Press Releases



NRCC - Question for Carol Shea-Porter: Would You Support the Failed 'Stimulus' Again? 

One Year Later, New Hampshire Families Wait to Hear Shea-Porter Answer the Simple Question: Where are the Jobs?

Washington- It’s been a year since Carol Shea-Porter and her fellow House Democrats passed their trillion-dollar boondoggle through Congress and ultimately onto the backs of New Hampshire families. With unemployment climbing to over ten percent and the economy showing few signs of recovery, it’s time for Shea-Porter to admit that her so-called ‘stimulus’ is a failure. As Americans continue to seek relief during difficult times, Democrats refuse to admit their stimulus is a mistake as they charge full speed ahead with more partisan spending sprees. After a year of failed ‘stimulus,’ middle-class families in New Hampshire deserve to know: Would Shea-Porter support the stimulus boondoggle again?

In fact, the trillion-dollar stimulus has been such a failure that 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)

After blowing billions of taxpayer dollars in an attempt to stimulate the economy, the Democrats’ spending spree has not only managed to increase unemployment rates, but has led to the largest federal deficit since World War II.

“New deficit estimates Tuesday project a $1.35 trillion shortfall for the coming year even as Congress debates creation of a bipartisan commission to propose long range steps to relieve the mounting debt facing the nation.”

“CBO projects that unemployment will average slightly above 10 percent in the first half of 2010 and then turn downward in the second half. But the building debt carries with an added burden. Once the economy improves, CBO says, higher interest rates will come back and bite the Treasury trying to finance the accumulated deficits.”  (David Rogers, “More red ink: CBO projects $1.35 trillion deficit,” Politico, 1/26/2010)

“The nonpartisan CBO, in a new report looking at the country's financial outlook, also found that the country faces giant budget deficits for the foreseeable future and has the biggest debt problem it has seen since just after World War II. The report is designed to give Congress guidance as it prepares to receive President Obama's budget for fiscal year 2011.” (Stephen Dinan, “Tab From Stimulus Program Jumps, CBO Says,” Washington Times, 1/26/010)

One long year after House Democrats passed their trillion dollar ‘stimulus’ boondoggle, Americans are facing daunting double-digit unemployment numbers and a skyrocketing deficit,” said NRCC Communications Director Ken Spain. “Rather than putting the brakes on her party’s reckless tax-and-spend policies, Shea-Porter has continued to rubber-stamp their runaway spending, further pushing the federal deficit into the red. After a year of punishing middle-class families with mountains of debt fueled by partisan government giveaways, New Hampshire families deserve to know: Would Carol Shea-Porter do it again?”

With these dismal results, can New Hampshire families really afford to elect Carol Shea-Porter to another term? 


NetRight Daily: Today's Top News on NRN 

Senators Slam Doors on Liberal Health Care Revival:  Hopes to revive health care reform in Congress continued to fade as Democratic leaders scramble to draft a new agenda addressing the nation's economic woes.

Adios Governor Dave:  Dave Freudenthal, jolly good fellow that he is, is fighting tooth and nail not to give up his plush state house office and return to the ranks of the hoi polloi. Never mind that Wyoming's highly popular term limits law says it's time for Dave to head on home. And never mind that every governor of recent vintage has done so without delay.

Legitimizing Theft:  How do you legitimize taking wealth from the citizens of a country that produce wealth and jobs and give it to those that do not? A hundred years ago, collectivists could rely on the writings of Karl Marx to promote class envy and advocate class warfare to create a Utopian communist state where the means of production were communally shared among the citizens of a country. But the reality of communism is, that after a violent revolution that destroyed private ownership of land and capital, capitalism was replaced by a far more repressive dictatorship that destroyed millions of lives and constrained all but the elite in the Communist party into lives of misery.

Obama's Debt Dud:  Leave it to Barack Obama to pass up on the political opportunity of a lifetime. Guess the 2010 election cycle just isn't that important.

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Heritage on the State of Our Union 

Tonight President Obama will deliver his first State of the Union Address. Rumors in Washington are that the President will pivot his messaging to focus on jobs and the economy and will pit the American people versus Wall Street.

Since taking the oath of office just over a year ago, the President passed a so-called “economic stimulus,” bailed out the U.S. automakers, administered a “cash for clunkers” program, and continued the Wall Street bailout program.

Over that time, The Heritage Foundation has been tracking the Obama “jobs deficit” – a measurement of the jobs President Obama said we would have by now versus our actual employment numbers. The deficit now stands at 7.7 million jobs as of December.

 At this point, the President’s agenda still includes a tax on banks, so-called “green jobs” from a cap and trade/EPA regulatory plan that would at the same time eliminate millions of current jobs, allowing the Bush tax cuts to expire, and a government takeover of one-sixth of the economy – also known as health care reform.

He did, however, propose a modest “spending freeze”  for the next three years. Unfortunately, this freeze will do little to reduce more than a trillion dollars of debt his Administration added with the 2009 “stimulus” and bloated first year annual spending bills.

Be sure to check out Heritage’s blog – The Foundry on Wednesday night and Thursday morning for our complete analysis of the President’s speech.

