Harry Teague's Real Record on Jobs

Harry Teague’s Real Record on Jobs

Will Teague’s Checkered Record on Jobs Cost Him His Own in November?

Harry Teague’s Real Record on Jobs:

Teague Has Experienced Political Fallout From His Reckless Support For The National Energy Tax: “‘Perhaps nowhere will that theory be put more to the test than a congressional district in southern New Mexico, where a first-term Democrat has spent much of the last few months attempting to justify his vote in favor of climate legislation and where a former Republican congressman is hoping to ride dissatisfaction over the legislation back to Capitol Hill. New Mexico’s 2nd District seat, now held by Rep. Harry Teague (D)…when Teague earlier this year cast a vote for the House climate bill, the district quickly became a test case on the political potency of the cap-and-trade issue…When he voted for cap and trade all the anger in that district that had been focused on Obama and Nancy Pelosi shifted to Harry Teague and it has stayed there,’ said Heath Haussamen, an independent political analyst in New Mexico. ‘It sort of allowed all the frustrations around the economy and health care and all that stuff to center around Harry Teague.’” (Alex Kaplun, “Political Fallout of Vote for Climate Bill Tested in House Race in N.M.” New York Times, 11/17/2009)

·         His Vote Put Thousands Of Jobs At Stake: “The jobs impact of W/M is delayed by the free allocation of permits and generous carbon offsets. By 2030, as emission reduction targets tighten and other W/M provisions phase out, New Mexico jobs decline by 9,331 under the low cost case and by 12,709 under the high cost case.” (“New Mexico Economic Impact on the State from the Waxman-Markey Bill, H.R. 2454,” National Association of Manufacturers, 8/12/2009)

Since Harry Teague And His Democrat Colleagues Passed Their Failed Stimulus, The Economy Has Only Gotten Worse: “Nouriel Roubini, the New York University professor who anticipated the financial crisis, said yesterday that the US growth outlook remains ‘very dismal.’ Speaking at the World Economic Forum’s annual meeting, Roubini underscored concern that measures to rescue banks and fight the recession may be withdrawn too soon. Of a Commerce Department report that showed economic expansion of 5.7 percent in the fourth quarter, Roubini said, ‘I think we are in trouble.’ More than half of the growth was related to a replenishing of depleted inventories, he said, and consumption was reliant on monetary and fiscal stimulus. As these forces ebb, the rate will slow to 1.5 percent in the second half of 2010, he predicted. He said that while the world’s largest economy would not relapse into recession, US unemployment will rise from the current 10 percent amid mediocre growth.’” (“Roubini forecasts dismal US growth,” Bloomberg News, 2/01/2010)

·         Local Unemployment Has Been Unaffected: “‘A federal spending surge of more than $20 billion for roads and bridges in President Obama’s first stimulus has had no effect on local unemployment rates, raising questions about his argument for billions more to address an ‘urgent need to accelerate job growth…’There seems to me to be very little evidence that it’s making a difference,’ said Todd Steen, an economics professor at Hope College in Michigan who reviewed the AP analysis.’” (Matt Apuzzo and Brett J. Blackledge, “Stimulus cash doesn’t create local jobs,” Associated Press, 1/12/2010)

·         Jobless Claims Continue to Rise: “U.S. unemployment claims unexpectedly surged in the latest week, generating fresh anxiety about a labor market that has yet to catch up with growth in the overall economy…On Thursday, the Labor Department said first-time claims for unemployment insurance shot up by 36,000 to 482,000 in the week ended Jan. 16, rather than an expected decline of 4,000. The four-week moving average, which aims to smooth out volatility, increased by 7,000 to 448,250. Jobless Claims Rise in Latest Week.” (Michael S. Derby, “Jobless Claims Rise in Latest Week,” Wall Street Journal, 1/22/2010)

Teague And His Party’s Reckless Spending Spree Has Led To The Largest Deficit Ever, Subsequently Affecting America’s Global Dominance: “…By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 — years after Mr. Obama has left the political scene, even if he serves two terms — they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water…Unless miraculous growth, or miraculous political compromises, creates some unforeseen change over the next decade, there is virtually no room for new domestic initiatives for Mr. Obama or his successors. Beyond that lies the possibility that the United States could begin to suffer the same disease that has afflicted Japan over the past decade. As debt grew more rapidly than income, that country’s influence around the world eroded.” (David E. Sanger, “Deficits May Alter U.S. Politics and Global Power,” New York Times, 2/01/2010)

·         Not Only Is Teague’s Trillion-Dollar Stimulus A Failure, But Its Sheer Ineffectiveness Will Now Cost Taxpayers Billions More Than Originally Forecasted: “The cost of President Obama’s stimulus plan has jumped another $75 billion, the Congressional Budget Office said Tuesday, and part of the reason is more people are getting unemployment benefits because they’ve lost jobs the bill was supposed to preserve…The CBO now says the stimulus package, passed by Congress last February, will cost $862 billion over 10 years because of the added unemployment-related costs. The program had originally been estimated to cost $787 billion when Mr. Obama signed it in February.” (Stephen Dinan, “Tab From Stimulus Program Jumps, CBO Says,” Washington Times, 1/26/010)

Harry Teague’s Checkered Past On Jobs May Cost Him His Own Job Come November: “Teague took a lot of hits over his cap-and-trade vote, but he avoided GOP wrath by voting ‘no’ on the health care bill. Was that enough to calm his shaky standing at home? Ex-Rep. Steve Pearce (R), who’s raising money at a huge clip, will make sure voters remember the controversial votes. Due to the area’s GOP lean, Pearce’s strong campaign and roots in the district, and the overall environment, Teague will be one of the top endangered incumbents this cycle.” (Tim Sahd, “House Race Rankings,” National Journal, 1/21/2010)

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