February 09, 2009
CBO Report: Stimulus Bill Unnecessary; Economy Will Right in Second Half of 2009
According to a report from non-partisan Congressional Budget Office, the recession is going to end this year, without the costly, pork-laden stimulus:
CBO anticipates that the current recession, which started in December 2007, will last until the second half of 2009, making it the longest recession since World War II.This recession, however, may not result in the highest unemployment rate. That rate, in CBO's forecast, rises to 9.2 percent by early 2010 (up from a low of 4.4 percent at the end of 2006) but is still below the 10.8 percent rate seen near the end of the 1981–1982 recession.
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.
On that basis, CBO anticipates that real GDP will drop by 2.2 percent in calendar year 2009, a steep decline.
CBO expects the economy to begin a slow recovery in the second half of 2009 and to grow by a modest 1.5 percent in 2010.
The very liberal leaders of the Democratic Congress and our neophyte President have attempted to ram a wish-list of left-wing "progressive" spending programs—costing hundreds of billions of dollars—down our throats, sold to us with threats on a platform of fear.
If you are a responsible moderate, Democrat, or Republican that wants to stop the doubling of our national debt because these corrupt and opportunistic politicians want to use economic fear to feather their political nests, start by calling the three Republican Senators below, and demand they withdraw their support from this unnecessary stimulus bill.
Sen. Olympia Snowe (202) 224-5344
Sen. Susan Collins (202) 224-2523
Sen. Arlen Specter (202) 224-4254
If these three won't back the stimulus, it will not pass and we will not saddle the next generation with unnecessary debt.
While you're at it, call your own Senators and Congressmen and give them a piece of your mind as well:
Senate switchboard: 202-224-3121
House switchboard: 202-225-3121
Kill the stimulus.
It's time to remind these leeches that they work for us.
You racist hatemongers just don't get it, do you?
We won, you lost.
You will not get another chance.
Get over it and get with the program or you will be crushed like insects.
Praise OBAMA!
Allahu akbar!
What makes the above comment so great is this:
One really isn't sure if it is sarcasm or not.
I've known leftist troglodytes who feel that way.
Posted by: JP at February 9, 2009 04:36 AMAccording to the first comment if you disagree with Obama and his liberal democrats you're racists. Typical comment from the ignorant left. Fannie Mae & Freddie Mac, two government sponsored entities given to us by the left, were the prime movers of this credit crises. My guess is most on the ignorant left never heard of them.
Posted by: Rick at February 9, 2009 08:02 AMOf course if the "stimulus" goes through it will cause the economic troubles to get much, much, worse and last much, much longer.
Which is of course exactly why it was dreamt up in the first place.
With the economy down the drain, The One will have an excuse for His plans to destroy what's left of freedom and liberty, and to not act when His friends in Iran and the rest of Islamistan start the establishment of the Khaliphate.
Bob, your beloved George Bush doubled the national debt from around $5 trillion when he entered office to more than $10 trillion today. And you cheered the whole way. So please spare us your whining.
Posted by: Pinson at February 9, 2009 01:42 PMPinson demonstrates typical leftist "logic" - "This guy screwed up, so it's OK to screw up even more!"
Pinson simultaneously demonstrates that his knowledge of conservatives is derivrd from...we'll, I don't know where. Conservatives were hammering Bush all along for his excessive spending.
There're even more errors in his rather short statement, giving a profoundly low sinal-to-noise ratio. Very impressive, in a very sad way.
Posted by: alanstorm at February 9, 2009 02:43 PMBush and the Republicans did spend wildly. If not for the promises by Democrats to spend even more wildly and to surrender in Iraq ASAP, we probably would have voted them out of office sooner.
Now that The One and Democrats are in control, judging from their "Stimulus" bill, it appears their problem with Bush is that he didn't spend enough! I never understood why liberals hated Bush so, he was one of them when it came to big spending.
Posted by: mindnumbrobot at February 9, 2009 03:13 PMMy guess is most on the ignorant left never heard of them.
Fannie Mae and Freddie Mac? Yeah, I've heard of them. They're not the ones whho invented credit default swaps or credit derivatives, both culprits in the financial collapse. They used them, sure, because unregulated financial bright boys sliced up our good mortgages with bad mortgages, rated them triple-A, and sold them as asset-backed debt, insured against loss to the world credit market.
But I'm just an ignorant lefty. What do I know?
So David, you agree Fannie Mae and Freddy Mac were the prime movers of the credit crises and the Left gave us both.
Posted by: Rick at February 10, 2009 07:34 AM
