This above graph (minus the red) was put out by OBAMA and his team as to how much HIS $1 TRILLION stimulus would “help” the economy and jobs. Two + years later, we now know that Obama’s $1 TRILLION plundering of tax payers money has done MORE HARM and costs us $TRILLIONS$ in more via tax payers money and interests than had he JUST LEFT IT ALONE!!!!!!!!
The CBO has rescored Obama’s almost $1 TRILLION “stimulus” package of 2009 and they have concluded the following- you know, on Obama’s “I guess those shovel ready jobs were not as shovel ready as we thought… ha ha ha ha…” (youtube video of Obama laughing about what a failure his stimulus package was can be located below)!
WOW, good thing your ineptness ONLY cost us close to $1 TRILLION in tax payers money!!
Washington Times – November 22, 2011
The Congressional Budget Office on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.
CBO has re-evaluated the stimulus every three months, and its estimates for the total cost have varied. Initially the package was pegged at $787 billion, rose as high as $862 billion at one point, and is now projected to be $825 billion once all the money is paid out.
The nonpartisan agency also has changed its model for the spending’s impact on the economy, and the new calculations show the Recovery Act did less than originally projected.
As for the long-term situation, CBO said its basic assumption is that each dollar of additional federal debt crowds out about a third of a dollar’s worth of private domestic capital.
CBO said there is no crowding out in the short term, which is why the Recovery Act boosts the economy in the near term.