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D C Meeting PDF Fillable Form U S Senator Mike Crapo Crapo Senate

D C Meeting PDF Fillable Form U S Senator Mike Crapo Crapo Senate

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thank you mr chairman uh dr elmendorf uh i kind of want to ask a two-part question like senator portman did first of all in 2009 when we had the 800 billion dollar stimulus package before the congress i believe you were cbo director you were just starting then yes and uh cbo issued a report that uh is a common type of report that we see from uh economists who testified before us which said that the stimulus package which was entirely borrowed money would in the short term have a stimulative effect and that in the longer term which i recall correctly was two or three years uh starting in two or three years it would start to have a depressing effect on the economy because of the impact of the borrowing uh is that your real recollection of of that report so our analysis senator and we actually still update this uh pursuant to federal law on a regular basis is that the recovery act um provided the biggest boost to the level of output and employment um uh fairly soon after its enactment and

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