Posted by AzBlueMeanie:
I already told you about the report by the investment company Goldman Sachs analysts that said the proposed GOP budget cuts would reduce the country's economic growth by 1.5 to 2 percentage points for the year, essentially cutting in half the nation's projected economic growth for 2011. Experts: GOP economics will hurt the economy, increase unemployment.
Now Moody's Analytics chief economist Mark Zandi offers a second report projecting the loss of 700,000 jobs in the next two years if the GOP gets its way. Greg Sargent reports at the Plum Line, Report: House GOP budget cuts would destroy 700,000 jobs:
Lori Montgomery scoops:
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.
Here's a copy of the full report.
[T]his 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 rougly two percent of GDP.
* * *
Even if you disagree with these analyses, you'd think the fact that there are now two of them reaching similar conclusions would be newsworthy enough to break through the din of Beltway deficit-reduction fetishizing. The argument about budet cuts is too often framed solely as an argument between so-called deficit "hawks" and "doves," as a dispute between those who say steep cuts are necessary and those who say they're cruel and extreme. The fact that outside analysts think that budget cuts could actively hamper the recovery deserves to be part of the discussion.
The media villagers and Beltway bloviators are in bed with the Pete Peterson Group, Pete Peterson's war on social security – and his media enablers, and members of the failed Catfood Commission bent upon the destruction of social security. These media whores have a different narrative to sell, as Greg Sargent points out. You can be certain that the right-wing billionaire funded think tanks will turn out their own reports slanted to produce the desired conclusions to "refute" these independent Wall Street analyst reports that investors rely upon.
The GOP wil do anything to hold onto its disproved and discredited faith based supply-side "trickle down" GOP economics. They have built a cottage industry around perpetuating this fraud. Their livelihoods and careers depend upon pereptuating this fraud.
UPDATE: See also the Economics Policy Institute report Republican proposal to ‘right our fiscal ship’ throws more workers overboard:
UPDATE: The true "job killers" are the Republican Party and their failed economic policies.
The party that gave us "zero net job growth" in the first decade of the new millenium (2000-2009) The Bush Years Were a Lost Decade, followed by millions more Americans thrown out of work during the Bush Great Recession, the worst economic crisis since the Great Depression, somehow unbelievably were returned to power by voters on the promise of "jobs, jobs, jobs" in 2010 based upon the same disproved and discredited faith based supply-side "trickle down" GOP economic policies that produced these catastrophic results in the first place.
David Safier likes to compare this to the "abused spouse syndrome." Americans keep coming back for more abuse at the hands of their abuser. This is an unhealthy and dysfunctional relationship. If America is to live a normal healthy life, it must leave its abuser.
Now that Tea-Publicans have control of the Congress after their false and malicious promise of "jobs, jobs, jobs" to get elected in 2010 ("Honey, please take me back, I promise I'll never hit you again"), it has already come to this:
"If some of those jobs are lost in this, so be it." Weeper of the House John "Crybaby" Boehner. Smack upside your head!
Wake up, America. It's time to leave these abusers behind. The life you save will be your own.
Rachel Maddow had an excellent rundown on this on Monday night.
Visit msnbc.com for breaking news, world news, and news about the economy