red states rule
11-24-2011, 03:59 AM
As Rush Limbaugh would say "See, I told you so"
The stimulus was a total waste of money, and only added to our nations debt
So says the CBO. Libs were always saying how great the CBO was when it came to Obamacare. So wlil they now bash the CBO as a bunch of racist bastards for releasing this report on Obama's stimulus?
The Congressional Budget Office (http://www.washingtontimes.com/topics/congressional-budget-office/) on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.
CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) said that while the Recovery Act boosted the economy in the short run, the extra debt that the stimulus piled up “crowds out” private investment and “will reduce output slightly in the long run — by between 0 and 0.2 percent after 2016.”
The analysis confirms what CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) predicted before the stimulus passed in February 2009, though the top-end decline of two-tenths of a percent is actually deeper than the agency predicted back then.
All told, the stimulus did boost jobs and the economy in the short run, according to CBO (http://www.washingtontimes.com/topics/congressional-budget-office/)’s models. At the peak of spending from July through September 2010, it sustained anywhere from 700,000 to 3.6 million, which lowered the unemployment rate by between four-tenths of a percent to 2 percent.
The Obama administration had promised 3.5 million jobs would be produced at the peak of spending.
For this current quarter CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) said the stimulus is sustaining between 600,000 and 1.8 million jobs, which has improved the unemployment rate by as much as 1 percent versus what it otherwise would have been.
The White House (http://www.washingtontimes.com/topics/white-house/) did not return a message seeking comment Tuesday afternoon, but officials there previously have said the Recovery Act stopped the economy from falling into another Great Depression.
“The point is, what is uncontestable is that those infrastructure projects that were funded by the Recovery Act were very well managed, came in on budget or under budget and led to the creation of many, many jobs by an outside, independent analyst” White House (http://www.washingtontimes.com/topics/white-house/) press secretary Jay Carney (http://www.washingtontimes.com/topics/jay-carney/) said in September, as Mr. Obama was proposing another round of stimulus spending.
http://www.washingtontimes.com/news/2011/nov/22/cbo-stimulus-hurts-economy-long-run/
The stimulus was a total waste of money, and only added to our nations debt
So says the CBO. Libs were always saying how great the CBO was when it came to Obamacare. So wlil they now bash the CBO as a bunch of racist bastards for releasing this report on Obama's stimulus?
The Congressional Budget Office (http://www.washingtontimes.com/topics/congressional-budget-office/) on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.
CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) said that while the Recovery Act boosted the economy in the short run, the extra debt that the stimulus piled up “crowds out” private investment and “will reduce output slightly in the long run — by between 0 and 0.2 percent after 2016.”
The analysis confirms what CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) predicted before the stimulus passed in February 2009, though the top-end decline of two-tenths of a percent is actually deeper than the agency predicted back then.
All told, the stimulus did boost jobs and the economy in the short run, according to CBO (http://www.washingtontimes.com/topics/congressional-budget-office/)’s models. At the peak of spending from July through September 2010, it sustained anywhere from 700,000 to 3.6 million, which lowered the unemployment rate by between four-tenths of a percent to 2 percent.
The Obama administration had promised 3.5 million jobs would be produced at the peak of spending.
For this current quarter CBO (http://www.washingtontimes.com/topics/congressional-budget-office/) said the stimulus is sustaining between 600,000 and 1.8 million jobs, which has improved the unemployment rate by as much as 1 percent versus what it otherwise would have been.
The White House (http://www.washingtontimes.com/topics/white-house/) did not return a message seeking comment Tuesday afternoon, but officials there previously have said the Recovery Act stopped the economy from falling into another Great Depression.
“The point is, what is uncontestable is that those infrastructure projects that were funded by the Recovery Act were very well managed, came in on budget or under budget and led to the creation of many, many jobs by an outside, independent analyst” White House (http://www.washingtontimes.com/topics/white-house/) press secretary Jay Carney (http://www.washingtontimes.com/topics/jay-carney/) said in September, as Mr. Obama was proposing another round of stimulus spending.
http://www.washingtontimes.com/news/2011/nov/22/cbo-stimulus-hurts-economy-long-run/