After nearly all the stimulus money has been spent, the CBO now admits it cost more than advertised, did less to boost growth and will hurt the economy in the long run. The new report finds, for example, that the stimulus may have added as little as 0.7% to GDP growth in 2010 — when spending was at its peak — and created as few as 700,000 new jobs. In addition, the CBO says the extra infrastructure money didn’t boost growth as much as it previously claimed, because states reacted by spending less out of their own budgets on highways.
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