News
ECONOMIC INDICATORS WORSENING, TERRY SAYS
Trends show failure of opponent’s trillions in more spending and debt
August 26, 2010
U.S. Rep. Lee Terry said today that a new report detailing a collapse in U.S. home sales is just more evidence that the administration’s economic policies are simply not working and that his opponent’s support of them is wrong for the district.
The National Association of Realtors report on Tuesday said home sales plunged 26 percent from this same point last year to their lowest level in more than a decade. One senior economist called the development “truly gut-wretching.” “U.S. Home Sales at Lowest Level in More Than a Decade,” The New York Times, August 23, 2010
“The so-called stimulus program was supposed to jumpstart the economy, create jobs and keep unemployment at eight percent. It has done none of these things. Yesterday’s troubling report on collapsing home sales should be a wake-up call to my opponent that his policy of just throwing a Hail Mary of trillions more in spending and debt is not going to solve the problem,” Terry said.
Terry also noted that a recent report by the Obama administration’s budget office now admits that the new healthcare program will not save any money through 2020 and actually increases the nation’s debt by another $51 billion over the next two years. “White House Raises 2011 Deficit Forecast to $1.4 Trillion,” The Wall Street Journal, July 24, 2010
“Just what we need—another $51 billion in debt. The fact the administration itself now admits what many of us knew for months—that the healthcare law will cost more, not less—is just another example of bad judgment by my opponent,” Terry said.
Terry opposed the $800 billion stimulus and the $1.2 trillion healthcare programs. His opponent supports both initiatives at a cost of $2 trillion more in spending and debt. “The differences here—$2 trillion—could not be clearer for the voters of the district,” Terry said.
Terry offered a proposal in the House Energy and Commerce Committee last year that involved increasing access to health insurance by fostering competition among plans.
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