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February 18, 2009
CBO: 'Obama's Stimulus Will Cause 'Lower Wages' for American Workers'
Topics: Political News and commentariesAccording to the Congressional Budget Office (CBO), the "stimulus" package that President Obama signed into law Tuesday will result in "lower wages" for American workers:
[...] The CBO analysis, dated Feb. 11 and sent to Sen. Judd Gregg (R-N.H.), says the $787-billion plan will increase employment in the short-term, but will run up deficit spending which will "crowd out" private investment in the economy in the long-term.Just another consequence of Obama's disastrous (for America) "Porkabus" plan.
The analysis concludes that the stimulus will put downward pressure on Gross Domestic Product (GDP) and wages after 2014. (The Gross Domestic Product is the total value of all goods and services produced in the United States in one year.)Rep. Paul Ryan (R-Wis.), the ranking Republican on the House Budget Committee, said the CBO analysis underestimates the long-term economic consequences.
"Number one, the spending spends out very slowly, so it doesn't give you much of a pop," Ryan told CNSNews.com. "Number two, it costs much more than advertised. Number three, at the end of the day, it would have been better to do nothing for the economy given that it [the stimulus package] will reduce GDP growth and wages."
"I find those to be very startling estimates, very startling points and facts that simply have not been reported," said Ryan.
Posted by Hyscience at February 18, 2009 7:24 AM
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