Stimulus Has The "Summertime Blues"

By Rob Sanna - Talk Radio News Service

Senators John McCain (R-Ariz.) and Tom Coburn (R-Okla.) released a report Tuesday entitled “Summertime Blues,” which lists 100 stimulus bill funded projects that to do not create jobs.

“We have a total now of over 300 projects [and] over $15 billion,” said Coburn. “Could we have used that 15 billion in a way that would have given us a greater economic return, a greater multiplier effect and actually had greater impact on the country? I think so.”

With unemployment rates hovering in the ninth percentile, McCain said he believes that, coupled with sinking GDP levels, unemployment is set to increase throughout the year, digging the country a deeper hole to climb out of.

“The American people have the summertime blues, as unemployment is at 9.5%, over half the homes in my homestate of Arizona are still underwater, and we have seen a decline in the Gross Domestic Product,” he said. “That indicates we are in for a long, difficult year of high unemployment.”