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CBO: Stimulus to Touch More Lives Than Originally Estimated

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By Doug Powers  •  May 26, 2011 10:23 AM

**Written by Doug Powers

Yesterday, Michelle wrote about the Porkulus “cash for tax cheats” program, and here’s a related item that Sheriff Joe Biden might want to investigate as soon as he’s finished plotting his path to the White House in 2016.

The Stimulus is going to touch more lives than we thought — in a “saddled with even more debt” kind of way:

The Congressional Budget Office said in a new report that President Obama’s economic stimulus law will raise the federal deficit $830 billion over ten years, $43 billion more than the initially estimated cost of $787 billion.

During the law’s consideration in Congress, the Joint Committee on Taxation made the initial estimate.

In the private sector, if you overshot your target by $43 billion you’d be out of a job and maybe even investigated until the end of time, but in DC the champagne is probably flowing over news that they only went 5% over the projection.

No worries. Thanks to the “government spending equals jobs” philosophy, spinning this is simple: “Whoops, we accidentally saved or created more jobs than expected.”

**Written by Doug Powers

Twitter @ThePowersThatBe

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