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The Hill: Republican Budget Cuts will cost 700,000 Jobs

28 Feb

A new report out Monday from Moody’s Analytics economist Mark Zandi estimates that the House-passed seven-month spending bill, which cuts $61 billion in spending, would cost 700,000 jobs by the end of 2012.

He predicts that this year the bill could cost 400,000 jobs and run the risk of a new recession.

Not mentioned in the article? The quoted Economist is a heavy Democrat donor, (although he did support McCain in 2008).

In fairness to The Hill, they did mention that he backed Obama’s Stimulus plan in 2009, so there is at least a hint about his political leanings.

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1 Comment

Posted by on February 28, 2011 in politics

 

One response to “The Hill: Republican Budget Cuts will cost 700,000 Jobs

  1. Saddlesore

    February 28, 2011 at 5:39 pm

    Ok, so here is how liberal economics work. It creates jobs if the government creates huge deficits by spending us into oblivion and it destroys jobs if the government cuts back on deficit spending. I guess all those massive public works projects during the Depression solved unemployment, right?

    Jobs are created in one place and one place only, and that is in the private sectore. All government spending, whether financed by taxes or borrowing, is a drain on the private sector and reduces private sector employment.

     

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