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Thread: CBO: Obama stimulus harmful over long haul

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    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.

    CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net. [The House bill] would have similar long-run effects, CBO said in a letter to Sen. Judd Gregg, New Hampshire Republican, who was tapped by Mr. Obama on Tuesday to be Commerce Secretary.
    This actually surprised me quite a bit. The report notes that it will help GDP growth over the next two years, but the effect will trail off after that.
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    Re: CBO: Obama stimulus harmful over long haul

    Haven't the economists been at odds about this from the start?

    Some saying to do nothing and others saying to double or triple the stimulus?

    My opinion on it is that no-one really knows what to expect. Half will be right and half will be wrong.

    ........at least it's better odds than Bingo


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    Re: CBO: Obama stimulus harmful over long haul

    I think I'd rather not borrow an additional trillion dollars on a coin flip.
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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by Harshaw View Post
    I think I'd rather not borrow an additional trillion dollars on a coin flip.
    And thank you for your input. Now, if you will excuse us we'll go with the plan of the man we voted into office.
    Affiant further sayeth not.

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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by Indy View Post
    And thank you for your input. Now, if you will excuse us we'll go with the plan of the man we voted into office.
    YEA AMERICA **** YEA!
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    Re: CBO: Obama stimulus harmful over long haul

    Not a surprise really. You can't go the red forever, even if you are as powerful as the U.S. government. Although I can't support something harmful like the bailout/stimulus, I can at least understand that such spending is in response to a real crisis. What really pisses me off is all those years where we racked up debt when things were going well. You save during the good times so you have reserve to keep yourself afloat during the bad. Millions of American taxpayers a understand this, but the government doesn't.

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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by rathi View Post
    What really pisses me off is all those years where we racked up debt when things were going well. You save during the good times so you have reserve to keep yourself afloat during the bad. Millions of American taxpayers a understand this, but the government doesn't.
    The name of it is “The Stabilization Fund”. The inventor of the Plan is Vladimr Putin, a PhD in macroeconomics. The position was – the President of the Russian Federation. The goal was not to spend all for keeping himself in power but to put a part of the profit from high gas/oil prices aside for the times when the prices WILL go down, - for the sake of the people of Russia. Who could think the prices could go down when they were claiming so steady? Nobody in the US. Not even a single American taxpayer.

    This gov-nt cares not about the people but about being in power for next 8 years, - because American taxpayers did not elect it, - but those who did not carry the burden of taxes did elect it. This gov-nt does not care about American taxpayers, but it uses their money to inlarge its base of those who do not pay taxes, - and so the Treasure Secretary is appointed to the position.

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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by justone View Post
    The name of it is “The Stabilization Fund”. The inventor of the Plan is Vladimr Putin, a PhD in macroeconomics. The position was – the President of the Russian Federation. The goal was not to spend all for keeping himself in power but to put a part of the profit from high gas/oil prices aside for the times when the prices WILL go down, - for the sake of the people of Russia. Who could think the prices could go down when they were claiming so steady? Nobody in the US. Not even a single American taxpayer.

    This gov-nt cares not about the people but about being in power for next 8 years, - because American taxpayers did not elect it, - but those who did not carry the burden of taxes did elect it. This gov-nt does not care about American taxpayers, but it uses their money to inlarge its base of those who do not pay taxes, - and so the Treasure Secretary is appointed to the position.
    So.... over 50% of america doesn't pay taxes? You sir are an idiot.
    Affiant further sayeth not.

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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by RightinNYC View Post
    This actually surprised me quite a bit. The report notes that it will help GDP growth over the next two years, but the effect will trail off after that.
    I used to be quite against the stimulus, but more recently I've been listening to Republicans in the Senate and disagreeing with them more often.

    Republicans just seem to want more of a focus on Housing and basically the bare minimums on the bill. Honestly I don't think that's all we need. Part of stimulating the economy goes into improving infrastructure and energy.

    Also, Americans are way too impatient. It has been only about three weeks since Obama took office and people are saying that change is not coming.

    Unfortunately, its Republicans in the House and Senate that are blocking that change. The GOP is staining the face of the stimulus saying that it has "a lot" or "too much" of pork, when us regular voters are the ones hurting and know how real the problem is.

    They say that tax cuts instead of spending would help the economy more. I agree with this somewhat, but if the Republicans have their way, a bill with a majority of tax cuts will take too much time to pump up the economy.

    I think the idea of spending a lot and investing in the rights things (exactly what this bill does) could probably increase GDP in the log run, not decrease it.


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    Re: CBO: Obama stimulus harmful over long haul

    Quote Originally Posted by Indy View Post
    So.... over 50% of america doesn't pay taxes? You sir are an idiot.
    Did I ever say anything that could lead one to the conclusion that I could ever say that over 50% of America doesn't pay taxes?

    You are an idiot and no sir.
    Last edited by justone; 02-07-09 at 12:18 AM.

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