TPM: CBO Chief Gives De Facto Boost To Obama Jobs Plan

[dennis4868]

The Congressional Budget Office would be stepping out of bounds if it endorsed specific legislation or even hazy policy objectives. But it's hard to read CBO chief Doug Elmendorf's testimony to the joint deficit Super Committee Tuesday as anything other than a de facto endorsement of President Obama's broad strategy to boost the economy: legislation that spends money to hire people and reduces payroll taxes in the near-term, and that reduces deficits by even greater amounts in the middle and end of the decade.

"If policymakers want to achieve both a short-term economic boost and long-term fiscal sustainability the combination of policies that would be most effective according to our analysis would be changes in taxes and spending that would widen the deficit today, but narrow it in the coming decade," Elmendorf told the panel's 12 Democrats and Republicans. "The combination of fiscal policies that would be most effective would be policies that cut taxes or increase spending in the near-term, but over the medium and longer-term move in the opposite direction."

This is a generalized version of precisely what President Obama is proposing -- a $447 billion jobs bill that will increase spending on hiring programs, and reduce payroll taxes; accompanied by deficit reduction measures that take effect in 2013, to more than cover the cost of the jobs bill. But Elmendorf went even further, under questioning he ranked various tax cuts by their stimulative impact, and payroll tax cuts, benefitting employers and employees topped the list.

The entire article is here...http://tpmdc.talkingpointsmemo.com/2011/09/cbo-chief-gives-de-facto-boost-to-obama-jobs-plan.php

A poster on that site stated: Commence RW/Fox News attacks on Elmendorf and the CBO in 10 seconds...9...8...7... he/she is so right.

[Tarheel_Dem]

1. Most "reputable" economists were already saying that it would be a huge "boost".

I'm glad that there's reinforcement from the CBO. Let's hope elected Democrats actually help the president this time as opposed to forming the usual circular firing squad, and running to the media because "it doesn't go far enough". When will we learn? :shrug:

[dennis4868]

2. Dems in congress are lucky...

they have on numerous occassions (e.g., closing Gittmo) have thrown Obama under the bus and not supported him (e.g., no funding for the closing) and Obama gets blamed for the action not happening...most people here at DU and the PL will blame Obama in this situation (e.g., Jon Stewart in the case of Closing Gittmo).

[Tarheel_Dem]

3. Exactly. They get to have it both ways. I'm damned if I can remember a time....

when the party in the WH had so little help from it's own in Congress. All the heavy lifting has been left at the WH doorstep, and when they don't get legislation that they deem 100% progressive, go running to the media to tell us how bad Obama is doing in their district. Is there any wonder Congress has a 13% approval rating?