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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Why aren't people shouting from the rooftops over this, now, today... while we still have at least a glimmer of hope at stopping this ridiculous Obama Christmas list from getting passed? This is outrageous and simply demonstrates what many of here have believed, that this 'stimulus' bill is just going be a nail directly into our coffin.

For the sake of comparison, I'd like to review a previous Washington Post article from several months ago about a previous mega billions bill... www.washingtonpost.com...

The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis.

could make the crisis worse, could hurt our economy even more... could

Now look at this current article..

President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing

WILL hurt the economy. will

The bailout had a shred of legitimacy to it because, assuming everything performed as it should, the money would be paid back to the tax payers with interest. Granted, it was an outrageous bill and never should have passed. This one, however, isn't even a damn loan... it isn't even handing over cash... when you consider inflation, it's like handing a teenager daddy's platinum credit card and telling him "Have at it, Tiger! I'll just make the minimum payment for the next 50 years on whatever charges you run up." The lack of venom against this bill in the average people is beyond comprehension to me.

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

This is exactly right....this will only make things much worse. It makes me angry to watch him pull off "Bush Fear Tactics" trying to push this thing and get the public to accept it.

I just wish there was a way to stop the madness our government is doing. Dems/Reps....the same.

They are flat out ruining this country.

Is "Ticketmasters.com" selling tickets to this circus?

How can I get the concession?

That percentage is small compared to the shrinkage we are experiencing now. Their way may have a higher growth figure than what we may have with the package years from now, but the pain to get that added sliver of growth is not good for the population over all. That perspective is based on numbers alone and what needs to change is factoring in the pain and hardships on the population. That was Friedman economics which we have followed for the last 30 years and you find only a few supporting that economic theory anymore. The real issue is how many people will suffer to what extent over the entire period studied and I would take the route of least pain and suffering for the people of this country, not what looks best to the bean counters or that lousy 0.01 to 0.03 percent.

Originally posted by burdman30ott6
Why aren't people shouting from the rooftops over this,

Because people have been tricked into believing that Obama can be trusted and that if he wants this to pass then it must be good for the country.

And because people are too tired and too worn out to pay attention to the mess that Washington CONTINUES to create - even after 'The One' has been inaugurated.

And because people just don't want to look at it anymore. They just can't take it and are in denial.

I know we should do the same thing over and over expecting a different result


Because things are going soooo well right now ,hey let's not rock the boat

Oh I just remembered Pres Obama ,made the world economy collapse !

We should,just just set ourselves on fire, grab our scissors, and start running around in the same old circles

Darn Obama he's going to mess up everything

These "stimulus" packages are the biggest joke ever, even IF the people recieving them used them for what they're intended.

These morons just keep printing up more worthless I.O.U.'s (dollars) by the trillions, devaluing them even more by the hour, and think this band-aid approach is going to stave off the inevitable, when in fact it's exacerbating it ten-fold.

They are DETERMINED to crash the economy completely. They won't stop until they've achieved that objective. It is a two party economical wrecking crew we have in place now. Hello depression, here we come...

is there any doubt now that this depression was manufactured on purpose ? Or do people actually believe thousands of very intelligent humans continue to make really bad mistakes ?

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?

Originally posted by DimensionalDetective

They are DETERMINED to crash the economy completely. They won't stop until they've achieved that objective. It is a two party economical wrecking crew we have in place now. Hello depression, here we come...

NEOCON ideology in full effect.

( i said neocons - CONSERVATIVES - not CONSERVATIVES)

Read up on it... Break the bank in order to achieve the objectives set forth, its working
might I add.

There is an already existing thread on this topic here.

Please contribute any further questions and/or comments to the above linked thread.

Thank you.

Thread Closed.