Rep. Price Lies, Says Economic Policies Have Failed

May 03, 2010 5:34 pm ET

Upon hearing news that the U.S. economy grew for the third straight quarter, Rep. Tom Price (R-GA) lambasted the "failure" of the "liberal economic experiment." Despite his ill-timed release, Price has his facts wrong.  The economy is on the road to recovery.  In March 2010, the economy added 162,000 jobs, the largest job gain in three years, and through the end of 2009, the Recovery Act had created up to 2.4 million jobs.

Rep. Price Misleads On The Economy

Rep. Tom Price:

"Over a year ago, the Administration and their allies in Congress pledged that their $862 billion 'stimulus' package would spark robust job creation and put our fellow citizens back to work... The failure of that liberal economic experiment can be seen in the faces of millions of our neighbors who have been left behind in this economy. Today's news will do little to assuage the concerns of those families." [Price Release, 4/30/10]

The Recovery Act Is Creating Millions Of American Jobs

AP: "The Nation's Economy Posted Its Largest Job Gain In Three Years." According to the Associated Press: "The nation's economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month. The increase is the latest sign that the economic recovery is sustainable and healing in the job market is beginning." [Associated Press, 4/2/10]

CBO: The American Recovery And Reinvestment Act Has Created Up To 2.4 Million American Jobs. According to CNN: "The Congressional Budget Office attributes between 800,000 to 2.4 million jobs and 1.2 to 3.1 percentage points of economic growth to stimulus." [CNN, 1/13/10]

One Year After The Recovery Act, America Is On The Road To Recovery. Below is a graph prepared by the Speaker's office showing job gains/losses per month:

[Office of the Speaker, 4/16/10]

The Recovery Act Has Turned Around The Economy

The Economy Grew At 3.2% In The First Quarter Of 2010. According to the Associated Press, "The economy grew at a solid 3.2 percent pace during the first quarter of this year as consumers boosted their spending by the most in three years. The Commerce Department's initial estimate of the economy's performance in the January-to-March quarter, released Friday, provided more evidence that the economy is strengthening. It marked the third straight quarterly gain as the United States heals from the longest and deepest recession since the 1930s. Still, growth was weaker than in the fourth quarter of last year, when the economy grew at 5.6 percent. Consumers rebounded and powered the first-quarter's growth. They increased their spending at a 3.6 percent pace, the strongest showing since early 2007 - before the economy tipped into a recession." [Associated Press, 4/30/10]

The Economy Has Been Growing For Three Straight Quarters.  Below is a graph prepared by the Speaker's office showing GDP growth per quarter:

 

[Office of the Speaker, 4/30/10]

Print