CBO: Stimulus cost more than advertized and created few jobs

The CBO now admits the Stimulus created as few as 700,000 jobs and will hurt the economy in the long run. Unfortunately, the money is already spent and our grandchildren will have to pay the bill.

(IBD) — After nearly all the stimulus money has been spent, the Congressional Budget Office now admits it cost more than advertised, did less to boost growth and will hurt the economy in the long run.

In its latest quarterly report on the economic effects of the Obama stimulus, the CBO sharply lowered its “worst case” scenario while trimming many of its upper-bound estimates for stimulus-fueled growth and employment.

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.
Both are down significantly from the CBO’s previous worst-case scenario.

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