Posted on 02/04/2009 4:40:06 PM PST by engrpat
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
(Excerpt) Read more at washingtontimes.com ...
Duh. It’s called the Broken Window Fallacy.
“I don’t care if it does cause these problems, because its ideologically correct thing to do.”...King Zero has spoken.
This entire 3 weeks of 100% Dim control of Washington is turning into the 25 hour per day fiasco we knew it would.
Dude, what are you worried about?
I am certain that Senate Republicans will eventually see the wisdom of a shrunken economy, and vote in favor of the stimulus bill (maybe with a “tweak” or two, but making sure to leave the funding for ACORN intact). It will all be done in the spirit of bipartisanship, and it will show to one and all how the Republicans have “grown in office”. Plus, a dead economy will help us meet The One’s greenhouse gas reduction targets earlier than promised.
Laudatory headlines from the NY Times/Washington Post AND a ready-made solution to global warming? Hey, what’s not to like?
100% of all bills and laws passed by all levels of government are harmful over the long haul. Obviously. All new laws are to “fix” problems caused by the previous laws.
Who cares if it stinks. We need something NOW. Thus saith Obama
The best thing the GOP could do for the country is obstruct, obstruct, obstruct.
Even if it means they remain the minority (which I don’t think it would).
Majorities just can’t help themselves.
I tell you they are geniuses in Washington, blithering, slobbering on their shirt geniuses.
And Geither, someone quick tell me why Obama shouldn't ask that genius to resign, effective immediately.
You hire a street walker with the wafer thin resume, what did you think you would get? The seasoned executive leader or the minstrel man? Don't complain to me when the minstrel man shows up with his hat and cane.
I guess it’s too late to annul this whole new administration fiasco?
The GOP nor The Dmocrats have ever “solved” any problem. None Zero Zip. They just try to “fix” problems they have caused. I just wish people would realize it.
very well said
M.O.C.
Mugabe, Obama, Chavez:
The “Financial Leaders” of Our Time?
But 500 Billion Americans are losing their jobs every day..
The good cop bad cop routine works every time.
Correction. Every month..
We need to get the clarion call out there that this bill is MORONIC.
This will do serious damage.
Republicans better beware because this bill will bite its voters in the azz
Four-fifths of all our troubles would disappear, if we would only sit down and keep still. —Calvin Coolidge
We need to tie the stimulus with Social Security. As in, if this stimulus passes, you can forget about it.
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