05 February 2009

Instapundit: stimulus bill harmful over long term

the Congressional Budget Office says the stimulus bill will be harmful over the long term: “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.” I don’t think there’s much long-term thinking going on in Congress or the White House, though . . .

Here's the CBO report itself:

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