The Moonie Times and Right-Wing Blogs

Failing reading comprehension eternally.

The CBO report does exactly the OPPOSITE of what they are claiming (the Stimulus hurts more than it helps).

As Steve M. at No More Mr. Nice Blog points out, the report actually states:

... implementing the Senate legislation would ... increase employment [by the fourth quarter of 2010] by 1.3 million to 3.9 million jobs, as shown in Table 1. In that quarter, the unemployment rate would be 0.7 percentage points to 2.1 percentage points lower than the baseline forecast of 8.7 percent.

The only reason there is a GDP decrease is...the TAX CUTS put in to get GOP votes.

And as Decorous Contrarian (via Kyle Moore) at the Great Orange Satan points out:

The agency projected the Senate bill would produce between 1.4 percent and 4.1 percent higher growth in 2009 than if there was no action. For 2010, the plan would boost growth by 1.2 percent to 3.6 percent.

Here comes some fun fun fun math!!

SHORT-TERM EFFECT: 2.6 to 7.7 GDP UP!!!

LONG-TERM EFFECT: 0.1 to 0.3 GDP DOWN!!

So, what's the COMBINED TOTAL EFFECT over both the long and short term (in other words, "through 2019")???

Okay. Add the big number and subtract the little number. The worst case number is a net effect of 2.5 percent GDP increase.

You only get a net negative from now through 2019 if you count only the CBO's downside effect prediction and not their upside effect prediction.

Hey, the CBO's own blog gives you a hint...

Short-run stimulative policies can affect long-run output by influencing those three factors, although such effects would generally be smaller than the short-run impact of those policies on demand.

Aw hell, just look at the statement of the CBO's Director here, which affirms the points above.

But, look for the barely respirating morons at FoxNews and the world's greatest economic thinkers Joe Scarborough and his be-sweatered sidekick to push this false and wrong-end of the telescope (what else is new?) talking point this morning.