Obamanomics Gets Panned by the CBO? June 16, 2015Posted by geoff in News.
Can’t believe the CBO was allowed to say these things, although all of us have been saying them for years. Wow.
Rising federal debt threatens to choke economic growth within a decade, beginning a death spiral that will sap revenue from government programs even as demands grow, forcing the government to borrow even more, Congress‘ budget watchdog said in a frightening report Tuesday.
The report — the first major one under new CBO Director Keith Hall — also takes aim at some traditional liberal arguments, finding that government investment yields only half the return on investment compared with the private sector and that money transfers to the poor act as “implicit taxes,” keeping them out of the labor force and depressing the economy further.
“The long-term outlook for the federal budget has worsened dramatically over the past several years,” the CBO said in its dire report, blaming large deficits that piled up under President Obama’s stimulus and more fundamental changes to the economy that have caused Americans to leave the workforce in favor of government support.
I should read the actual CBO report to make sure the Washington Times isn’t doing an Onionesque parody.