REPORT: Debt Ceiling Deal Will Cost 1.8 Million Jobs In 2012

[MouseFitzgerald]

"The Economic Policy Institute, a top nonpartisan think tank, estimates that the deal struck this weekend to raise the nation’s debt limit will end up costing the economy 1.8 million jobs by 2012."


"The agreement would reduce spending by at least $1 trillion over 10 years, but even the near-term cuts could shrink already sluggish GDP growth by 0.3% in 2012. According to EPI, the plan “not only erodes funding for public investments and safety-net spending, but also misses an important opportunity to address the lack of jobs.” In particular, the immediate spending cuts and the “failure to continue two key supports to the economy (the payroll tax holiday and emergency unemployment benefits for the long term unemployed) could lead to roughly 1.8 million fewer jobs in 2012.”"


http://thinkprogress.org/economy/2011/08/02/285599/report-debt-ceiling-deal-will-cost-1-8-million-jobs-in-2012/

[DURHAM D]

1. Boy that Obama is one smart cookie.

NOT

[in_cog_ni_to]

9. How did we ever survive without him?

What a damn disaster he is. 1,8 million more jobs to lose. *sigh* I can't even imagine what's going to happen to this country now. It is NOT going to be pretty. BUT the MILLIONAIRES get their tax cuts!

[DemocratSinceBirth]

2. This Is Just What The Pubs Want

~

[chill_wind]

3. Full of WIN! n/t

[sabrina 1]

4. No wonder Grover Norquist likes it.

You don't have to be a genius to know that when you fire public workers all over the country, you are going to be raising the unemployment rate.

But if they can fire the whole country, then Americans will make a perfect workforce for Multi-national Corps. They won't have to go to China anymore to find cheap labor.

[Capn Sunshine]

5. hey, if it's on the internet it must be true

EPI is on the right track, clearly until we get congress to pass some stimulative measure we would be on this track towards hell.

EPI , and I love them when they suit my purpose, is often wildly wrong in their estimates of job loss.

[Cool Logic]

6. Cut...? I saw a chart here yesterday that indicated there are no cuts.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=1635189&mesg_id=1635189

[adhd_what_huh]

7. nonesense. it says the payroll tax and unemployememt benefits

could be the problem...

[indepat]

8. Surprise, surprise: who in the world woulda' ever thunk it?

:patriot: