Categorized | News

Dems’ Poor Record On Stimulus, Health Care Promises Doesn’t Inspire Confidence On Financial Regulations

Once again this week, Americans have seen how poorly the rhetoric of President Obama and Democrats in Congress matches up with reality. On unemployment and health care, Democrats’ promises have rung hollow and it’s apparent to anyone who read the news this week.

Today, the AP reports that 290,000 jobs were added over the last month, but that the unemployment rate also rose to 9.9% as many Americans continue to struggle to find work. It’s now been about 15 months since Democrats passed their $862 billion stimulus bill and unemployment continues to hover near 10%, even though key White House economic advisors predicted that the “unemployment rate with … the recovery plan [stimulus],” would not exceed 8%. In fact, according to the graph that accompanied the Obama administration’s predictions about a stimulus bill, the unemployment rate is almost 1% higher than White House estimates of where unemployment would be if Congress had done nothing.

Obama and congressional Democrats also made assurances that their $2.6 trillion takeover of health care would not affect the insurance coverage most Americans currently have and like. The president said for months that “if you like your [health insurance] plan, you can keep your plan,” ignoring the fact that CBO and others predicted otherwise. But yesterday, Fortune Magazine reported, “Internal documents recently reviewed by Fortune, originally requested by Congress, show what the [health care] bill’s critics predicted, and what its champions dreaded: many large companies are examining a course that was heretofore unthinkable, dumping the health care coverage they provide to their workers in exchange for paying penalty fees to the government.” And of course, as Fortune pointed out, “It would also seem to contradict President Obama’s statements that Americans who like their current plans could keep them.”

Now we’re hearing from Democrats that their financial regulation legislation poses no danger of regulatory overreach to Main Street businesses that had nothing to do with the financial collapse. In fact, Senate Banking Committee Chairman Chris Dodd (D-CT) said on the floor yesterday, “This bill covers only financial products and financial services. That dentists and butchers and retailers on the street are going to be affected by this is a complete myth, totally so, and the provisions of the bill couldn’t be more clear about it. There are no new regulations.” Yet letters from business groups across the country representing a wide variety of employers and business owners said they opposed the Dodd language in the bill and supported a Republican amendment that Democrats voted down, which would have, in the words of the National Federation for Independent Business, “turn[ed] the focus of the creation of a new regulator toward financial services companies and away from small businesses.”

So given what Americans have seen over the last year, and just in the last few days of the track record of Democrat promises and assurances about the impact of their ill-conceived legislation, is there good evidence that what they’re claiming about their financial regulation bill is more accurate?

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

2 Responses to “Dems’ Poor Record On Stimulus, Health Care Promises Doesn’t Inspire Confidence On Financial Regulations”

  1. Samual Adams says:

    More BS from Dems to cover their takeover plans, “It’s alright, everything’s under control, just go about your business”……. next thing you know, you wake up to something totally different, and you had no say in it either.


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Tom White Says:

Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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