Political Junky
Gold Member
- May 27, 2009
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The GOP is counting on fewer jobs and increased deficit. Makes it easier to run against Obama in 2012.
Republican Budget-Cut Plan Would Cost 700,000 Jobs, Zandi Says - Bloomberg
House Republicans $61 billion budget-cutting plan would cost 700,000 jobs, according to a report likely to inflame the debate over the U.S. government deficit.
The measure would reduce real economic growth this year by 0.5 percentage points and by 0.2 percentage points next year, resulting in 700,000 fewer jobs by the end of 2012, said Mark Zandi, chief economist for Moodys Analytics. He said budget- cutters should wait until the U.S. economy is stronger, saying Republicans would be taking an unnecessary chance with the recovery.
Significant government spending restraint is vital, but given the economys halting recovery it would be counterproductive for that restraint to begin until the U.S. is creating enough jobs to lower the unemployment rate, Zandi said.
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Republican Budget-Cut Plan Would Cost 700,000 Jobs, Zandi Says - Bloomberg
House Republicans $61 billion budget-cutting plan would cost 700,000 jobs, according to a report likely to inflame the debate over the U.S. government deficit.
The measure would reduce real economic growth this year by 0.5 percentage points and by 0.2 percentage points next year, resulting in 700,000 fewer jobs by the end of 2012, said Mark Zandi, chief economist for Moodys Analytics. He said budget- cutters should wait until the U.S. economy is stronger, saying Republicans would be taking an unnecessary chance with the recovery.
Significant government spending restraint is vital, but given the economys halting recovery it would be counterproductive for that restraint to begin until the U.S. is creating enough jobs to lower the unemployment rate, Zandi said.
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