Stimulus will lead to 'disaster,' says Sen. Richard Shelby

Spending makes you poorer, not richer. Taxpayers will be poorer by another Trillion dollars.

www.cnn.com...

updated 6:24 p.m. EST, Sun February 8, 2009
Stimulus will lead to 'disaster,' Republican warns

WASHINGTON (CNN) -- Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."

"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."
...
The nonpartisan Congressional Budget Office reported last week that the measure is likely to create between 1.3 million and 3.9 million jobs by the end of 2010, lowering a projected unemployment rate of 8.7 percent by up to 2.1 percentage points.

But the CBO warned the long-term effect of that much government spending over the next decade could "crowd out" private investment, lowering long-term economic growth forecasts by 0.1 percent to 0.3 percent by 2019.
...
But Sen. Kent Conrad, the chairman of the Senate Budget Committee, told CBS the current recession -- which has already produced an unemployment rate of 7.6 percent -- is in danger of a deep downturn "like we saw in the Great Depression."
...

reply to post by Dbriefed


Two notes...

"Reduce a projected unemployment rate..."

How can you project a reduction of a projected number?

Next...

Rom Emanuel is gettinh what he wants when he said "We can't let a good piece of bad news go to waste." The Neo Libs are going to destroy the country in an attempt to create their perfect nanny state.

While I wont argue that things are bad right now I also believe that if it wasn't for the Democrats trying to keep us all scared, people would be more willing to get out and stimulate the economy more.
Where I live in Colorado we see all of the economic horror stories on the local news but being out and about this past weekend, grocery stores, restaurants, movie theaters, shopping centers, etc are all packed!
Don't these people know that they are supposed to be at home being scared??

We are already screwed. I see this as nothing more than political posturing by a party that wants to seem relevant again and somehow reframe the present as not having been arrived at from the past as we know it. Where were these guys during the last 8 years? Did they speak up then? Have the Democrats become so unified and powerful that they killed the American economy in two years with a powerful sitting GOP president?

Democrats sat there by and large twiddling their thumbs and worrying how the MSM would frame any questioning of the status quo.

We are on the path to "disaster" whether or not Stimulus is passed. According to my checkbook we are already there.



[edit on 2/9/09 by stikkinikki]

Originally posted by Anjin
While I wont argue that things are bad right now I also believe that if it wasn't for the Democrats trying to keep us all scared, people would be more willing to get out and stimulate the economy more.
Where I live in Colorado we see all of the economic horror stories on the local news but being out and about this past weekend, grocery stores, restaurants, movie theaters, shopping centers, etc are all packed!
Don't these people know that they are supposed to be at home being scared??

Maybe they were getting survival provisions? Let me assure you that this worker is feeling it. We don't need anyone to tell us to be scared. The writing is on the wall.