‘house gop budget cuts would destroy 700,000 jobs’

Greg Sargent (Washington Post): 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 will of course be dismissed in some quarters because he has aggressively defended the stimulus. But this is the second outside analysis to reach this conclusion. Last week Goldman Sachs, in a confidential report to clients, concluded that House GOP budget cuts would be a drag on the economy and cut economic growth by roughly two percent of GDP.

More here

4 Responses to “‘house gop budget cuts would destroy 700,000 jobs’”

  1. 1 Hachikō
    February 28, 2011 at 11:57 am

    For those of us still struggling to find jobs, this is horrific news. Already, there are 5 candidates for every job opening. It’s going to be even harder to compete with millions more Americans (federal employees, teachers, cops, firefighters). When will America wake up to the fact that Republicans and their “protect the rich & powerful, screw everybody else” policies are what’s wrong with this country. They’re what’s been wrong with this country for decades now.

    I still scratch my head over the results of the mid-terms. It’s as if half the population is living in an alternate universe.

  2. 4 Proud of Obama
    February 28, 2011 at 1:16 pm

    I hope we are tweeting this and passing it on to everyone. Make the media cover this.

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