Must be that “Arab Spring” is still in the air?
After nearly all the $825 Billion in Obama’s stimulus money has been spent, the CBO quietly admits it cost taxpayers more than advertised, did little to boost economic growth, and will hurt the economy in the long run.
Releasing its latest quarterly report on the economic effects of the Obama stimulus, the CBO sharply lowered its “worst case” scenario while trimming many of its estimates for stimulus-fueled growth and employment.
The newly revised report states that the stimulus may have actually added as little as 0.7% to GDP growth in 2010 (when spending was at its peak) and actually created as few as 700,000 new jobs.
In addition, the CBO says the extra infrastructure money didn’t boost economic growth as much as previous claims, because states simply reduced spending from their own budgets on highways.
The truth is that the stimulus had virtually no meaningful effect on growth and employment despite its incredibly massive price tag.
The real kicker is that the CBO has also increased that price tag from the initial $787 billion to $825 billion … a 5% hike.
Hmmm! Why am I not surprised? No wonder Obama’s campaign team is planning on running a $1 Billion scorched-earth negative campaign in 2012! All he can do is attempt to destroy his opponent with half-truths, lies, and innuendo … because his record is one of complete and unequivocal disaster!