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CBO blows the whistle on "Spendulus"

The Congressional Budget Office says that Spendulus will harm the economy, not help it:

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. (emphasis added)

As Lorie pointed out in an earlier post, the Bush Administration's arguments for the invasion of Iraq did not even come close to the current level of fear mongering and intimidation that the Democrats are using to ram through passage of their insane Spendulus bill. Why isn't the press demanding accountability and picking this bill apart item by item? Why are the Democrats being allowed to talk down the economy and stoke fear on a daily basis without being vigorously reprimanded by every editorial page in the country?

I'm terribly afraid that we are about to spend ourselves into a prolonged recession that will make the late 1970s look like a cakewalk. If the $1 trillion in Spendulus debt doesn't frighten you, then imagine what the albatross of socialized medicine (which is now being implemented bit by bit) is going to do to the cost of government.

The Democrats don't seem to care. They won, and they are gorging themselves on all the empowerment that they couldn't have during the last fourteen years in a pork barrel spending spree so disgraceful that even France can't stomach it.


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Comments (7)

But..but....but...we have t... (Below threshold)
GarandFan:

But..but....but...we have to pass the bill NOW! The sky is falling! Men, women and children are DYING! Obama said so, so it must be true. Don't forget 'the cult of The Chosen One' won the election. Like lemmings running over a cliff, we MUST follow. No time to THINK, no time to DEBATE, no time to EVALUATE. The Democrats will do that for us. See how easy life will be?

"There are still teachers w... (Below threshold)
Clay:

"There are still teachers who tell their students that "an economy can lift itself by its own bootstraps" and that "we can spend our way into prosperity." But the Keynesian miracle fails to materialize; the stones do not turn into bread. The panegyrics of the learned authors who cooperated in the production of the present volume merely confirm the editor's introductory statement that "Keynes could awaken in his disciples an almost religious fervor for his economics, which could be effectively harnessed for the dissemination of the new economics." And Professor Harris goes on to say, "Keynes indeed had the Revelation."

There is no use in arguing with people who are driven by "an almost religious fervor" and believe that their master "had the Revelation." It is one of the tasks of economics to analyze carefully each of the inflationist plans, those of Keynes and Gesell no less than those of their innumerable predecessors from John Law down to Major Douglas. Yet, no one should expect that any logical argument or any experiencecould ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion." --Ludwig von Mises

If anyone wishes some excellent resources on our present situation, go to The Bailout Reader at http://mises.org/story/3128

Education precedes activism.

I already wrote to my paper... (Below threshold)

I already wrote to my paper's editor, throwing back in his face his own columns about how the press was ashamed that it hadn't looked hard enough at the claims of the administration before we went into Iraq and if they were going to bother to do their job this time. If you have the capability, check back through your papers' archives around the last half of May 2004 (the big one in the NYT appeared May 26) and see if they also wrote a 'mea culpa' that you can remind them of now as they completely fail to vet this TRILLION DOLLAR spending spree.

Spam Cleanup on Asile 4 - T... (Below threshold)
JLawson:

Spam Cleanup on Asile 4 - Ted's off his meds...

JLawson - insane mutterings... (Below threshold)
Marc:

JLawson - insane mutterings noted, and will be forevermore ignored.

JLawson, damn funny. Thanks... (Below threshold)
WildWillie:

JLawson, damn funny. Thanks. ww

I just came across a very h... (Below threshold)
pam:

I just came across a very helpful website on the current economic downturn .RecessionInfoCenter.com




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