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GOP spending plan would cost 700,000 jobs, new report says
The report, by Moody's Analytics chief economist Mark Zandi, offers fresh ammunition to Democrats seeking block the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months.
Zandi, an architect of the 2009 stimulus package who has advised both political parties, predicts that the GOP package would reduce economic growth by 0.5 percentage points this year, and by 0.2 percentage points in 2012, resulting in 700,000 fewer jobs by the end of next year.
His report comes on the heels of a similar analysis last week by the investment bank Goldman Sachs, which predicted that the Republican spending cuts would cause even greater damage to the economy, slowing growth by as much as 2 percentage points in the second and third quarters of this year.
Zandi also had bad news for liberal Democrats who are resisting sharp spending cuts: Bringing deficits down to sustainable levels will require more than a growing economy. Even if the economy recovers as expected, he writes, lawmakers will have to cut about $400 billion a year through the rest of this decade to narrow the gap between spending and revenue, and stop adding significantly to the national debt.
"Significant government spending restraint is vital, but given the still halting economic recovery, it would be counterproductive for that restraint to begin until the economy is creating enough jobs to bring down the still very high unemployment rate," Zandi writes. "Shutting the government down for any length of time would also be taking a big chance with the recovery, not only because of the disruption to government services, but also due to the potential hit to the fragile collective psyche."
Lawmakers are facing a Friday deadline to approve a new measure to fund the government through the remainder of this fiscal year; the current funding bill is set to expire. Republicans insist the new measure should include deep cuts; Democrats say they are willing to cut spending this year, but not nearly as much.
Hell sounds good to me.
He orchestrated the stimulus package that cost almost $2 trillion.
The republican plan that SAVES money...will have about the same effect as the stimulus.
Whatadeal
Perspective:A new report by Moody's economist Mark Zandi, says the House GOP's proposed cuts could cost 700k...
Hell sounds good to me.
He orchestrated the stimulus package that cost almost $2 trillion.
The republican plan that SAVES money...will have about the same effect as the stimulus.
Whatadeal
Actually, since the Stimulus was passed, we've lost about 3 million more private sector jobs.
As Zandi was an architect of the Failed Stimulus package which was supposed to keep unemployment below 8%, his assessment of the current economic package doesn't mean jack.
It's also quite telling that one of the biggest beneficiaries of Big Government Programs, Goldman Sachs, wishes to keep the Crony Trough full.
As Zandi was an architect of the Failed Stimulus package which was supposed to keep unemployment below 8%, his assessment of the current economic package doesn't mean jack.
Eric Cantor Dismisses Report That GOP Plan Would Cause Job Loss
In his weekly Capitol briefing with reporters, Cantor acknowledged that the Republican stopgap budget bill, known as a continuing resolution or CR, might increase unemployment. But he argued that the government should not be creating jobs if that means creating greater deficits.
"What kind of jobs is he talking about? Is he talking about government jobs? If so, why is the government hiring people it can't afford to pay?" Cantor asked. "This is obviously an unsustainable solution and something we're trying to correct in our CR."
Where was all that wailing from you lefties when the Democrats promised all them JOBS and THEY didn't COME through?
you damn right jobs are going to be lost, an them are going to be Guberment jobs. Who the hell said when you took a job with the Guberment, it was FOR LIFE.
Some of you better start getting out the classifieds.
you really are a dumb fuck.
On one hand you want to fire these people, and then in the other you complain obama isnt producing any private sector jobs and unemployment is at 9% and not going lower.
People like you dont have the best interests of america at heart, all you have is political points you want to score against people who dont think like you.
Please go away before your stupid spreads to other people
Where was all that wailing from you lefties when the Democrats promised all them JOBS and THEY didn't COME through?
you damn right jobs are going to be lost, an them are going to be Guberment jobs. Who the hell said when you took a job with the Guberment, it was FOR LIFE.
Some of you better start getting out the classifieds.
you really are a dumb fuck.
On one hand you want to fire these people, and then in the other you complain obama isnt producing any private sector jobs and unemployment is at 9% and not going lower.
People like you dont have the best interests of america at heart, all you have is political points you want to score against people who dont think like you.
