GOP spending plan would cost 700,000 jobs, new report says

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    Feb 28, 2011 4:34 PM GMT

    Monday, Feb 28, 2011

    "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.

    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." ..."

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    Feb 28, 2011 4:39 PM GMT
    I think it's clear by now that the Republicans do not want the economy to recover pre-2012 as they have done nothing to improve it either at the state or federal level.
  • metta

    Posts: 39118

    Mar 01, 2011 9:30 AM GMT
    Link Correction above:

    http://www.washingtonpost.com/wp-dyn/content/article/2011/02/28/AR2011022802634.html?wprss=rss_business/government


    So the Republicans Plan is to cut 100,000's of jobs and cut economic growth. Who said that Republicans are good for business & good for the economy?

    Visit msnbc.com for breaking news, world news, and news about the economy



    http://www.msnbc.msn.com/id/21134540/vp/41840693#41840693
  • GQjock

    Posts: 11649

    Mar 01, 2011 11:42 AM GMT
    The republicans have never been about saving the economy

    The plan is simple ........ you save the economy
    Obama immediately becomes reelcted

    republicans have been a disaster when it comes to the economy .... always have been
    always will be
  • Posted by a hidden member.
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    Mar 01, 2011 2:39 PM GMT
    southbeach1500 saidZandi, an architect of the 2009 stimulus package icon_rolleyes.gif

    Southbeach: an architect of ?????????????????????????????
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    Mar 01, 2011 6:02 PM GMT
    More broken promises from the Repubs.
    They promised to create jobs and instead - they're killing them.
    The "JOB-KILLING" Republican party.
  • Webster666

    Posts: 9217

    Mar 01, 2011 6:35 PM GMT
    Well, the stupid asses want to cut funding for public works projects.
    How does putting MORE people out of work help the economy ?
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    Mar 01, 2011 6:41 PM GMT
    Webster666 saidWell, the stupid asses want to cut funding for public works projects.
    How does putting MORE people out of work help the economy ?


    Wait until you see what is brewing in the backdoors of the House GOP offices nowadays ... keep watching the news in the next few weeks: just when you thought House GOP'ers couldn't think of a new low - they do! Help the American public? NO! Help the American economy? NO! Help the American quality of life? NO! Help American branding around the world? NO? Do whatever it takes to smear the current Administration with lies and falsehoods no matter the consequences? YES!

    I think the Academy failed - these political actors should have been nominated too!
  • Posted by a hidden member.
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    Mar 01, 2011 7:12 PM GMT
    B787 said
    Webster666 saidWell, the stupid asses want to cut funding for public works projects.
    How does putting MORE people out of work help the economy ?


    Wait until you see what is brewing in the backdoors of the House GOP offices nowadays ... keep watching the news in the next few weeks: just when you thought House GOP'ers couldn't think of a new low - they do! Help the American public? NO! Help the American economy? NO! Help the American quality of life? NO! Help American branding around the world? NO? Do whatever it takes to smear the current Administration with lies and falsehoods no matter the consequences? YES!

    I think the Academy failed - these political actors should have been nominated too!





    Hmmmm.
    Interesting.
    The Obama inpeachment attempt begins?
    Voters didn't vote for that shit either.
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    Mar 02, 2011 2:34 AM GMT
    Christian73 saidI think it's clear by now that the Republicans do not want the economy to recover pre-2012 as they have done nothing to improve it either at the state or federal level.


    You don't. All you do is create a good environment for business and hope that it happens.
  • musclmed

    Posts: 3283

    Mar 02, 2011 3:17 AM GMT
    mocktwinkie said
    Christian73 saidI think it's clear by now that the Republicans do not want the economy to recover pre-2012 as they have done nothing to improve it either at the state or federal level.


    You don't. All you do is create a good environment for business and hope that it happens.


    if the world banks start using other currencies because of our fiscal status you can add about 200 million to the 700,000 thousand projected job loss.

    You should ask what happened to the 111th congress budget? Where so many would criticize this one now...... silence.....

    Are those plain layoff's or those theoretical, ( saved jobs) or in this case (not saved jobs).

    If Zandi wants he can defend his stimulus on capitol hill when hearing start. Lets see if he can show up and talk about his so called 2009 stimulis plan ( jobs saved ) package.