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House GOP approves abortion of economic recovery

by: Clem Guttata

Sun Feb 27, 2011 at 09:58:21 AM EST


By Clem Guttata

With their unwillingness to continue funding the federal government at current levels, the House GOP seems intent on shutting down the federal government.

There are many reasons why the cuts that House GOP passed are a bad idea. Broadly speaking, they cut government programs that help people most in need and give yet more breaks for those who have already have theirs.

Just as concerning, the budget the House GOP passed is bad for the economy. Here's an analysis from Goldman Sachs:

Spending cuts approved by House Republicans would act as a drag on the U.S. economy, according to a Wall Street analysis that put new pressure on the political debate in Washington. The report by the investment firm Goldman Sachs said the cuts would reduce the growth in gross domestic product by up to 2 percentage points this year, essentially cutting in half the nation's projected economic growth for 2011.

It's hard to pick just one thing, but I'd say the most dangerous trait of today's Tea Party-infused Republican Party is its complete and total disregard for reason and truth.

Clem Guttata :: House GOP approves abortion of economic recovery
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Loss of Public Jobs Huge Part of Unemployment Rate (0.00 / 0)
The GOP continues to bury their head in the sand and willfully ignore reality.  They say they want to help the economy and put people to work, but it's losses in public jobs that have been killing recent jobs reports.  

There have been consistent gains in private sector employment for several months, but public employees continue to be laid off, face mandatory furloughs, and lack of jobs.  The decline in public sector jobs has been a huge drain on the economy, but the GOP wants to cut those jobs even further.  It's time for Democrats to stand up and say no.

In a good conversation everyone speaks.  In a great conversation some even listen.


"politics of envy" (0.00 / 0)
Worst thing for an unemployed person is another unemployed person competing for that job. Also, demand for government services goes up, not down, during a recession.

But, that's not how the average tea-partier sees it. Kevin Drum has a nice post up about that, "politics of envy", including this chart:

That mid-2010 blip in government employment numbers was the temporary census jobs. Otherwise, the trend has been a slow steady decline in public sector jobs even after the March 2010 increase in private sector ones.


[ Parent ]
They are not ignoring reality (0.00 / 0)
They are lying about wanting to help the economy and putting people to work, but not because they don't know what is happening.  The stock market has recovered, the banks are fine, the rich are continuing to get richer.  Corporate profits are what they care about. Perhaps they will pay attention to Goldman Sachs and the WSJ on the bad effects of their budget cuts on GDP, but that top 1 or 2% who have amassed the money and the power probably won't be hurt by that, anyway.

[ Parent ]
Goldman Sachs study obviously has liberal bias (4.00 / 1)
Everyone knows they're left-wing commies.  Well, they actually are kinda.  I mean, they want to take everyone else's money and redistribute it to themselves via huge payouts from the government.

former McCain advisor says so, too (4.00 / 1)
There's also this former McCain economic advisor warning that GOP budget cuts will cost the economy 700,000 jobs.

It's by Moody's Analytics chief economist Mark Zandi. Not necessarily a highly partisan outfit, but he did advise the McCain campaign.


[ Parent ]
Another flaming liberal. (4.00 / 1)
Everyone knows McCain is a liberal.  That's why they tried to tea bag him in AZ.  At least that's how Fox and friends will spin it.

[ Parent ]
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