Please go away before your stupid spreads to other people
you really are a dumb fuck.
On one hand you want to fire these people, and then in the other you complain obama isnt producing any private sector jobs and unemployment is at 9% and not going lower.
People like you dont have the best interests of america at heart, all you have is political points you want to score against people who dont think like you.
Please go away before your stupid spreads to other people
Its like you shit out of your mouth.
Thanks for proving once again you are a waste of air.
A new report by Moody's economist Mark Zandi, says the House GOP's proposed cuts could cost 700k jobs and hurt the already unsteady recovery. This new report follows another report by Goldman Sachs, which says the GOP spending cuts would slow growth by 2 percentage points in the second and third quarters of this year.
GOP spending plan would cost 700,000 jobs, new report says
The report, by Moody's Analytics chief economist Mark Zandi, offers fresh ammunition to Democrats seeking block the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months.
Zandi, an architect of the 2009 stimulus package who has advised both political parties, predicts that the GOP package would reduce economic growth by 0.5 percentage points this year, and by 0.2 percentage points in 2012, resulting in 700,000 fewer jobs by the end of next year.
His report comes on the heels of a similar analysis last week by the investment bank Goldman Sachs, which predicted that the Republican spending cuts would cause even greater damage to the economy, slowing growth by as much as 2 percentage points in the second and third quarters of this year.
Zandi also had bad news for liberal Democrats who are resisting sharp spending cuts: Bringing deficits down to sustainable levels will require more than a growing economy. Even if the economy recovers as expected, he writes, lawmakers will have to cut about $400 billion a year through the rest of this decade to narrow the gap between spending and revenue, and stop adding significantly to the national debt.
"Significant government spending restraint is vital, but given the still halting economic recovery, it would be counterproductive for that restraint to begin until the economy is creating enough jobs to bring down the still very high unemployment rate," Zandi writes. "Shutting the government down for any length of time would also be taking a big chance with the recovery, not only because of the disruption to government services, but also due to the potential hit to the fragile collective psyche."
Lawmakers are facing a Friday deadline to approve a new measure to fund the government through the remainder of this fiscal year; the current funding bill is set to expire. Republicans insist the new measure should include deep cuts; Democrats say they are willing to cut spending this year, but not nearly as much.
Where was all that wailing from you lefties when the Democrats promised all them JOBS and THEY didn't COME through?
you damn right jobs are going to be lost, an them are going to be Guberment jobs. Who the hell said when you took a job with the Guberment, it was FOR LIFE.
Some of you better start getting out the classifieds.
you really are a dumb fuck.
On one hand you want to fire these people, and then in the other you complain obama isnt producing any private sector jobs and unemployment is at 9% and not going lower.
People like you dont have the best interests of america at heart, all you have is political points you want to score against people who dont think like you.
Please go away before your stupid spreads to other people
I'll second that. One of the dumbest fucks I've ever seen on these dumb-fuck-filled forums.
As Zandi was an architect of the Failed Stimulus package which was supposed to keep unemployment below 8%, his assessment of the current economic package doesn't mean jack.
Eric Cantor seems to believe the numbers. He acknowledges that jobs may be lost due to GOP cuts, and like Boehner before him, he doesn't care.
Eric Cantor Dismisses Report That GOP Plan Would Cause Job Loss
In his weekly Capitol briefing with reporters, Cantor acknowledged that the Republican stopgap budget bill, known as a continuing resolution or CR, might increase unemployment. But he argued that the government should not be creating jobs if that means creating greater deficits.
"What kind of jobs is he talking about? Is he talking about government jobs? If so, why is the government hiring people it can't afford to pay?" Cantor asked. "This is obviously an unsustainable solution and something we're trying to correct in our CR."
Where was all that wailing from you lefties when the Democrats promised all them JOBS and THEY didn't COME through?
you damn right jobs are going to be lost, an them are going to be Guberment jobs. Who the hell said when you took a job with the Guberment, it was FOR LIFE.
Some of you better start getting out the classifieds.
you really are a dumb fuck.
On one hand you want to fire these people, and then in the other you complain obama isnt producing any private sector jobs and unemployment is at 9% and not going lower.
