This is a short-term look. When you compare this to the losses in the mid to late 70s, I believe this is nothing and somewhat exaggerated hype the current push for govt intervention. The economic downturn was more than twice what it is today and there was no bailout. Unemployment was if I remember correctly was in the double digits, interest rate were as well. Hence I believe Pelosi’s facts are skewed.
Those graphics are definitely helpful. Scan those bubbles, ruminating on how this large bill’s expenditures cover the whole range: from national park upgrades to “tax rebate” checks sent to people who don’t pay income taxes. Now consider that every single one of those $817,000,000,000.00 is BORROWED. Seems like a nice concept to try the quick fix by throwing money at our economic downturn, but for this generation’s feel-good fix, future generations will have to throw away money (that could have been used on social programs!) to service the debt.
This job loss comparison graphic is chilling:
http://www.speaker.gov/blog/?p=1683
This is a short-term look. When you compare this to the losses in the mid to late 70s, I believe this is nothing and somewhat exaggerated hype the current push for govt intervention. The economic downturn was more than twice what it is today and there was no bailout. Unemployment was if I remember correctly was in the double digits, interest rate were as well. Hence I believe Pelosi’s facts are skewed.
Those graphics are definitely helpful. Scan those bubbles, ruminating on how this large bill’s expenditures cover the whole range: from national park upgrades to “tax rebate” checks sent to people who don’t pay income taxes. Now consider that every single one of those $817,000,000,000.00 is BORROWED. Seems like a nice concept to try the quick fix by throwing money at our economic downturn, but for this generation’s feel-good fix, future generations will have to throw away money (that could have been used on social programs!) to service the debt.