CBO: Stimulus "a net drag on the economy"

[rdean]

So you had to do it. You made me go find out what he actually said.

He said that at the end of ten years, the stimulus could have a negative impact on the GDP without further action.

The operative words being "without further action".

Not only that, but the estimate is the stimulus led directly to the creation of 3 million jobs.

Now, if you don't believe that, there are 114 Republican Congressmen who voted against the stimulus but took stimulus money to create thousands of jobs in their districts. We sit in front of the Internet. Easy as can be to find out the names of Republicans who voted against the stimulus, created jobs, took credit for the jobs, then said the stimulus they used to create jobs didn't create any jobs. How do they keep track of all the lies?

Republicans Voting Against Stimulus Then Asked Obama for Money - Bloomberg

Alan Simpson, a former Republican senator from Wyoming named by President Barack Obama as co-chairman of a new deficit- reduction commission, said about-faces on government funding aren’t surprising.

“It’s the original sin of Washington -- it’s hypocrisy,” Simpson said. “You can’t do that then say you go out and cut the other stuff.”

Don't the citizens from the repub districts pay taxes? Why shouldn't they get gov't funding, regardless of the party their elected reps belong to. Tell me, should we only fund projects in districts where the elected rep voted for the bill? Oh yeah, that'll hold down spending.

There's no hypocrisy here, those repubs voted for what their constituents wanted and then did what they're supposed to do, fund needed projects in their districts.

Moron. No one said they shouldn't receive funds. What the fuck is wrong with you people?

The hypocrisy is voting against the package, taking the money, creating jobs AND THEN SAYING NO JOBS WERE CREATED. Get it? It's the lies that's wrong. Did that really need to be spelled out. You guys make me lose my temper with this "determined ignorance".

 

[rdean]

I love how righties perk up when the CBO says something to their liking - otherwise the CBO is shit to them.

It remains debatable what the true long-term effects of the stimulus will be. However, it helped prevent a Second Great Depression in the short-term.

Not really. We just know more than you. At any rate, the CBO is not the problem. The CBO does exactly what it is told to do. Congress is the problem. For instance, when some hack in Congress wants to make "Obamacare" look like it is "deficit neutral"- they start with 10 years of taking in taxes, and only 4 years of paying benefits. They then have the CBO crunch the numbers. The CBO comes back and says VIOLA!! - Obamacare is "deficit neutral". The results are SHIT and everyone knows it. But it is not the fault of the CBO- they just do what they are told to do.

Everything the right disagrees with is "shit". That includes "facts", "evidence", studies", and "reality".

 

[Zander]

I love how righties perk up when the CBO says something to their liking - otherwise the CBO is shit to them.

It remains debatable what the true long-term effects of the stimulus will be. However, it helped prevent a Second Great Depression in the short-term.

Not really. We just know more than you. At any rate, the CBO is not the problem. The CBO does exactly what it is told to do. Congress is the problem. For instance, when some hack in Congress wants to make "Obamacare" look like it is "deficit neutral"- they start with 10 years of taking in taxes, and only 4 years of paying benefits. They then have the CBO crunch the numbers. The CBO comes back and says VIOLA!! - Obamacare is "deficit neutral". The results are SHIT and everyone knows it. But it is not the fault of the CBO- they just do what they are told to do.

Everything the right disagrees with is "shit". That includes "facts", "evidence", studies", and "reality".

You really are a pathetic, small, man. Seriously. You add nothing of value to the conversation. Based on your posts, you are an unhappy, joyless, hateful person. At least you have the internet to vent your rage...otherwise I am sure you'd be in prison or a rubber room.

 

[Wiseacre]

So you had to do it. You made me go find out what he actually said.

He said that at the end of ten years, the stimulus could have a negative impact on the GDP without further action.

The operative words being "without further action".

Not only that, but the estimate is the stimulus led directly to the creation of 3 million jobs.

Now, if you don't believe that, there are 114 Republican Congressmen who voted against the stimulus but took stimulus money to create thousands of jobs in their districts. We sit in front of the Internet. Easy as can be to find out the names of Republicans who voted against the stimulus, created jobs, took credit for the jobs, then said the stimulus they used to create jobs didn't create any jobs. How do they keep track of all the lies?

