CBO: Obama stimulus harmful over long haul

Washington Times ^ | 2-4-2009 | Stephen Dinan

[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

[bethtopaz]

We need more of the Office Desk and less of the Show Window in politics. Let men in office substitute the midnight oil for the limelight. — President Calvin Coolidge

[PERKY2004]

[rbmillerjr]

Marked for reference to go at the posters on washingtonpost.com in the AM.

[CowboyJay]

Shhh... If WtP ever realize that government IS the problem, then there won’t be any more problems to fix.

Then the political class would be out of a job, and they’d have to go back to fleecing people in the dead of night instead of during business hours wearing a smirk and posing for photo ops.

[Darkwolf377]

It’ll be fun to hear him say the CBO doesn’t know what it’s talking about, as I seem to recall him using it as backup for his positions on the campaign trail. But I’m sure he has a good excuse, or the MSM will cook one up for him.

[DeaconRed]

We Are Screwed

[engrpat]

[1010RD]

I guess there will be some federal layoffs. At least in certain departments.

[1010RD]

Where is a Mr. Coolidge when you need one?

[Carry_Okie]

Do I hear the sound of nails being driven into a coffin?

[cookcounty]

But the Messiah knows better!!! Can’t you tell from the way the sun glints off his pectorals??? He’s Hollywood!! He’s Salvation!!

[cookcounty]

But the Messiah knows better!!! Can’t you tell from the way the sun glints off his pectorals??? He’s Hollywood!! He’s Salvation!!

[The_Reader_David]

Egads! Maybe the CBO actually is non-partisan, but just happens to have an ideological center a little further left than most of us here at FR would prefer.

This is good. It will give cover to both our Senators and the Dhimmicrats in the ‘Gang of 14’ to stop it.

[The_Reader_David]

Yup. As Buckley put it “Stand athwart history shouting ‘STOP!’”

[Uncle Miltie]

The Liberal CBO is calling the Marxists excessive.

Never thought I’d see the day.

[Uncle Miltie]

LOL!

[GOPJ]

Obama needs to understand that congressional dems are rolling him - their going to spend all available money on THEIR pet projects leaving Obama powerless and broke for the next four years. And the spending won't help the current problem - which will get worse. Dem spending on pet projects will shore up individual dems - and destroy the country. Obama’s an idiot to cheer on his own ruin.

[GOPJ]

Obama needs to understand congressional dems are rolling him - they're going to spend all available money on THEIR pet projects leaving Obama powerless and broke for the next four years. And the spending won't help the current problem - which will get worse.

Dem spending on pet projects will shore up individual dems - and destroy the country. Obama’s an idiot to cheer on his own ruin.

[peace with honor]

gee, suprize, suprize

[randog]

Plus, a dead economy will help us meet The One’s greenhouse gas reduction targets earlier than promised.

Don't forget a rush back across the border. It's cheaper to be jobless and poor south of the border.