Friday, February 06, 2009

Doubts from The Congressional Budget Office

The Congressional Budget Office has words of warning about the stimulus plans both house and senate versions.

CBO: Obama stimulus harmful over long haul

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.

There you go. Plain and simple stuff. Go read the rest. It says a bit more about the whole thing.
We are actually looking at doing more harm to our economy then good, especially over the long haul. We need to start thinking long term. Short sightedness got us here. Let us look at consequences and make a decision that will strengthen our nation. I ask other countries to do the same thing. Swelling the debt will not save us.
We can have a great party in the short term but who will pay the bill and clean up the mess when it is all over?

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