The First 100 Days – What the Obama Administration HASN’T Done

 

WASHINGTON, D.C – This week marks the end of the first 100 days of the Obama Administration. While some are touting so-called “accomplishments” made since President Obama took office, this 100 day mark also highlights the lack of substantive action by the new Administration on several critical national financial matters. Rep. Jerry Lewis, Ranking Republican on the House Appropriations Committee, criticized the Obama Administration for not engaging in vital work related to the country’s economy and budget.

 

“Despite public promises by President Obama to deal with the problems related to the nation’s finances, economy and budget, little has actually been accomplished,” Lewis said.

 

“Thus far, the Obama Administration has failed to offer a real budget, has failed to produce one piece of bi-partisan spending legislation, and has failed to provide any concrete suggestions to rein in federal spending. And, worst of all, after forcing through a trillion dollar ‘stimulus’ bill through Congress, not a single dime of that money has been spent on job creation even though our economy continues to falter,” Lewis continued.

 

 

Despite repeated public promises by President Obama and his Administration, very little has been done to put our nation’s finances and economy back on track.

 

 

·         Stimulate the economy – According to the IMF, the U.S. economy will shrink another 2.8 percent this year and will have no growth in 2010, with unemployment rising to 10.1 percent.  Yet, the Obama Administration has not spent one dime of the massive, $787 billion economic “stimulus” bill on genuine economic stimulus or job creation. In fact, only about $14.5 billion – or .02% of the total bill – has actually been spent and most of this went to non-stimulative purpose of bailing out state governments to help pay for rising Medicaid costs.  

 

·         Offer a budget - While the House and Senate are expected to pass budget legislation this week, the Obama Administration has shown a failure to lead by not producing its own complete budget proposal. The Obama Administration has essentially taken a back seat in the budget process by abdicating its responsibility to produce a detailed budget request, perhaps to avoid blame for the final, bloated product down the road.

 

·         Pass a single bi-partisan spending bill – The Democrat Congress, with the support of the Obama Administration, has passed over $1.3 trillion in new government spending this year without significant bi-partisan support. This is despite repeated promises by the Obama Administration avoid partisanship and reach across the aisle to garner Republican support for legislation, even when  Republicans made thoughtful attempts to offer reasonable solutions and compromises.

 

·         Provide substantive solutions to rein in government spending – President Obama has made many promises to cut spending, such as vague pledges to reform Medicare and “cut the deficit in half in five years,” but these overtures are largely ill-defined, unrealistic, and are fraught with budget gimmicks to paint a rosier financial view than will actually occur. Most laughable of these plans was President Obama’s recent proud announcement to cut $100 million in government spending from his cabinet agencies – a mere .007 percent of next year’s federal deficit.  The Washington Post compared this proposal to “trying to deal with a $5,000 credit card debt by forgoing a pack of gum.”