I’m definitely no “Paulite”, but Congressman Paul makes some good points in his analysis of the stimulus package.
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Posted under Economy
Written by admin on February 8, 2009
Ron Paul on the Stimulus
Stimulus: All Economies have Performance Issues
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Posted under Economy
Written by admin on February 8, 2009
Tentative Agreement Reached on Obama Stimulus
Reports are coming in that a tentative agreement has been reached on the stimulus package. Collins, Nelson, and Specter were called into a closed-door meeting and the Democrats have apparently made enough concessions to get those three to change their vote (getting them the 60 votes they need to close debate and bring the bill to vote). The bill has apparently been trimmed from $937 billion to $780 billion. Apparently, some of the items that should have been in other bills to begin with, including education funding. The bill still needs to return to the House where some of the cuts might be tacked right back on to the bill.
As reported earlier, the CBO indidcated that the proposed bill will be worse for the economy than doing nothing. It is doubtful that these trivial cuts will change their opinion.
$780 billion of additional federal debt is not what the country needs (to put it into perspective, the US borrowed $800 billion in the time period from the Revolutionary War to Carter’s administration). The new deal didn’t solve the depression, it unfortunately took WWII to get the US out of the depression. If you want a more recent example, look at Japan’s attempts in the 1990′s. All they created was more debt.
The estimates of job creation from this bill are 1.3 million to 3.9 million jobs. 1.3 million jobs comes out to $600,000 per job. The most promising estimate is still 3.9 million jobs at the cost of $200,000 each. That’s not a very cost-effective bill, and it’s a poor investment for American tax dollars.
Brietbart report here.
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Posted under Economy
Written by admin on February 6, 2009
CBO: Obama Stimulus Worse Than Doing Nothing
The Congressional Budget Office (a group that provides non-partisan aid on economic and budgetary considerations to the Congress) has said that the proposed stimulus package would actually be worse than taking no action at all. They estimate that by 2019 the legislation would reduce GDP by .1 to .3 percent. Their reasoning is that the large amount of debt incurred by this bill would reduce private investment even more than inaction would. They further went on to state that although the bill would create jobs, the effect would be miniscule by 2011.
Washington Times article is available here.
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Posted under Economy
Written by admin on February 6, 2009
Support for Stimulus Package Falling Rapidly
Rasmussen Reports released a poll yesterday showing that support for the pork-heavy stimulus package is continuing to fall. The package has already passed $900 Billion and still has room to grow.
| Do you favor or oppose the economic recovery package proposed by Barack Obama and the Congressional Democrats? | |||
|---|---|---|---|
| Date | Favor | Oppose | |
| Feb 2-3 | 37% | 43% | |
| Jan 27-28 | 42% | 39% | |
| Jan 19-20, 2009 | 45% | 34% | |
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Posted under Economy
Written by admin on February 5, 2009
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