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Stimulus Cost More Than Gained
On Tuesday, Congressional Budget Office director Doug Elmendorf testified before a Senate committee that while the roughly $800 billion spent on the "stimulus" created an initial boost to GDP, the level of GDP will "be a little lower at the end (of the decade)" than it would have been without stimulus. It's the economic equivalent of a hangover -- after a party that wasn't very much fun to begin with. He also conceded Senator Jeff Sessions' (R-AL) point that ongoing interest payments on the stimulus's deficits would create a "continual negative" and a "continuing drag" on GDP "if no other action were taken."
For those who defend stimulus money: what do you have to say now?
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When a newspaper posed the question, "What's Wrong with the World?" G. K. Chesterton reputedly wrote a brief letter in response: "Dear Sirs: I am. Sincerely Yours, G. K. Chesterton." That is the attitude of someone who has grasped the message of Jesus.
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