AFP to Obama: Stop Gambling With Taxpayer Dollars
The President Shouldn’t Gamble with Taxpayer Dollars
New reports today note that President Obama will go on a “Betting on America” bus tour later this week through the key swing states of Ohio and Pennsylvania to promote his efforts on the economy, including “investing in manufacturing and bringing jobs back to America.” US manufacturing has shrank for the first time in three years, according to several news outlets yesterday.
“It’s time for President Obama to stop gambling the nation’s future away with his failed economic policies, government cronyism and punitive tax increases for American families,” said Tim Phillips, president of Americans for Prosperity. “Not only have Obama’s risky bets failed to get the country back into the black, but his gambling has wasted hundreds of millions of taxpayer dollars.”
President Obama’s Top 5 failed bets:
1. Solyndra. Over $535 million and over 1,100 jobs were lost because of the President’s gamble. Ninety percent of those who lost their jobs at Solyndra are still unemployed.
2. Obamacare tax increase. President Obama promised Americans the individual mandate wasn’t a tax, but the Supreme Court ruled it was, making it one of the largest tax increases in American history. More than half of the 20 tax increases in Obama’s health care law hit families making less than $250,000 a year.
3. National debt increase. The national debt has increased more in President Obama’s first three years than it did in all 8 years of President Bush’s presidency. If Obama wins re-election, the debt will have increased 87% by the end of his terms as president.
4. Overseas spending. The Obama Administration admitted $2.3 billion of tax credits went to jobs in foreign countries, $1.2 billion went to a solar company building a plant in Mexico, and tens of millions of dollars for traffic lights built in China.
5. TARP bailout failure. The latest report shows the $700 billion TARP bailout has lost an estimated $60 billion of taxpayer dollars and has failed to aid homeowners, small businesses and banks. Taxpayers are still owed over $118 billion plus $14 billion that has been written off or lost.
“President Obama’s habitual gambling is an attempt to pick winners and losers in the market,” continued Phillips. “Time to stop placing bets with taxpayer dollars, Mr. President.”