The Congressional Budget Office says Obama’s stimulus package will do more harm than good over the long-term, reports the Washington Times.
Note that the CBO says that “so much government debt [would accumulate] that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.”
Placing the national government in direct competition with private enterprise could do immense damage to the economy; who knew?!
The Times’ report accompanies Obama’s increasingly trill rhetoric targeted at Republicans and fiscally conservative Democrats who have expressed skepticism about the bill.
College students and young professionals are likely worried about their job prospects for the next couple years, but they should be more wary about the staggering national debt they may need to pay down in the years to come.