Friday, February 06, 2009

CBO Report: Stimulus Bill Will Hurt In Long Run

What do we care?  Obama will be out of office by 2019 and somebody else will have to deal with the consequences, right?

President Obama’s economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.

CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.

CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net. [The House bill] would have similar long-run effects, CBO said in a letter to Sen. Judd Gregg, New Hampshire Republican, who was tapped by Mr. Obama on Tuesday to be Commerce Secretary.

(3) Comments
Posted by Owen at 1207 hrs
Economy + Politics + Politics - General

  1. After watching Obama address the House Democrat caucus last night, he’s obviously adopting the “policies of fear” in order to push his agenda and this horrible policy. 

    So much for ‘Change’.

    Posted by .(JavaScript must be enabled to view this email address) on February 06, 2009 at 1245 hrs


  2. Oh God, I hope he’s out no later than 2017, but that’s just me.  Then again, I was waiting for Bush to invoke martial law to stay president as some liberals had been talking about for years…..maybe Obama will actually do it.

    Also, remember when Obama implied that he was going to president for 10 years.

    Posted by Brandon on February 06, 2009 at 1723 hrs


  3. I think I would trade millions of jobs gained plus better roads, bridges, and schools and a path to energy independence for a .1 percent dip in GDP ten years from now. But maybe that’s just me.

    Posted by .(JavaScript must be enabled to view this email address) on February 06, 2009 at 2330 hrs


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