In a move that doesn’t surprise people like me a bit, and which the LSM will simply ignore and thus allowing others that feel unless the LSM says it word for word, it isn’t so, we now find out that the
stimulus patronage bill has had it’s price tag increased and its positive impact majorly downgraded:
Recovery: After nearly all the stimulus money has been spent, the Congressional Budget Office now admits it cost more than advertised, did less to boost growth and will hurt the economy in the long run. In its latest quarterly report on the economic effects of the Obama stimulus, the CBO sharply lowered its “worst case” scenario while trimming many of its upper-bound estimates for stimulus-fueled growth and employment. The new report finds, for example, that the stimulus may have added as little as 0.7% to GDP growth in 2010 — when spending was at its peak — and created as few as 700,000 new jobs.
Both are down significantly from the CBO’s previous worst-case scenario. The report also lowered the best-case estimate for added growth in 2010 to 4.1% from 4.2%. In addition, the CBO says the extra infrastructure money didn’t boost growth as much as it previously claimed, because states reacted by spending less out of their own budgets on highways. So in other words, the CBO now says it’s possible In our view, even the CBO’s downgraded estimates are too high, because they’re still based entirely on Keynesian economic models that simply assume extra government spending results in added economic growth.
You don’t have to look very hard to see this isn’t what happened. Wile Obama promised the massive stimulus would “ignite spending by businesses and consumers,” unleash “a new wave of innovation, activity and construction,” and keep unemployment under 8%, what we actually got was the worst recovery since the Great Depression.
Look this was the biggest rip off of the American tax payer in our history. We were “Bernie Madorffed” by the one party that controlled the two houses of our government that does the spending. All the problem makers stepped up and demanded that they be allowed to “fix the problems”. We got a ton of new regulation, government driven crony capitalism, massive uncertainties that prevent private sector businesses from doing any growing or hiring in the near, and maybe even far future, leading to horribly high unemployment, deeper in debt, and unless you count democrat friends, donors, lobbyists, politicians, and campaign coffers making out like bandits, no tangible assets to show for all that cash spent. And the fundamental underlying problems not only remain there, intact, but in addition to the “social engineering” problems of the housing market, we now are staring at another one in education.
Oh wait. I know. It’s Bush’s fault. The donkeys inherited all the problems from Bush and the porkulus failed because it was just too small. At this point we should ask if we would not have been better off without any of it.