President Barack Obama at the G8 summit said that the world has apparently escaped full economic meltdown but that recovery is still a long ways off.The CBO said in February that the economic porkulus bill would harm more than it would help.
They said in January that the economy would recover by the end of 2009, providing the government did nothing at all to "help."
From the report: "In preparing its economic forecast, CBO assumes that current laws and policies governing federal spending and taxes do not change. This forecast, therefore, does not include the effects of a possible fiscal stimulus package."
2 comments:
We're so screwed. I've heard exactly that before, and seen it in the past. Market corrections. Now, we're in debt forever.
Porkulous didn't help, and even if it didn't precisely hurt (which I don't believe for a minute) it added tons of debt to our already staggering debt load.
Add to that the printing of more dollars only lessens the value of all dollars in circulation, so the inflation hit will be significant.
A study of past events shows that these solutions have already been tried (although not in these astonishing amounts) and failed miserably.
It's a shame that someone doesn't write all this stuff down in books. Why I tell you, that's the sort of thing that should be taught in schools.
We could call it...History! That's a good name!
Just damn.
Thanks for stopping by Clam.
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