by The Rat
BIPARTISAN COMMITTEE SAYS $825 BILLION FIASCO WILL HURT ECONOMY IN LONG RUN
The traditional method of preparing a Thanksgiving turkey involves stuffing it with dressing. In the case of the Boy King’s “stimulus” plan, the turkey itself has been stuffed up our – never mind, you get the picture. Apparently, the Congressional Budget Office agrees.
So, after nearly all of the Boy King’s “stimulus” money (our tax payments and additional debt) has been spent, the Congressional Budget Office now admits Captain Class Warfare’s turkey cost more than advertised, did less to boost growth, and will actually hurt the economy in the long run.
In its latest quarterly report on the economic effects of the royal “stimulus” package, the CBO lowered its “worst case” scenario while also lowering many of its upper range estimates for “stimulus-driven” economic growth and employment. The report also estimates that the failed plan may have created as few as 700,000 new jobs. (helluva ROI, eh?)
The CBO lowered the best-case estimate for added growth in 2010 to 4.1% from 4.2%. In addition, it says the targeted infrastructure money didn’t boost growth as much as it had previously claimed, because states reacted by spending less of their own budgets on highways. (Some of us predicted this, by the way.)
In other words, the Congressional Budget Office now says the “stimulus” had no meaningful effect on growth and employment despite its massive cost.
While the Manipulator-in-Chief promised the massive” stimulus” package would “ignite spending by businesses and consumers,” unleash “a new wave of innovation, activity and construction,” and keep “unemployment under 8%,” what we actually got was the worst “recovery” since the Great Depression. Yeah, Hussein; you did that.
You don’t suppose the Obama Media Group will report on this, do you?