Here in a projected baseline of GDP into the future. Crowding out means that Congress has more demand on future resources and the private sector must shrink (or go underground). Open it up, it has crowding out starting now, today right now.
It is a bit confusing. The letter is dated Aug 2010, the Pelosi Congress. If the Pelosi Congress intended to turn a profit, there would be no crowding out, and a bigger federal government would have a higher multiplier. Pelosi and the CBO disagree about this, I think.
Another problem. Romer was doing the business planning for Obama at the time, yet Romer still thinks the Pelosi Congress was profitable, Romer kept insisting on high multiplers throughout, and still does, even with the Tea Party Congress.
Somebody is runnng a scam here, maybe it is the same people running the Choo Choo scam.
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