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Economic recovery package before Congress"would provide massive fiscal stimulus."
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<blockquote data-quote="Jagger" data-source="post: 478488" data-attributes="member: 16628"><p>SENATE CHANGES MAKE RECOVERY LEGISLATION LESS EFFECTIVE</p><p></p><p>by James R. Horney and Chye-Ching Huang</p><p></p><p>The Senate today passed a version of the American Recovery and Reinvestment Act (H.R. 1) that makes a number of changes in the House-passed bill. Contrary to their proponents claim, these changes — in Senate committees and on the floor last week, as well as by a group of Senators led by Ben Nelson and Susan Collins — have <strong>reduced the package’s effectiveness as economic stimulus</strong>. Though it costs modestly more than the House bill — $838 billion, compared to the House bill’s $819 billion — t<strong>he Senate package would likely preserve or create tens (or possibly hundreds) of thousands fewer jobs.</strong></p><p><strong></strong></p><p>The Senate has reduced spending, a fair amount of which was well-designed to stimulate the economy such as funding for state fiscal relief and school construction, and substituted new or expanded <strong>tax cuts that are not targeted and are unlikely to provide a substantial boost to the economy. </strong></p><p></p><p>These changes fly in the face of the consensus of mainstream economists about how best to provide the boost in aggregate demand that is needed to help stem the current economic downturn and speed a recovery.</p><p></p><p>Read the rest of this excellent article at <a href="http://www.cbpp.org/2-10-09tax.htm" target="_blank">http://www.cbpp.org/2-10-09tax.htm</a></p></blockquote><p></p>
[QUOTE="Jagger, post: 478488, member: 16628"] SENATE CHANGES MAKE RECOVERY LEGISLATION LESS EFFECTIVE by James R. Horney and Chye-Ching Huang The Senate today passed a version of the American Recovery and Reinvestment Act (H.R. 1) that makes a number of changes in the House-passed bill. Contrary to their proponents claim, these changes — in Senate committees and on the floor last week, as well as by a group of Senators led by Ben Nelson and Susan Collins — have [B]reduced the package’s effectiveness as economic stimulus[/B]. Though it costs modestly more than the House bill — $838 billion, compared to the House bill’s $819 billion — t[B]he Senate package would likely preserve or create tens (or possibly hundreds) of thousands fewer jobs. [/B] The Senate has reduced spending, a fair amount of which was well-designed to stimulate the economy such as funding for state fiscal relief and school construction, and substituted new or expanded [B]tax cuts that are not targeted and are unlikely to provide a substantial boost to the economy. [/B] These changes fly in the face of the consensus of mainstream economists about how best to provide the boost in aggregate demand that is needed to help stem the current economic downturn and speed a recovery. Read the rest of this excellent article at [URL]http://www.cbpp.org/2-10-09tax.htm[/URL] [/QUOTE]
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Economic recovery package before Congress"would provide massive fiscal stimulus."
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