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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.
Originally posted by kettlebellysmith
This bill is worse than the New Deal, and it dystroyed the economy for over 10 years. Heck, I won't even get to think about retirement. You don't spend your way out of a recession, because you don't create permanent jobs.
"Once I built a railroad, and then it was done,
Brother can you spare a dime?