October 11, 2009

Has the $787 billion economic stimulus been successful in creating jobs?
By Johnny Isakson
(As appeared in The Atlanta Journal-Constitution)

Georgia Department of Labor statistics show our state has lost more than 300,000 jobs since the recession began in December 2007.

According to the White House, the stimulus bill passed in February has saved or created 30,800 jobs in Georgia. At this rate, it will take 10 years for the stimulus to bring back Georgia’s lost jobs. That is unacceptable.

To accelerate job creation and economic recovery, American needs a pro-growth agenda. The homebuyer tax credit, for example, has generated 350,000 home sales this year and should be continued. The lower capital gains tax rate, which sunsets in December 2010, should be made permanent.

The administration’s proposal to tax offshore earnings by American corporations at 35 percent should be rejected. Federal spending should be targeted only to needed infrastructure such as roads, bridges, runways and ports, not to more bureaucratic programs.

Most importantly, we must restore credit to small businesses and ease rigid mark-to-market requirements for America’s banks to free up capital for responsible lending.

These kinds of responsible, pro-growth actions will create private sector jobs and restore our economy far better and faster than more stimulus programs to fund bigger government.