by Ryan Kierman, CNS News:
Senate Majority Leader Harry Reid said in a press release Friday that insufficient government spending, caused by Republican “austerity policies” is hurting the U.S. economy and preventing a quicker recovery.
“We need to continue advancing policies that spur growth and create jobs,” Reid said. “It’s time for Republicans to let go of their failed austerity policies that weigh down our economy and prevent a speedier recovery. We simply can’t cut our way to prosperity.”
During President Barack Obama’s first three years in office (2009, 2010, and 2011), according to the White House Office of Management and Budget, the federal government spent 25.2 percent, 24.1 percent, and 24.1 percent of GDP. That level of federal spending was unprecedented during a period when the nation was not in a World War.
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