People like you dont have the best interests of america at heart, all you have is political points you want to score against people who dont think like you.
Please go away before your stupid spreads to other people
Cutting jobs has been the GOP purpose since Obama took Office. Nothing will hurt Obama's chance for re-election more than rising unemployment. If they do a really good job, they may just drive the country into an even worst recession assuring a GOP sweep. Make no mistake, politics is not about what's best for the nation. It's about what best for the politician first, the party second, and the nation third.A new report by Moody's economist Mark Zandi, says the House GOP's proposed cuts could cost 700k jobs and hurt the already unsteady recovery. This new report follows another report by Goldman Sachs, which says the GOP spending cuts would slow growth by 2 percentage points in the second and third quarters of this year.
GOP spending plan would cost 700,000 jobs, new report says
The report, by Moody's Analytics chief economist Mark Zandi, offers fresh ammunition to Democrats seeking block the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months.
Zandi, an architect of the 2009 stimulus package who has advised both political parties, predicts that the GOP package would reduce economic growth by 0.5 percentage points this year, and by 0.2 percentage points in 2012, resulting in 700,000 fewer jobs by the end of next year.
His report comes on the heels of a similar analysis last week by the investment bank Goldman Sachs, which predicted that the Republican spending cuts would cause even greater damage to the economy, slowing growth by as much as 2 percentage points in the second and third quarters of this year.
Zandi also had bad news for liberal Democrats who are resisting sharp spending cuts: Bringing deficits down to sustainable levels will require more than a growing economy. Even if the economy recovers as expected, he writes, lawmakers will have to cut about $400 billion a year through the rest of this decade to narrow the gap between spending and revenue, and stop adding significantly to the national debt.
"Significant government spending restraint is vital, but given the still halting economic recovery, it would be counterproductive for that restraint to begin until the economy is creating enough jobs to bring down the still very high unemployment rate," Zandi writes. "Shutting the government down for any length of time would also be taking a big chance with the recovery, not only because of the disruption to government services, but also due to the potential hit to the fragile collective psyche."
Lawmakers are facing a Friday deadline to approve a new measure to fund the government through the remainder of this fiscal year; the current funding bill is set to expire. Republicans insist the new measure should include deep cuts; Democrats say they are willing to cut spending this year, but not nearly as much.
As Zandi was an architect of the Failed Stimulus package which was supposed to keep unemployment below 8%, his assessment of the current economic package doesn't mean jack.
Eric Cantor seems to believe the numbers. He acknowledges that jobs may be lost due to GOP cuts, and like Boehner before him, he doesn't care.
Eric Cantor Dismisses Report That GOP Plan Would Cause Job Loss
In his weekly Capitol briefing with reporters, Cantor acknowledged that the Republican stopgap budget bill, known as a continuing resolution or CR, might increase unemployment. But he argued that the government should not be creating jobs if that means creating greater deficits.
"What kind of jobs is he talking about? Is he talking about government jobs? If so, why is the government hiring people it can't afford to pay?" Cantor asked. "This is obviously an unsustainable solution and something we're trying to correct in our CR."
We need to lose government jobs. We can't get government spending under control without reducing the levels of government employment.
So Be It.
As Zandi was an architect of the Failed Stimulus package which was supposed to keep unemployment below 8%, his assessment of the current economic package doesn't mean jack.
Eric Cantor seems to believe the numbers. He acknowledges that jobs may be lost due to GOP cuts, and like Boehner before him, he doesn't care.
Eric Cantor Dismisses Report That GOP Plan Would Cause Job Loss
In his weekly Capitol briefing with reporters, Cantor acknowledged that the Republican stopgap budget bill, known as a continuing resolution or CR, might increase unemployment. But he argued that the government should not be creating jobs if that means creating greater deficits.
"What kind of jobs is he talking about? Is he talking about government jobs? If so, why is the government hiring people it can't afford to pay?" Cantor asked. "This is obviously an unsustainable solution and something we're trying to correct in our CR."
We need to lose government jobs. We can't get government spending under control without reducing the levels of government employment.
So Be It.
