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. read more
So, what exactly has The Great One done right since he has been in office. Let’s see, Clinton as Secretary of State, check. Funding for abortion groups overseas, check! Buehler? Buehler? Buehler?
Where are the howls of indignation from the left? Where is their new found respect for the debt they just “happened” to find this last campaign cycle? This isn’t money that will free men and women from the shackles of tyranny. This isnt money spent on training your sons and daughters to do their countrys duty, a duty they VOLUNTEER for.
This is money that will make your life LESS PRODUCTIVE. This is money that will fulfill the ultimate promise of liberalism, and that is to make everyone equally MISERABLE. SPREAD THE PAIN. VOTE DEMOCRAT AGAIN.
Terry Crowley; dishonest partisan hack or ignorant and gullible fool. You decide.
This from the Director’s Blog CBO;
Douglas W. Elmendorf
“Macroeconomic Effects of the Senate Stimulus Legislation”
“In a letter sent today to Senators Grassley and Gregg, CBO analyzed the macroeconomic effects of an initial Senate version of the stimulus legislation. CBO estimates that the Senate legislation would raise output by between 1.4% and 4.1% by the fourth quarter of 2009; by between 1.2% and 3.6% by the fourth quarter of 2010; and by between 0.4% and 1.2% by the fourth quarter of 2011. CBO estimates that the legislation would raise employment by 0.9 million to 2.5 million at end of 2009; 1.3 million to 3.9 million at the end of 2010; and 0.6 million to 1.9 million at the end of 2011.”
“In contrast to it’s positive near- term macroeconomic effects, the Senate legislation would reduce output SLIGHTLY IN THE LONG RUN (emphasis mine), CBO estimates, as would other similar proposals. The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth in the form of government bonds rather than in a form that can be used to finance private investment, the increased government debt would tend to “crowd out” private investment -thus reducing the stock of private capital and the long-term potential of the economy.
The negative effect of crowding out could be offset somewhat by a positive long-term effect on the economy of some provisions- such as funding for infrastructure spending, education programs, and investment incentives, which might increase economic output in the long run. CBO estimated that such provisions account for roughly one-quarter of the legislation’s budgetary cost. Including the effects of both crowding out of private investment(which would reduce output in the long run) and possibly productive government investment (which could increase output), CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1% to 0.3% on net.”
Terry – Respectfully, you are wasting your efforts.
This Stimulous Bill is the ultimate climax of the “me” generation. Obama is the vessel of presentation.
“I want it fixed right NOW!!” I don’t care what it costs future generations – take care of ME NOW !!!
This will ultimately result in the total collapse of the Me Generation and it is going to be ugly.
Junior
Have you ever seen “You can’t take it with you”?
I’m just doing what makes me happy…
Camp town lady sing this song… doo dah doo dah
Camp town race track five miles long, oh the doo dah day!
junior,
You’re only partly right. Actually, the era of Americans who expect the ability to buy it now and pay for it later, the era of Americans who believe we are in some special way “exceptional” and therefore deserve MORE…more goods, more services, more more more, stretches WAY back to before the advent of the “ME” generation. The use of credit cards in the U.S. originated in the 1920s and this “I want it now” consumerism and materialism has only grown since then.
And of course government policy, regardless of party, has been to “feed” that addiction.
Where is your source? You don’t cite where you got the information.
I have this from the CBO…
CBO anticipates that implementation of H.R. 1 would have a noticeable impact on
economic growth and employment in the next few years.
http://www.cbo.gov/ftpdocs/99xx/doc9968/hr1.pdf
OH and another source, just google people.
http://www.prospect.org/csnc/blogs/tapped_archive?month=02&year=2009&base_name=more_cbo_hijinks
Mr. Crowley is a typical Republican, when confronted with the facts (in this case the CBO’s actual statements) rather than regurgitated garbage from the Washington Times he just closes his eyes, puts his fingers in his ears and starts singing doo dah.
Where was Terry Crowley when we blew 3 trillion in Iraq?
This is a joke, Hannity and companys ad’s sound like Nick Jr. actually effective advertising to the base.
Interesting points. By the way, check this website on the current economic downturn http://www.RecessionInfoCenter.com