing an unpopular government takeover of healthcare that CBO says will destroy at least 800,000 American jobs.  The Obama administration has also publicly listed a total of 219 new job-destroying regulatory actions, each of which would have an estimated cost to our economy of $100 million or more.  As a result of the president’s failed policies, the economy has shed 2.4 million jobs since February 2009.  This week’s Census report on poverty in America confirms a sad fact that most Americans already know: President Obama’s economic policies have failed and the nation cannot afford more of the same.

New Census Data Shows A Record Number of America’s Families Are Suffering From Job-Destroying Policies

This week, the U.S. Census Bureau released its report on income and poverty in America in 2010.  Some of the report’s disappointing findings are list below.

• The official poverty rate in 2010 was 15.1 percent—up from 14.3 percent in 2009. This was the third consecutive annual increase in the poverty rate.

• In 2010, 46.2 million Americans were in poverty, up from 43.6 million in 2009—the fourth consecutive annual increase in the number of people in poverty.

• The poverty rate in 2010 (15.1 percent) was the highest poverty rate since 1993.

• The number of Americans in poverty in 2010 (46.2 million) is the largest number in the 52 years in which poverty estimates have been published by the Census Bureau.

• Inflation adjusted median household income dropped to its lowest level since 1996 and has fallen by 6.4 percent since 2007.

While Federal Budgets Explode, Family Budgets Shrink

In FY 2011, CBO estimates that federal spending will total $3.6 trillion or 23.8 percent of GDP.  This would be the highest amount of federal spending in history, barely eclipsing the spending levels in 2009 and 2010.  Runaway spending has resulted in the three straight $1 trillion annual deficits under President Obama.  Prior to 2009, the highest budget deficit in history was $459 billion.  As the new Census data shows, the Obama Administration’s spending binge may be a boon for the federal government, but it has been a bust for struggling America

The House Republican Plan America’s Job Creators

House Republicans have a Plan for America’s Job Creators to reduce government red tape and provide lasting certainty for job creators so they can put Americans back to work.

• Enact a regulatory relief agenda that will repeal specific regulations, and provide fundamental and structural reform of the rule-making system through legislation like the REINS Act, the Regulatory Flexibility Improvements Act, and reform of the Administrative Procedures Act.
• Reduce spending and restore fiscal sanity to give small businesses and job creators the stability and confidence to expand and hire new employees.
• Require congressional review and approval of any government agency regulations that have a significant impact on the economy or burden small businesses.
• Audit existing and pending regulations to identify and address those that hinder economic growth.
• Pass the three pending free trade agreements with Colombia, Panama, and South Korea, which the Obama Administration estimates will create up to 250,000 jobs.
• Promote lower energy prices through increased domestic production.
• Increase American competitiveness by lowering tax rates in a deficit neutral manner and ensuring the president’s job-destroying tax increase don’t take effect.

House Republicans are committed to taking every possible step to spur job creation and get our economy back on track so that Americans can do what they do best: create, innovate and lead.