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

[kpete]

Source: Washington Post

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

By Lori Montgomery
Washington Post Staff Writer
Monday, February 28, 2011; 10:19 AM

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 http://www.moodysanalytics.com/ 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.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/28/AR2011022802634.html

[liberal N proud]

1. Perfect for their plan to make Obama a one term President

The economy tanks, the people will be unhappy and the GOP will use it against Obama in 2012.

They couldn't manufacture this, Oh wait, they are!

[global1]

3. But If The Dems Go Along With The Repug Cuts They Are Part And Parcel To.....

this plan. It seems to me that most everyone knows that the way out of our economic woes is through the "job engine". People that have jobs and feel good about themselves will spend money. They will go to movies. They will go to restaurants. They will buy a car. They will upgrade their homes. They will buy appliances, etc. There will be a need to replenish what they purchased and as a result cause others to have to make these items causing other people to have to go back to work and begin to feel good about themselves. Along with this people will be paying taxes again. Sales tax. Property tax. State, city and county taxes. And federal taxes. Monies would begin flowing into social security coffers.

Jobs are the engine of growth to get us out of this period of economic stress.

It appears that everyone is focused on doing just the opposite now and laying people off, firing them and keeping them from a job. It is a spiral that we'll never get out of unless we begin to address the crux of the problem and that is JOBS.

This is really not rocket science folks.

If we don't do something about this soon - those corporations that are trying to sell things to us will keep raising the prices to continue to make their profits will shoot themselves in the foot and nobody will be able to buy things that they are selling.

Are they that stupid that they can't see that?

[Kurmudgeon]

24. The economy already tanked in 07-08, let's hope no one forgets.

I'm old enough to remember that Carter got hung for Nixon-Ford's sins.

[SlimJimmy]

2. You can't have it both ways. (nt)

... the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months.

... 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.

[SkyDaddy7]

9. EXACTLY! When Obama says...

We are going to have to make cuts we do not like he is not saying it for sneaky reasons...We are going to have to make cuts everywhere that we do not like, period. Where those cuts are heaviest is an entirely different argument but cuts will have to be made & rest assure they are going to come to places none of us want. It is just reality.

[aquart]

13. OR we could tax the rich.

[SlimJimmy]

16. That's fine, but it will not even cover a tenth of what is needed to bridge the yearly shortfall.

At some point, a combination of program cuts and tax increases (on everyone) will have to made to cover the gap. It's a very painful solution that nobody wants to talk about.

[aquart]

22. Just how poor do you think the rich are?

I assure you, they can cover our gaps.

[TBF]

26. I'd like to see your numbers on that, because I believe taxing billionaires

at 75% miminum, plus cutting defense substantially, will get us back on track.

[SpiralHawk]

4. "Oh well, screw the proles. They are not like us." - Republicon Eeeleetes

"They can just pull themselves up by their nonexistant unemployment benefits. Smirk."

- Republicon Eeeleetes

[Steerpike]

5. I guess I jst live in fantasy land

I would have ended all the wars and used that money to invest in Green Industries and Technologies...perhaps a 40 k government vaucher for electric cars (US made only). I would have taxed the heck out of the rich and reinstated and reinforced federal spending on education preK-Post Secondary...I would have restructured the tax code for corporations to encourage higher wages and discourage outsourcing. I would have made sure the Justice Department would prosecute to the full extent of the law all Corporate Crooks and of course The Bush Admins who broke Federal Election Laws...I would have ignored the Republicans and used every venue and opportunity to describe their unholy agenda, hypocrocies and crimes.

am i stupid or what...

[Zenlitened]

10. Sign me up for that kinda stupid, then. :(

'Cause what you say makes a whole lot of sense to me.

[Skink]

17. shoulda done all this before the midterms.

[Auntie Bush]

19. I'm with stupid... so count me as stupid too! Birds of a feather.....

[Historic NY]

6. Thats the whole idea a coordinated attack against Obama administration.

[louis-t]

7. Isn't that their goal?

:shrug:

[RedCloud]

8. What can you expect from the "So be it" Union?

[The Magistrate]

11. Of Course, Ma'am, Mr. Zandi Omits To Note Raising Taxes To Bring More Revenue Would Fill That Gap

"The refusal of the rich to be taxed is the leading cause of government collapse."

[Kingofalldems]

12. Kick this to the top.

[davidthegnome]

14. I'm not surprised

Still - the tax cuts were supported (and promoted) heavily by the Obama administration. It's not only Republican ignorance and catering to the wealthy - it's the spineless democrats who allow them to do so (in fact, even fully support them in doing so) that have brought us here.

I'm hoping for a progressive challenger in 2012, but I'm not going to hold my breath. Chances are it will come down to Obama and who ever the Republican nominee happens to be. Probably Romney. In that case, I've really got no choice but to vote for Obama, not because I consider him particularly progressive, but because he is better than the alternative. So far I'm not impressed by this administration - they've done good things, their part in the repeal of DADT in particular, but I had hoped for so much more. I certainly never expected them to cave in on the tax cuts for the wealthy.

Anyhow... if this is the best we can do with "hope and change", then the future is looking bleak - even more so than the present. All because... all because the wealthiest people in this Nation somehow fooled or bribed or threatened our democratically elected government into providing them with absurd tax cuts.

I don't pretend to have all the answers, nor do I think Obama should. I do think though, that he and far too many of our so called democrats lack courage.

Courage would have been to deny the tax cut extensions (the republicans were, of course, holding unemployment hostage - but I still think they would have caved in had the dems held out). Courage would have been to at least make a stand for a public option, even if it failed.

If this is what we've got to work with, I'll do as I must to support the party - but I'm not fooled for a minute into thinking we'll be turning things around any time soon. That would require courage, conviction - and a progressive idealism that simply doesn't seem to exist in politics.

[jtrockville]

15. To be fair, consider the source: MOODY'S

Aren't they the firm who gave derivatives a triple-A rating?

[eringer]

18. Isn't that how they regained the house, screaming about jobs, jobs, jobs?

The American people got what the rich paid for in 2010 - tax breaks for the rich and wealthy. Lets see what they will do in 2012 about it when it becomes apparent to everyone that the GOP is out to get your job, your benefits and your pension while it destroys the environment. Has anyone heard who is staring in the remake of Soylent Green remake? If we have any hope of not living the remake, the GOP must go.

[Auntie Bush]

20. They screamed about jobs, jobs, jobs but haven't done a damn

thing to help create ONE new job! How can these buggers win in 2012? Oh I know...lie, lie, and lie! Then propagandize their ignorant dumb ass followers! There I said it and I feel better!

[Kurmudgeon]

25. The GOP lost an incredible amount of jobs from 2000 thru 2008.

That's part of why they got booted, along with the malfeasance and general incompetence.
I'm always amazed when this country allows them to do it again, and again and again.

[Kingofalldems]

21. Yeah but Ayn Rand said.....

Oh wait, she was on SS and Medicare.

[Major Hogwash]

23. They don't give a fuck about the American workforce because they blame Obama for that!!!

It's ALL Obama's fault!!!

Damn, that's their 2012 slogan to get re-elected!!

[PACmenDotOrg]

27. highlights

This highlights a key difference between Democrats and Republicans:

Democrats have ideas. Republicans have ideals.

www.whatthefuckhaveunionsdonesofar.com