Republicans Voting Against Stimulus Then Asked Obama for Money - Bloomberg

Alan Simpson, a former Republican senator from Wyoming named by President Barack Obama as co-chairman of a new deficit- reduction commission, said about-faces on government funding aren’t surprising.

“It’s the original sin of Washington -- it’s hypocrisy,” Simpson said. “You can’t do that then say you go out and cut the other stuff.”

Don't the citizens from the repub districts pay taxes? Why shouldn't they get gov't funding, regardless of the party their elected reps belong to. Tell me, should we only fund projects in districts where the elected rep voted for the bill? Oh yeah, that'll hold down spending.

There's no hypocrisy here, those repubs voted for what their constituents wanted and then did what they're supposed to do, fund needed projects in their districts.

Moron. No one said they shouldn't receive funds. What the fuck is wrong with you people?

The hypocrisy is voting against the package, taking the money, creating jobs AND THEN SAYING NO JOBS WERE CREATED. Get it? It's the lies that's wrong. Did that really need to be spelled out. You guys make me lose my temper with this "determined ignorance".

When I see that we have a couple million fewer employed people now than we did in Jan 2009, I tend to have a problem with some jackhole liberal who claims millions of jobs were created.

 

[Conservative]

So... when the CBO agrees with or supports a Democratic position, they are non-partisan. But when they don't, they aren't. Got it.

Yes, during the health care debate all you heard was...

CBO...CBO...CBO....CBO....CBO....CBO....

From the left? you are correct.

From the right, mostly what I heard was GIGO (look it up, it's a computer programming term)

 

[Listening]

So... when the CBO agrees with or supports a Democratic position, they are non-partisan. But when they don't, they aren't. Got it.

Yes, during the health care debate all you heard was...

CBO...CBO...CBO....CBO....CBO....CBO....

From the left? you are correct.

From the right, mostly what I heard was GIGO (look it up, it's a computer programming term)

I am quite familiar with the term.

But, in this case it was purposeful garbage....

In other words, select what you will give the CBO so that you get the (garbage) answer you want.

Feed that to the spinners on the left and let them have at it.

 

[CrusaderFrank]

Did the Failed Stimulus keep unemployment under 8% like it was supposed to?

[ame=http://www.youtube.com/watch?v=P3XBfPqj8Kg]Shovel Not So Ready.mov - YouTube[/ame]

Funny, right? That's some funny shit there, right?

 

[Listening]

Did the Failed Stimulus keep unemployment under 8% like it was supposed to?

Shovel Not So Ready.mov - YouTube

Funny, right? That's some funny shit there, right?

What is so ironic about all this is that all that permitting and paperwork (the stuff the guy said was delaying the projects) is pretty much the result of regulation and government interference.

But, we need more regulation !!!

What that guy didn't say was that all that permitting and paperwork also adds untold costs (and often not trivial) to a project. And thus we see how liberals can somehow talk out both sides of their rear ends and still keep a straight face.

 

[NYcarbineer]

All they said was that added debt crowds out private investment in the long term.

The same exact principle applies to the debt created by the lost revenue of the Bush tax cuts and the deficits they created.

Gaaaahhhhh!! Stop!! The stimulus was a disaster, it's all 0bamazzzz. Bush has been gone three years. It's now Bozo's economy!! $250,000.00 per job is not a way to stop the reckless debt.

You obviously don't understand what the CBO said. Maybe you should ease yourself back towards the shallow end of the pool.

 

[Listening]

You obviously don't understand what the CBO said.

By all means....

Explain it to us.....

 

[NYcarbineer]

You obviously don't understand what the CBO said.

By all means....

Explain it to us.....

I did. The CBO uses a calculation that ALL debt added to the national debt causes a drag on the economy over the long term by crowding out private investment, basically because the government's borrowing competes with private sector borrowing.

The CBO here is only applying a general principle that it applies to all government debt accumulation.

Note that the CBO says this happens only if Congress does nothing to pay down the debt.

