Wednesday, June 22, 2011

Money For Nothing: CBO Reports That Stimulus Doubled the Debt

So much for that idea.

Not only has the so-called "stimulus" doubled the debt, but the country got jack-squat in return. Except, of course, consistently high unemployment, a real estate market in shambles, and gas and food prices through the roof. Yippee!

If you think the Dumbocrats have learned their lesson yet, you better think again.

Is it 2012 yet?
A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.

The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.
The wonderful news doesn't end there. Keep reading.


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