TARP, not stimulus, stabilized the economy

To mark the first anniversary of the stimulus program, President Barack Obama and his supporters went on the offensive. They told us that 2 million jobs have been created or saved. They also told us this program avoided another Depression.

But they didn't tell us the cost of this program has increased by $75 billion to $862 billion, according to the latest estimate of the Congressional Budget Office.

The number of federal and state employees has definitely increased. The jobs of numerous teachers, police officers and firefighters have been saved. But the funding for these saved jobs ends this year. Who will fund these jobs when this happens?

How many jobs were actually created or saved in the private sector?

I do not think anyone can give an accurate answer to this question. But we the people think we know. Only 6 percent think the stimulus program created any jobs, according to a CBS News/New York Times poll released Feb. 11.

Economists agree the Troubled Asset Relief Program was responsible for avoiding the collapse of our economy, not the stimulus program. TARP was responsible for bailing out General Motors, Chrysler and the financial institutions.

Now the president wants to use the money that was paid back as a general "slush fund". Sen. Judd Gregg, R-N.H., added an amendment to the TARP bill to prevent this. His amendment requires that any money paid back go the Treasury to reduce debt.