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Moody's: GOP Budget Would Cost 700,000 Jobs
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Mar 01, 2011 11:19am |
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| Category | Blog Entry |
| News Date | Monday, February 28, 2011 05:00:00 PM UTC0:0 |
| Description | Evan McMorris-Santoro | February 28, 2011, 2:30PM
The Republican plan to cut government spending by more than $60 billion dollars will cost the unemployment rate dearly, according to a new report from Moody's Analytics.
According to Moody's chief economist Mark Zandi -- who the Washington Post reports "has advised both political parties" -- Republican plans to slash government spending will impact the GDP in such a way that would eliminate hundreds of thousands of jobs this year and the next.
From the report:
The House Republicans' proposal would reduce 2011 real GDP growth by 0.5% and 2012 growth by 0.2 percentage points This would mean some 400,000 fewer jobs created by the end of 2011 and 700,000 fewer jobs by the end of 2012.
Republicans were nonplussed by the findings. |
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