Friday, October 7, 2011

Lankford: Stimulus, Tax Plans Failed

Congressman James Lankford said today that the government stimulus and tax economic policies of the past two years have failed to produce an actual economic stimulus.

"The results of these flawed policies were apparent again after today’s disappointing jobs report showed that unemployment remained at 9.1%, while the broader index of unemployment expanded to 16.5%.

"Our nation’s unemployment rate has remained above 8% since February 2009, yet Senate Democrats and President Obama continue to push for more stimulus and higher taxes as the key to economic growth.

“Clamoring for higher taxes to promote economic equality makes some feel better in Washington, but it does not actually help create long-term jobs in the nation,” said Lankford. “Higher taxes do not promote economic growth, and taking money from one person and giving it to another does not benefit the overall economy. The fact is that we are not dealing with high unemployment because taxes are too low.”

The contrast remains clear between Republicans and Democrats on the solutions required for increased job creation. Republicans in the House have built an economic agenda based on low-cost and no-cost proposals such as increased energy exploration, free trade, repatriation of overseas earnings, increased lending from community banks for small business, streamlined regulations and comprehensive tax reform.

“Big government funded by higher taxes is only placing a wet blanket on the economy,” Lankford continued. “We must remove that burden with low-cost and no-cost economic proposals that build on economic freedom.”

“House Republicans will continue working this fall to pass legislation based on these principles,” he concluded.

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