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WaPo Low Balls Stimulus Costs

Reporting on the Obama administration’s failure to convince voters the stimulus worked, The Washington Post’s Michael Shear reported on July 14th:

On that Friday, Gibbs was upbeat, expressing confidence in Obama’s ability to make his case for what eventually became an $850 billion stimulus plan.

Shear’s $850 billion number is an improvement over the $787 billion number the Post used to use but it is still not correct.

President Obama’s stimulus may have only totaled $787 billion when Congressional critics first voted against it, but its costs have increased since then. According to revised accounting by the Congressional Budget Office released this January, because the stimulus has failed to keep unemployment below 8% as promised, it will end up costing $862 billion thanks to increased food stamp and unemployment payments.

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