Former CBO Director: You Can't Spend Your Way To Prosperity

Discussion in 'Economy' started by boedicca, Apr 13, 2010.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Obamanomics ain't workin' for the private sector. The only thing it is benefiting is government growth. Even a former director of the CBO recognizes that increasing government spending doesn't create prosperity.

    Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.

    For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush's eight years in office.

    "This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. "Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can't spend its way to prosperity." ...


    Income falls 3.2% during Obama's term - Washington Times
     

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