Tuesday, January 27, 2009
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Stimulus Bill Carries $347B in Interest
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Posted by:
Amanda Carpenter at
2:08 PM
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President Obama's $825 stimulus bill will rack up an incredible $347 billion in interest through 2019, according to new information from the Congressional Budget Office.
This information was released by the CBO in a letter response to Rep. Paul Ryan (R.-Wisc.) who requested the agency to score the American Recovery and Reinvestment Act of 2009.
CBO Director Douglas W. Elmendorf wrote Ryan "Under CBO's current economic assumptions and assuming that none of the direct budgetary effects of H.R. 1 are offset by future legislation, CBO estimates that the government's interest costs would increase by $0.7 bilion in fiscal year 2009 and by a totaly of $347 billion over the 2009-2019 period."
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Suddenly, Ms. Carpenter is concerned about fiscal responsibility.
Please let me know how much we spend on interest for the $10 billion per month price tag in Iraq?
Where has your new-found outrage been on that bill?
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Please, stop it already. And if you think the dem solution is not good enough, Monkey Girl, then enlighten us all, since you think we are so dumb.
The bonus you speak of was an across the board tax cut for all taxpayers, not just the top 1%. Lest YOU forget, Obama's taxcuts will exclude the producers and job creators to give money to people who have not paid taxes in the first place.
Lastly, the war was voted on legally,no matter how you want to rewrite it.
i don't suppose it matters that we don't need the current 1 trillion, and that I opposed the first bailout that you insist was all about the Republicans. None of that money is accounted for as of yet. |
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just like the Rothschilds of long ago, china loves it, they play both sides, make lots of money, have an "in" with whomever comes out on top and laughs their communist BUTTS off all the way to the bank and eventual ownership of America!
Illuminiti
Zionism
Freemasons
Skull & Bones
and more, are out to claim America and destroy the best government ever devised by GOD!
I believe obama is the Anti-Christ and his policies will bring on the final conflict. |
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With Pelosi in charge it is always SNAFU
PresidentialBalls.com |
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Thanks, Amanda. But what is the amount of interest that the current year's $1.2 trillion deficit will cost us prior to adding in the "stimulus"? By definition, if $800 B over two years or so adds $347 billion in interst over 10 years, then that $1.2 trillion in one year will add $500 billion in interest over that same 10 years. And what about the existing $9 trillion in debt we already have, of which $4 trillion was added between 2001 and 2008?
But, not to worry, if you think that the eonomy will return to 5% unemployment in the next 5 or more years, then send me some of that Koolaid. And it won't matter if you talk tax cuts or spending.
From 2002 to 2007, we combined the Fed's cheap money "consumer-led" recovery resulting in a housing bubble, with historically high deficit spending. That debt bubble added trillionos into the economy and gave us millions of jobs.
So, since the stock market bubble which did the same thing in the late 90's isn't going to come back, and the real estate bubble which carried us from 2002 - 2007 is gone for 20 years, what's your next bubble? Manufacturing? Not now. Too late for that - it no longer employees enough people.
The Federal Reserve Board is out of bullets. And other than spending, so is the Federal Government.
So, sit back and watch the scramble. I always said that they best thing that happened to the GOP is that McCain lost. The short term thinkers, of course, often disagreed.
So settle down and watch. In 4 or 5 years, unemployment will still sit at 7%. Why, because the Fed's hit the bottom on interest rates, the country is over-loaded with debt, and the kind of excessive spending that existing during the stockmarket/real estate bubbles is gone. And no excessive spending, no extra jobs.
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