The Congressional Budget Office says that Spendulus will harm the economy, not help it:
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. (emphasis added)
As Lorie pointed out in an earlier post, the Bush Administration’s arguments for the invasion of Iraq did not even come close to the current level of fear mongering and intimidation that the Democrats are using to ram through passage of their insane Spendulus bill. Why isn’t the press demanding accountability and picking this bill apart item by item? Why are the Democrats being allowed to talk down the economy and stoke fear on a daily basis without being vigorously reprimanded by every editorial page in the country?
I’m terribly afraid that we are about to spend ourselves into a prolonged recession that will make the late 1970s look like a cakewalk. If the $1 trillion in Spendulus debt doesn’t frighten you, then imagine what the albatross of socialized medicine (which is now being implemented bit by bit) is going to do to the cost of government.
The Democrats don’t seem to care. They won, and they are gorging themselves on all the empowerment that they couldn’t have during the last fourteen years in a pork barrel spending spree so disgraceful that even France can’t stomach it.