Posted by AzBlueMeanie:
Satan's spawn, Karl Rove, and his eccentric conservative Texas oil billionaire-funded American Crossroads has entered the CD8 Special Congressional Election race with mailers that assert the standard GOP talking point that the economic stimulus package did not work, and was "reckless spending."
Funny how Karl Rove fails to mention the Bush tax cuts, two wars put on the nation's credit card, and the unfunded Medicare Part D Prescription drug benefit corporate welfare subsidy to Big Pharma during his tenure in the Bush White House that erased projected budget surpluses and saddled the nation with an additional $5 trillion in federal debt.
Then there was the "unfortunate incident" of the GOP's faith based supply-side "trickle down" economics blowing up our financial system and destroying our economy in the Bush Great Recession, the worst economic downturn since the Great Depression, which made a Keyensian economic stimulus package to rescue the country from spiraling into a deflationary economic depression necessary in the first place.
Karl Rove doesn't do economics. He is a political propagandist who specializes in spreading manure (lies).
So let's hear from someone who is responsible for the economics, Congressional Budget Office (CBO) Director Douglas Elmendorf, who actually know what the hell he is talking about -- unlike Karl Rove and his minions -- and who testified to Congress on Wednesday about the effectiveness of the economic stimulus package. Congressional Budget Office defends stimulus - The Washington Post:
[On Wednesday], the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.
In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.
“Only 4 percent disagreed or strongly disagreed,” CBO Director Douglas Elmendorf told the House Budget Committee. “That,” he added, “is a distinct minority.”
Elmendorf’s testimony came in response to questions from Rep. Tim Huelskamp (R-Kan.), a member of the tea party caucus.
“Where did Washington mess up?” Huelskamp demanded. “Because you’re saying most economists think it should’ve worked. It didn’t.”
Most economists not only think it should have worked; they think it did work, Elmendorf replied.
CBO’s own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession.
Economists are less unified, however, on the question of whether the short-term benefits of the stimulus were worth the long-term cost.
That would be because there is an institutional cottage industry in conservative "trickle down" economics that has to justify its continuing existence in the face of having been entirely disproved and discredited over the past decade. They have a vested financial interest in continuing to receive funding from their millionaire and billionaire benefactors who support their failed economic theories.
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