Sen. Bob Corker says the $789B stimulus package won't help. TMP photo by Michelle Willard
U.S. Sen. Bob Corker said the $789 billion economic stimulus package signed into law by the president Tuesday will not help the country climb out of recession.
“The amount of money is not going to fix the problem,” the Republican senator from Chattanooga told a group of local business people Wednesday during the Rutherford County Chamber of Commerce Power Lunch.
Corker voted against the stimulus package and the bailout of the Big Three automobile companies.
According to the Obama administration, the American Recovery and Reinvestment Act will create or save 3.5 million jobs over the next two years. Jobs created will be in a range of industries from clean energy to health care, with more than 90 percent in the private sector.
Corker said the country should focus on solving the issues that caused the economic crisis, which is the credit markets and housing.
Our emphasis needs to be on getting the credit markets functioning, he said, which will help most consumers and small business owners.
In the stimulus package, the state of Tennessee will receive $4.2 billion that must be spent in 24 to 36 months, Corker said.
“You have no idea what this money will do to the state,” Corker said, adding that this large influx of money that must be spent in a short amount of time may cause more harm than good.
In a statement Feb. 13, Corker said “I believe many Americans will look up in 24 or 36 months and realize they are left paying the tab for something that will have very little tangible benefit to our country.”
Corker said much of the spending is programmatic and will have nothing to do with creating jobs.
He said he wants jobs to come back, but they won’t because of the stimulus package.
Erin Edgemon can be reached at 869-0812 and at email@example.com