Obama's plan would increase the Federal budget deficit an additional $447 Billion annually.
If the Treasury simply sent every American a check for $1 Billion, we'd have the same result we're heading towards, but we could get it over with already.
QE TO INFINITY...AND BEYOND!!!
The White House says President Obama’s new program of tax cuts and spending increases — a.k.a. stimulus — will cost $447 billion. Well, not exactly, says a leading economist. The actual cost would probably range between $1 trillion and $1.5 trillion over a decade. If he’s correct, the addition to the federal debt would be much higher than advertised.
This message is from Michael Mussa, a former chief economist at the International Monetary Fund who’s now at the Peterson Institute for International Economics.
Here’s his reasoning. Yes, the cost is $447 billion in 2012. But what happens after 2012? “We get to 2013: Do we raise the payroll tax back up? Do we stop extended unemployment benefits? . . . That does not make any sense,” says Mussa. The economy and jobs aren’t likely to be growing so rapidly to justify ending the full program cold turkey.
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