CBO: Obama stimulus harmful over long haul

CBO: Obama stimulus harmful over long haul

www.washingtontimes.com

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.

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Here's the proof that if passed this stimulus will be bad medicine for the economy. Harry Reid thinks he has enough votes to pass the bill and wants a vote this afternoon. If you haven't written/called your senators there is no time to spare. Make them aware of this article. Please vote them out if they vote for this turkey. What a sham political system we have when the government passes legislation that the electorate does not support. The polls show this to be the truth..One no is saying this is a good piece of legislation, not even the MSM that picked him as their champion.

www.washingtontimes.com
(visit the link for the full news article)

Doesn't surprise me really. There was an article on the Yahoo homepage yesterday that detailed a few things that are in this "stimulus" that have nothing to do with creating jobs and everything to do with throwing money away. With any luck the vote goes horribly and this piece of junk doesn't get passed without some major revamping.

Originally posted by kettlebellysmith
This bill is worse than the New Deal, and it dystroyed the economy for over 10 years. Heck, I won't even get to think about retirement. You don't spend your way out of a recession, because you don't create permanent jobs.

"Once I built a railroad, and then it was done,
Brother can you spare a dime?

THIS suggests that Laissez Faire attitude works?

"LET US DO"

They did do - they did it again.

Do any of you take into account that unprecedented growth for the top 1% proceeded the last depression and this one?

I am not saying I want anyones money mind you, I am saying if the same thing happened before and now, why do you guys continue to want it.


The funny thing is the Laissez Faire was created by the tippy top of big $$$ Frogs before the heads rolled. "Starve the Beast" always seems to just starve the people.



The best part is Neocon ideology dictates that you can "kill the beast" by STUFFING the beast.

GOP nominated a crew that realized, why starve the beast, when you can kill it for good?

Hence II -

the icing is the fact that you guys don't have a clue of what you voted for in JR's case.

THIS is what you voted for - it is no accident - like I said read some would ya?