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A new report by the nonprofit Buckeye Institute found that Ohio could lose as many as 91,200 jobs as a result of the trillion-dollar “stimulus” spending bill. The report, entitled The Economic Impact of Federal Spending on State Economic Performance: An Ohio Perspective, argues that “should not be accepted as the free-lunch it is frequently considered to be.” Referring to the American Recovery and Reinvestment Act of 2009 (ARRA), the trillion-dollar “stimulus,” it notes:
The Congressional Budget Office (CBO) released a similar report earlier this year. The Washington Times reported on CBO analysis showing the “stimulus” spending bill “will actually hurt the economy more in the long run” than if Congress “were to do nothing.” Congressman Boehner vigorously opposed the “stimulus,” supporting an economic recovery plan that would have used fast-acting tax relief – not slow-moving and wasteful government spending – to create jobs and put our economy back on track. According to analysis created by the President’s own economic advisors, the plan supported by Boehner would have created nearly 250,000 new jobs in Ohio alone by the end of 2010. “Congress needs to stop wasting taxpayers’ hard-earned money and start letting families and small businesses keep more of what they earn,” according to Boehner. “That’s what a true ‘stimulus’ bill will do, and Washington hasn’t done it.”
|“For the U.S. overall, an additional 1.7 million jobs could be lost as a direct result of the higher spending in the ARRA bill. The increased job losses and decreased net business output will reduce tax revenue growth and increase government income support expenditures for all 50 states and the federal government. Due to these feedback effects, ARRA will de-stimulate the economy, reduce tax receipts, and increase government expenditures. In Ohio, between 66,400 and 91,200 job losses can be expected to occur.”|