Simon Johnson Senate Committee Hearing

Here’s a pdf from The Baseline Scenario of S.J.’s August 3rd senate hearing on the state of the economy

And here’s my favorite point he makes in it:

4) Most of this fiscal impact is not due to the Troubled Assets Relief Program – and definitely not due to the part of that program which injected capital into failing banks. Of the change in CBO baseline, 57% is due to decreased tax revenues resulting from the financial crisis and recession; 17% is due to increases in discretionary spending, much of it the stimulus package necessitated by the financial crisis; and another 14% is due to increased interest payments on the debt – because we now have more debt.

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