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- Go to Congressional Budget Office: Porkulus Bill More Harmful than Doing Nothing
Note the assumptions on which this projection is based. The stimulus bill will do intermediate term harm if the deficit is not radically reduced and some of the debt paid down. The same thing happened under Bush's tax cut plan. There was, according to the Bush Treasury Department, a very modest boost to the economy from the tax cuts in the short term, but the net effect will turn negative soon after 2010 unless the debt is paid down. And that was before his last two record-setting deficits. We know Bush did little enough about the deficit and debt. Now, we can just hope (and lobby to bring it about) that Obama will act more responsibly, and stop the red ink as soon as the benefits of the stimulus begin to show in the general economy. That will allow us to keep some net benefit from the plan.
posted by
mousehop
on February 8, 2009 at 9:30 AM
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