Posted on 02/28/2011 9:42:36 AM PST by Qbert
A Republican plan to sharply cut federal spending this year would destroy 700,000 jobs through 2012, according to an independent economic analysis set for release Monday.
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.
(emphasis added)
(Excerpt) Read more at washingtonpost.com ...
In the long run, how many jobs does fiscal bankruptcy cost? How about a default on our national debt?
Architect of the 2009 stimulus? Well, considering how well that went, sure, I believe him. (she said sarcastically)
IIRC, Zandi is a Keynesian.
That’s all you need to know.
Some liberal wants to blame us for job loss? Only the MSM would buy that one...
“In the long run, how many jobs does fiscal bankruptcy cost? How about a default on our national debt?”
Yep. Or even in the semi-short term: How much will losing our Triple A credit rating cost?
“Sharply cut.” That’s a good one. LOL.
Palin and economic conservatives who have their head screwed on straight need to immediately attack this disinformation, by using real economic theory and historical fact. Good place to start is the Regan recovery itself, brought on by huge cuts in taxes and non-military spending that ushered in unprecedented and sustained economic growth.
“Architect of the 2009 stimulus? Well, considering how well that went, sure, I believe him. (she said sarcastically)”
Exactly. Unfortunately, the Establishment morons are still clueless:
“Zandi, an architect of the 2009 stimulus package who has advised *both political parties*...”
“Palin and economic conservatives who have their head screwed on straight need to immediately attack this disinformation, by using real economic theory and historical fact. Good place to start is the Regan recovery itself, brought on by huge cuts in taxes and non-military spending that ushered in unprecedented and sustained economic growth.”
—Right on.
I’ll add something to what you said: Check out GDP growth when the GOP started slashing away in the mid-Nineties (interactive charts at link). Unlike what crony capitalists Goldman Sachs have been saying, GDP soared after the Government shutdown in late 1995-early 1996:
http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=USD
If it cuts 700,000 simple servant jobs OR MORE, bring it on!!!
And nearly every one of them will be government make-work jobs.
The net result will be positive.
Lies lies lies lies lies lies lies lies lies lies lies!!!
January 2009: 110,981,000
January 2011: 108,030,000
Total Government Employment:
January 2009: 22,582,000
January 2011: 22,235,000
Persons Not in Labor Force:
January 2009: 81,293,000
January 2011: 86,168,000
Civilian Labor Force and Participation Rate:
January 2009: 154,185,000 ... 65.7%
January 2011: 153,186,000 ... 64.2%
Figures are from the Bureau of Labor Statistics, seasonally-adjusted.
Any questions about how well the "stimulus" is working at creating jobs?
Good info- Thanks.
(I think Zandi should be one of the many unemployed after his colossal FAIL)
Zandi is a water-carrier for Goldman Sachs, as most “independent” economists are.
Astonishingly to me, since Reagan, there's been no sustained and clear voice to shine the truth on these liars and their lies. I see Palin as a hopeful heir to this task.
Typical Washington Post BS hit-piece.
Hey, maybe the idiots that inhabit the Washington Post can vilify their collective ANNOINTEDIDIOT over this —> http://www.freerepublic.com/focus/f-news/2681329/posts
I find it interesting how few neo-Keynesian economists have ever worked in the private sector, exclusive of the banks, which are today essentially government-operated.
There are about 2,150,000 federal workers. They need to cut another 1.4 million.
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