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Adler’s Spending Addiction has Resulted in Economic Failure

August 20, 2010

Highest Jobless Claims in Nine Months Cast a Stormy Cloud Over

the New Jersey Democrat’s Hopes for Re-election

 

John Adler

New Jersey’s unemployment is at 9.7 percent and jobless claims recently hit a nine-month high, making one thing certain – John Adler’s economic agenda is a colossal failure. Despite lofty promises that recovery is coming and a failed trillion-dollar stimulus that was supposed to create jobs, the ailing economy speaks for itself. From foreclosures to high jobless claims and a ballooning national debt, the Democrats’ failed policies have exacerbated the problems of an already struggling economy. And rather than reining in runaway spending and creating the fiscal discipline needed to create jobs, Adler and his Democrat friends continue to feed their spending addiction, leaving middle-class families asking: Where are the jobs?

“Like an addict, John Adler has pushed economic recovery to the wayside in order to feed his partisan spending disease,”

said NRCC Communications Director Ken Spain.

“Jobless claims have reached a nine-month record and unemployment remains unacceptably high in New Jersey, yet Adler refuses to reign in his party’s reckless spending and adopt the fiscal discipline needed to create jobs. After letting New Jersey middle-class families down for so long, Adler’s hopes for re-election look bleak as voters prepare to take their frustrations out at the polls in November.”

 

“New claims for U.S. unemployment benefits unexpectedly climbed to a nine-month high last week, providing yet another setback to the economic recovery…The economy’s poor health has handed President Barack Obama a tough challenge and put at risk the Democratic Party’s majorities in the U.S. House of Representatives and Senate in November’s mid-term Congressional elections. Obama’s approval ratings have tumbled to near 40 percent and Congressional Democratic ratings are around 20 percent.”

“Claims for unemployment benefits have been stuck at lofty levels for much of this year, which many economists say points to unemployment staying uncomfortably high for some time.”

(Lucia Mutikani, “US jobless claims at 9-mth high, outlook darker,” Reuters, 8/19/2010)

The Democrats’ economic agenda will not only be the downfall to their own majority, but the nation is now facing a new financial crisis as budget analysts’ project that the federal deficit will exceed $1.3 trillion:

Congress’ budget analysts are estimating that this year’s federal deficit will exceed $1.3 trillion, slightly below last year’s total but still a huge ocean of red ink.

“The nonpartisan Congressional Budget Office said the enormous shortfall is a result of the still staggering economy, which has meant lower federal revenues plus extra government spending aimed at prodding growth.”

(“Budget Analysts See 2010 Deficit at $1.3 Trillion,” Associated Press, 8/19/2010)

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