16 Nov 2011

CBO Director Admits That 2009 Stimulus Will Reduce US GDP

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November 15, 2011 – CBO Director Doug Elmendorf admitted to Senator Sessions that in the long run the stimulus will shrink the economy. He testified at a Senate Budget Committee hearing that the stimulus will indeed “be a drag on GDP” over the next ten years.

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SDD

So let me see if I understand this. When you take money from more economically productive uses and divert it to less productive uses, GDP is lower than it otherwise would be. No wonder Tim Geithner was surprised.



Maggie's Farm

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On the North River

[…] CBO Director Admits That 2009 Stimulus Will Reduce US GDP […]



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