Dem Spending Spree Will Bring"Massive” Economic Losses & Fewer Jobs How Would Ron Barber Change It?: New Study Shows the Democrats’ Failed Fiscal Policies Could Lead to Decades of Stunted Economic Growth


WASHINGTON --- Even after Ron Barber's Washington Democrat allies spent over $800 billion on their failed stimulus spending spree, the economy continues to struggle with stagnant growth. Now new reports show that the unprecedented annual trillion dollar deficits President Obama and Washington Democrats have presided over will likely result in decades of poor economic growth. Since Barber wishes to join them, how would he help avoid this outcome given the Democrats’ horrible record on fiscal responsibility?

"After presiding over the most rapid debt increase in American history with their failed stimulus spending spree, President Obama and his Washington allies are leaving families and small businesses in Arizona with the consequences,” said NRCC Communications Director Paul Lindsay."If Ron Barber joins Washington Democrats to continue their endless spending and borrowing, it will only hurt economic growth even further and put America on the path to decline.”

A new economist study shows that historically, countries with large debt loads see"massive” economic consequences:
"The U.S. and other developed economies with high public debt potentially face ‘massive’ losses of output lasting more than a decade, even if their interest rates remain low, according to new research by economists Carmen and Vincent Reinhart and Kenneth Rogoff.
"In a paper published today on the National Bureau of Economic Research's website, they found that countries with debts exceeding 90 percent of the economy historically have experienced subpar economic growth for more than 20 years. That has left output at the end of the period a quarter below where it would have been otherwise.” (Rich Miller,"Reinharts, Rogoff See ‘Massive’ Output Losses From High Debt,” Bloomberg, 5/1/12)

The United States unfortunately falls squarely in this category:
"Gross federal U.S. debt has exceeded 90 percent of GDP for the last two years and is projected to remain above that level at least through 2017, according to the White House's Office of Management and Budget.” (Rich Miller,"Reinharts, Rogoff See ‘Massive’ Output Losses From High Debt,” Bloomberg, 5/1/12)

President Obama has the dubious honor of presiding over"the most rapid increase in the debt under any U.S. president.” (Mark Knoller,"National debt has increased $4 trillion under Obama,” CBS News’ Political Hotsheet Blog, 8/22/11)

#RonBarber #JesseKelly #AZ08
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