CBO: Obama stimulus harmful over long haul

Discussion in 'Politics' started by carpro, Feb 6, 2009.

  1. carpro

    carpro
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    http://www.washingtontimes.com/news/2009/feb/04/cbo-obama-stimulus-harmful-over-long-haul/

    CBO: Obama stimulus harmful over long haul
    Stephen Dinan (Contact)
    Wednesday, February 4, 2009

    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.
     
  2. OldRegular

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    It is not a stimulus package it is a pork laden give away to pay off O'bama supporters.
     
  3. Bro. Curtis

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    It'll turn the entire country into California.
     
  4. JustChristian

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    What's been the impact of the $750B Bush stimulus? I suppose that was negative too especially since Paulson shortchanged taxpayers by $78B.
    ---------------------------------------------------------------------------------------------------

    TARP Shortchanged Taxpayers $78 Billion, Panel Says (Update2)


    By Mark Pittman and Bob Ivry

    Feb. 6 (Bloomberg) -- U.S. taxpayers are being shortchanged by about $78 billion through the Treasury Department’s bank bailout, the panel overseeing the program said.

    The Treasury, when it was headed by Secretary Henry Paulson, received bank assets worth about $176 billion in exchange for capital purchases of $254 billion under the Troubled Asset Relief Program, the Congressional Oversight Panel said in a report today.

    “The loss estimate is conservative,” said Representative Alan Grayson, a Florida Democrat on the House Financial Services Committee. “It could turn out that those assets in the end are worthless. These are massive handouts to favored institutions to try to make up with taxpayer money the mistakes they made with investor money.”

    http://www.bloomberg.com/apps/news?pid=20601103&sid=aCrDynKBBFTM&refer=us
     
  5. targus

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    The last line of the article says:

    "CBO did project the bill would create jobs, though by 2011 the effects would be minuscule."

    I heard on a news show this morning that the CBO stated that the same number of jobs would also be created by 2011 if nothing were done.

    So if the "stimulus package" is projected by the CBO to do nothing why is Congress pushing this?

    This wasteful spending is nothing short of insane.
     
  6. Salty

    Salty
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    Votes in 2010 & '12
     
  7. targus

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    I see that a two or three Repulicans are said to be supporting the "stimulus" spending.


    "Reid suggested to reporters that he had two GOP backers for the bill but needed at least one more because neither wants to be the crucial 60th vote if all 58 members of the Democratic caucus support Obama."

    http://primebuzz.kcstar.com/?q=node/17043

    If those Republicans who are willing to go along with this massive pork spending bill think that it really is a good plan - why are they afraid to be identified as the Republican vote that puts it over the top?
     
  8. LeBuick

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    Two things... We know this office is a group of folks trying to do their best. But it really is hard to find any group of people 100% bipartisan in this nation of partisan people.

    Secondly, this was Pelosi's rebuttal to how the GOP is using these findings. If we're going to respond to something like this, I would like to see the actual report and read it in the words of its author.

    Can someone link me to the actual report?
    Is Pelosi correct and they only reviewed 40% of the proposal?
    It's hard to believe they considered the entire proposal since it is being changed by the hour.

     
  9. LeBuick

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    Do you have a link to the actual report? I can't find it.
     
  10. Revmitchell

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    What does this have to do with the op? Nothing is the answer
     
  11. Dragoon68

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    History says the CBO is correct that the spendulus would be harmful over the long haul just like previous programs of like kind and like source.
     
  12. LeBuick

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    No doubt where you stand so no doubt why you back this report. I would still like to read the actual report, I'm not doubting the GOP but they have been known to selectively tell part of stories.
     
  13. Dragoon68

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    Enjoy the reading!

    CBO Analysis of the Stimulus Proposals

    I don't buy everything they write - especially since it is written for Congress - but it can be useful from time to time.
     

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