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 House last week passed a bill totaling about $820 billion while the Senate is working on a proposal reaching about $900 billion in spending increases and tax cuts.
This highlights one of the common sense reasons that ordinary Americans are starting to think this so-called 'stimulus plan cure' for the economy may actually kill the patient.
It also highlights why Harry Reid is panicking and resorting to political thuggery. To call what Reid does in the Senate "leadership" is to bring to mind the kind of "leadership" lemmings follow on their suicidal march.
Needless to say, if there were anything good in this bill then there wouldn't be all this unseemly haste to pass it; nor would there be such unwillingness to debate it openly; nor to let the public understand the issues and respond.
The last thing in the world people like Reid, Pelosi and Obama want is a reasonable discussion of their economic policies. The very last thing they want is for people to understand what they are doing. They think that, because "they won", it means they don't have to be accountable for all the pork they pass; nor do they have to do anything but blame Republicans if their policies make things worse.
But I don't really think that was the message the American public was sending, and the Democrats might be verrrrrry surprised how quickly the worm turns--or should I say, the lemming suicides?