 

[iamwhatiseem]

I love how righties perk up when the CBO says something to their liking - otherwise the CBO is shit to them.

It remains debatable what the true long-term effects of the stimulus will be. However, it helped prevent a Second Great Depression in the short-term.

[ame=http://www.youtube.com/watch?v=oYS7aQY1iZI]Kool-Aid commercial - disco? - YouTube[/ame]

 

[NYcarbineer]

The CBO also said this:

Despite the near-term economic benefits that would arise from reductions in taxes and increases in government spending, such actions would add to the already large
projected budget deficits, either immediately or over time.

Unless offsetting actions were taken to reverse the accumulation of additional government debt, the nation's capital stock, its future output, and people?s future incomes would tend to be lower than they otherwise would have been.

Anyone need that explained to them?

 

[CrusaderFrank]

If the President won't act on reducing the debt, Congress needs to act without the President

 

[NYcarbineer]

You obviously don't understand what the CBO said.

By all means....

Explain it to us.....

Here's where the CBO applies the same exact principle to EXTENDING THE BUSH TAX CUTS AFTER 2012:

"To illustrate how some widely anticipated changes to current law would affect the economy, CBO has examined an alternative path for fiscal policy that includes these assumptions: Most of the provisions of indi-vidual income taxes and estate and gift taxes now scheduled to expire in December 2012 are extended through 2021; limits to the reach of the AMT that are set to expire at the end of 2011 are also continued through 2021..."

...Under those alternative assumptions, real GDP would be higher in the first few years
of the projection period than it is in CBO?s economic forecast...

In later years, however, real GDP would fall below the level in CBO's baseline projections by ever larger amounts over time. The lower marginal tax rates under those alternative assumptions would increase people's incentives to work and save, but the larger budget deficits would reduce (crowd out) private investment in productive uses of capital.

If you can follow that, you can see that the CBO is saying exactly the same thing about extending the Bush tax cuts that it said about the future effect of the cost of the stimulus.

Put another way, the CBO in the above is saying that extending the Bush tax cuts would be a net drag on the economy.

Full analysis at this link, you have to scroll down and click on Witness Statement of Dr. Elmendorf.

Unlike the Washington Times, lol, I provide a link.

Committee Hearings - Senate Budget Committee

 

[paulitician]

Any jobs created were all Government Jobs. How can so many not understand that the Taxpayers will be paying for those jobs for several decades? It's a huge net-loss for Taxpayers in the end. They actually made things much worse. More Government Jobs? Yea that's exactly what we didn't need. But i guess it is exactly what the Democrats need. Party before Country. Always Party before Country with them.

 

[Listening]

The CBO also said this:

Despite the near-term economic benefits that would arise from reductions in taxes and increases in government spending, such actions would add to the already large
projected budget deficits, either immediately or over time.

Unless offsetting actions were taken to reverse the accumulation of additional government debt, the nation's capital stock, its future output, and people?s future incomes would tend to be lower than they otherwise would have been.

Anyone need that explained to them?

Yes,

Why is the reduction is taxes a larger font than increases in government spending.

From your quote, it would appear that the stimulus is a problem.

 

[Listening]

I've forgotten more about economics than most posters on this forum, definitely including yourself, ever knew.

And I've been to the moon.

I love these kinds of claims.

 

[NYcarbineer]

The CBO also said this:

Despite the near-term economic benefits that would arise from reductions in taxes and increases in government spending, such actions would add to the already large
projected budget deficits, either immediately or over time.

Unless offsetting actions were taken to reverse the accumulation of additional government debt, the nation's capital stock, its future output, and people?s future incomes would tend to be lower than they otherwise would have been.

Anyone need that explained to them?

Yes,

Why is the reduction is taxes a larger font than increases in government spending.

From your quote, it would appear that the stimulus is a problem.

Because the tax cuts were my original point. Are you disputing that the CBO is saying the same thing about the Bush tax cuts as it said about the stimulus?

Pretend all the fonts are the same size and get back on topic.

 

[paulitician]

Bush & Obama's "Stimulus" Packages only stimulated more debt and misery. What a bleak future they've left for our future generations.