You can start by reading a commentary from Heritage’s President, Dr. Edwin Feulner, on the The State of Our Union.

If you are on twitter, you can join the Heritage State of the Union conversation by using the hashtag #Heritagesotu.

If you are on facebook, you can join the live chat on our wall starting at 8:30pm.

In conjunction with the Wall Street Journal, Heritage has also just released our 2010 Index of Economic Freedom. The United States fell from 6th in last year’s rankings to 8th this year. We are no longer judged to be “free” when it comes to economic conditions, but instead we are now “mostly free.” (Imagine if our National Anthem would now be sung, “o’er the land of the mostly free.”)

The full text and data associated with the rankings are found on our website here. 


ALG Calls on Senate to Reject Bernanke Reconfirmation; Says Fed "Helped Cause the Crisis" 

"For his failure to acknowledge one of the principal causes for the financial meltdown, and to take any responsibility whatsoever for his role in shaping the monetary policies that accommodated the housing bubble, Ben Bernanke must be rejected by the Senate." ALG President Bill Wilson.

January 27th, 2010, Fairfax, VA—Americans for Limited Government (ALG) President Bill Wilson today called upon the U.S. Senate to reject the confirmation of Federal Reserve Chairman Ben Bernanke to a second term, saying "the Fed with its easy money and loose credit policies throughout the 2000's accommodated the housing bubble that, when it popped, wrecked the economy."

Bernanke's cloture vote is scheduled for Thursday morning.  Wilson specifically urged members to vote "no" on cloture, saying "The best way to defeat Bernanke's reconfirmation is to vote 'no' on cloture."

Wilson said that Bernanke needed to be held accountable for his role in the financial crisis: "For his failure to acknowledge one of the principal causes for the financial meltdown, and to take any responsibility whatsoever for his role in shaping the monetary policies that accommodated the housing bubble, Ben Bernanke must be rejected by the Senate."

Wilson cited Stanford economist John Taylor, who in writing for the Wall Street Journal stated, "the simple observation that the Fed's target for the federal-funds interest rate was well below what the Taylor rule would call for in 2002-2005."

Taylor continued, "By this measure the interest rate was too low for too long, reducing borrowing costs and accelerating the housing boom. The deviation from the Taylor rule, which had characterized good monetary policy during the previous two decades, was the largest since the turbulent 1970s."

"Bernanke does not share this widely-accepted critique," said Wilson.  "He lays blame for the crisis at the feet of Fannie Mae and Freddie Mac for their roles in the sale of mortgage-backed securities all over the world."

"How can the Federal Reserve be expected to fulfill its mission of price stability and prevent another dangerous bubble if it will not even acknowledge what it did to inflate the last bubble?" Wilson asked, adding, "The Senate must consider the culpability of the Fed, which helped cause the crisis under Bernanke's watch."

Wilson said that "While it is fair to hold Fannie and Freddie accountable for the trillions of dollars of worthless securities they sold, what Bernanke fails to acknowledge is that the Fed's easy money policies incentivized the mortgage loans to be given in the first place through lower-than-called-for interest rates."

In a recent column on the topic, ALG Senior News Editor Robert Romano wrote, "The Fed's complicity in the crash of 2008 cannot be understated. The housing bubble was greatly accommodated by the Federal Reserve, which poured the necessary cash into the banking system through monetary easing and low interest rates throughout the 1990's and 2000's. The spigots were on—and the 'liquid' flowed into banks on a gargantuan level, much of it into home sales."

The article points to the True Money Supply index from the Ludwig Von Mises Institute which found that the money supply rose from about $1.787 trillion at the end of 1990 to about $5.268 trillion by the end of 2007, representing a 295 percent increase. 

Mortgage debt grew even faster than the money supply. In 1990, outstanding mortgage debt held was $3.805 trillion. By the end of 2007, total mortgage holdings rose to $14.568 trillion, a 383 percent increase.  Romano wrote that without the money from the Fed initially, the bubble would have been "impossible."

Wilson said that "In order prevent the next crisis, we need an accurate accounting from government officials as to what went wrong with the housing bubble, so that steps are taken to ensure that it never happens again.  We're not getting that from Ben Bernanke or the Federal Reserve at all under his leadership."

Wilson concluded, "For helping to cause the crisis and for failing to take responsibility for the errant Fed policies that contributed to it, Ben Bernanke must not be reconfirmed by the Senate."



NHDP - Statement from NHDP Chair Ray Buckley on the SOTU 

Concord - New Hampshire Democratic Party Chair, Ray Buckley, released the following statement on President Obama's State of the Union address.

"Tonight President Obama delivered a forceful State of the Union Address that outlined a strong agenda for rebuilding our economy, creating new jobs, and finishing the hard work necessary to reform our broken health care system."


"The President's address was a powerful reminder of why the American people chose him to lead our country through the most challenging time of our lives. After eight failed years of Republican leadership we are in the deepest recession since the Great Depression."


"Thanks to President Obama's leadership and Democrats in the United States House and Senate, I'm confident that we will be successful in building a New Foundation of prosperity for families and business that is essential to moving our country forward."