CBO: President's "Stimulus" Hurts Long-Term Economic Growth

WASHINGTON, November 15--In a Budget Committee hearing today, Congressional Budget Office Director Douglas Elmendorf admitted that his agency's long-term projections about President Obama's first stimulus bill show a negative long-term effect on economic growth.

As a centerpiece of his current economic agenda, the president is proposing a new, half-trillion dollar stimulus bill.

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[undusklabe]

thanks for uploading..

[Jeff Paddock]

In my view the initial effect is what he was shooting for, to get people to a better place so as to start producing again. The package wasn't meant to sustain anything and of course their numbers are going to show GDP going down as the money they shoveled in runs out, becoming a drag on the economy, "IF NO OTHER ACTIONS WERE TAKEN." And don't gimme that slush fund democratic campaign crap. The primary reason people are pissed at congress right now is because of polarizing slander like that.

[zepproxx]

Gee i wonder why MSM won't report this as well as all the scandals and crooked obozo crony deals. The stimulus was a slush fund to pay back democrat campaign contributors,,, nothing more.

[medlock01]

Thanks for sharing your 'insights'. Funny those sams insights were cast as clueless when conservatives were criticizing the stimulus in early 2009...

[drz130]

So, not only was Obama's stimulus a failure, but the debt will have a negative effect on the economy for 20 years. Let's see how much space this gets in the paper of record!

[learmadm]

Obama is a clueless idiot.