Anyone who backs this plan is essentially driving a stake through the heart of the American economy:
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…
We don’t have the money, boys and girls, to pay for this boondoggle. Grasp the reality: we’re broke.
Retrenchment – spending cuts, for you liberals out there – coupled with tax cuts and regulatory easements are the only way we’re going to get out of this. We have to create new wealth in order to pay off the debts we’ve already got – don’t do this, and all we’re doing is moving money around with, perhaps, a short term boost to the economy, but with a long term death knell for growth.
The President is condemning us for having tired, old ideas…what we’re actually having is a gigantic attack of common sense. The President needs to listen to us – he needs some of that humility he said he’d govern with.
UPDATE: And Reid still doesn’t have the votes for cloture, it would seem.
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