Wednesday, January 21, 2009

Obama's 'Newer Deal' likely to prolong recession

Casey Research has analyzed key differences between the New Deal and the Obama "Newer Deal" plan.

In 1933, the federal debt was $360 billion in 2008 dollars and 40% of the GDP, the firm says. In 2008, the federal debt was just under $11 trillion and 70% of the GDP, according to Casey Research.

The government is likely to add $3 trillion to the national debt in 2009 alone, the firm says.

Before jumping into another "bailout," Congress needs to take a sober look at Obama's plan for more government spending.

Obama's 'Newer Deal' Likely to Raise Deficit

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