According to the non-partisan Congressional Budget Office, the Washington Times reports.

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.

Hey change we can believe in!  It’s still not too late to call your Senator, even though Senator Harry Reid says he’s got the votes to pass it.

I think they should pass The Snuggie Stimulus that Mary Katherine Ham is promoting.  It makes as much sense as porkulus.

16 comments
  1. LOVE the video!! She's brilliant. Read the Reid attachment. I'm sorry, but Reid is an idiot. His comment that Obama will “walk away” if the right doesn't do what he wants…what is this a house sale? It isn't about him, the bloviator, it's about the taxpayers and future generations of children who will pay off his pork-filled stimu-LESS bill.
    For conservatives, if the last 4 weeks are any indication, the next 4 years are going to be an uphill battle!

  2. Yeah that video is good. Absolutely right about this bill. I wish more of our elected officials would remember who they are supposed to be serving, and it isn't who they see in the mirror.

  3. You know Shane the more I investigate this travesty getting ready to befall America the more I am convinced it we would be better off doing nothing,

  4. Typical comments of someone who is a Republican first. The end of the article says:

    “The agency projected the Senate bill would produce between 1.4 percent and 4.1 percent higher growth in 2009 than if there was no action. For 2010, the plan would boost growth by 1.2 percent to 3.6 percent. “

    And you're worried about 0.1% less production in 2019?

    As President Obama said yesterday, your ideas got us into this mess, and the American voters rejected more of the same on November 4.

  5. I think you forgot the little fact that only 37% of Americans support this bill. That is bipartisan opposition. It is pork. If you would actually read some of the crap that is in this bill you would be upset too.

    Unless you like pork spending. The stimulus package should have tax cuts, and if it has spending it should be targeted spending that actually creates jobs.

    That isn't what we have in this bill.

    And, as a fiscal conservative, I wasn't happy with President Bush. I liked the tax cuts, but I didn't like the spending. I certainly didn't like the bailout that was passed on his watch.

  6. I have to agree with the sentiment about Bush and his spending policies. It's as if he became this fiscal liberal in order to keep the braying Democrats of the Congress off his back, forgetting about those of us who put him in office in the first place, and why we voted for him.

    And not for nothing…I have a Snuggie and it rocks! 🙂

  7. I am very concerned about the future implication of deficit spending at this level. It would be short sighted to think the possible growth in 2010 would outweigh problems associated with the growing national debt – which right now sets around 70% of our GDP. The stimulus bill will only compound future problems associated with unsustainable Social Security, Medicare, and Medicaid spending that will quickly accelerate as the baby boomers retire. Our elected officials are taking on a big risk with our tax dollars. We are in uncharted territory – any perceived improvement in the GDP is merely speculative. However, we do know that this bill will add to the growing debt in a big way. By the way, the potential 0.1 to 0.3% reduction of the projected GDP in 2019 is $21 to 63 Billion (chump change huh?).

  8. Scott, follow some of the links in posts I've done on Porkulus. There's very little in this bill that would have stimulating effect even in the short term. Most of it is complete pork.

    What we need is a corporate tax cut among other tax cuts to help families out. Some businesses that employed bad business practices should just be allowed to fail. If we have to do any spending at all it should be very little, very targeted toward items that will actually created jobs (not government ones).

    I am very fearful for our kids and grandkids if this goes through.

Comments are closed.

Get CT In Your Inbox!

Don't miss a single update.

You May Also Like

My Top Ten Predictions for 2012

Looking back at my predictions for last year I actually did get…

U.S. Government Funds Manufacturing Jobs Overseas

By Tom Pauken A government-guaranteed loan to a so-called green energy company…

Michele Bachmann: Time for Attorney General Eric Holder to Resign

By Congresswoman Michele Bachmann (R-MN) The Wikileaks debacle is the latest proof…

Iowa Gubernatorial Race: Anybody But Chet

Whenever I post things like my criticism of IFPC’s endorsement of Bob…