The Current FReepathon Pays For The Current Quarters Expenses?
Posted on 11/19/2011 2:38:16 PM PST by John Semmens
Economist Doug Elmendorf, head of the Congressional Budget Office, testified before the Senate Budget Committee that President Obama’s $800 billion “stimulus” package reduced rather than increased employment.
“The elemental truth of the matter is that putting money into ventures that generate losses, as was the case for the bulk of the so-called stimulus spending, reduces the resources available to society,” Elmendorf explained. “As resources are reduced there is less economic growth and less demand for workers.”
The CBO’s analysis was challenged by Treasury Secretary Timothy Geithner. “The fact is, we put money into businesses that the private sector spurned,” Geithner said. “This created jobs that otherwise wouldn’t have existed. Only an economist would dare to deny the obvious benefit of this approach.”
“And let’s not forget all the government jobs that were saved,” Geithner added. “Those who contend that these jobs are unnecessary overlook the spending that is injected into the economy when these employees cash their paychecks and buy stuff.”
Elmendorf characterized Geithner’s reasoning as “fundamentally idiotic. The $800 billion the government took out of the profit-making sector of the economy would’ve generated just as many jobs in the first iteration of spending. However, the profits would’ve sustained even more jobs with each successive iteration. This stands in contrast to the president’s approach, which requires endless infusions of new money extracted from productive uses in order to feed each successive round of unproductive spending on new ‘jobs bills.’”
read more...
http://azconserv1.wordpress.com/2011/11/18/sluggish-economy-blamed-on-lazy-americans/
The Current FReepathon Pays For The Current Quarters Expenses?
lol.
Smart meters require MORE meter readers than dumb ones?
what a waste of an economy.
If we meet the founding fathers in the afterlife and they asked how this happened, we should just look away and refuse to look them in the eyes.
Thus proving the point.
“...we put money into businesses that the private sector spurned,” Geithner said.”
The private sector knows a scam when it sees one. But the university professors who were sitting ducks for the con artists at Solyndra handed half a billion dollars to them because they believed the hype.
Oh well, it was just taxpayer money, taken by threat from people who were losing their jobs and their homes. Who cares about them? It’s the Ivy League “experts” who never have to worry about being fired or brought to trial for malfeasance.
By the way, though this is a satire, this is the way this government actually does its business.
Wow. Somebody finally speaks truth to power.
The very way the “stimulus” is structured, almost GUARANTEES no private-sector jobs will be created. Nothing is done to remove the very real impediments to the normal conduct of business, but funding is included that in fact, greatly exacerbates the over-regulation that already exists, as many of these new government hires are put in place to enforce existing regulations, which so long as they were not being enforced, at least had no negative effect on the business of business.
But now, the feds can REALLY put a boot at the throat of the small businesses all over America.
If we meet the founding fathers in the afterlife and they asked how this happened, we should just look away and refuse to look them in the eyes.
If the Founders could see us today they’d rightfully smack us around. It would be embarrasing.
Obama is addicted to spending like a person addicted to drugs.
Now you might argue that snarling up traffic in DC is a good thing, and I won't trouble to refute THAT claim. But these are the kinds of "shovel ready" jobs that Lil' Timmy has created.
The CBO saying something rational has to be satire.
Just as a reminder of what we all know. When the CBO honestly scored the Marxist demon’s Obamacare leglislation, the demon called them on the carpet and insisted they say his scam was fiscally sound.
From this latest finding, I guess the CBO is letting “the one” know it is pissed off and unbowing.
So what else is new?
From this latest finding, I guess the CBO is letting “the one” know it is pissed off and unbowing.
It's the Congressional Budget Office. Which means that it's under new management after the 2012 election . . .
Good.
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