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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.
The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis.
President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing
Originally posted by burdman30ott6
Why aren't people shouting from the rooftops over this,
Originally posted by DimensionalDetective
They are DETERMINED to crash the economy completely. They won't stop until they've achieved that objective. It is a two party economical wrecking crew we have in place now. Hello depression, here we come...