When John Boehner said, “if we lose 200,000 federal jobs, so be it,” we listened and thought the figures didn’t add up. A little research into the facts revealed the figure was more like 20,000 to 40,000 jobs lost if Boehner got his way.
Now, after economists studied the Republican budget and the effects of it’s cutting $61 billion dollars from it, the result – as reported by financial economists – would be a job loss of 700,000 by the end of 2012.
According to reports from The Washington Post;
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.
His report comes on the heels of a similar analysis last week by the investment bank Goldman Sachs, which predicted that the Republican spending cuts would cause even greater damage to the economy, slowing growth by as much as 2 percentage points in the second and third quarters of this year.
Of course, Republicans stand by their claims that cutting $61 billion will create jobs and put America back on its financially feet. And of course, they’re the only ones believing this claim.
Maybe more appropriate for Boehner would be to claim, “Losing 700,000 jobs because of our budget and 200,000 federal jobs? Whatever! I must keep a campaign promise, so be it!”
Read the rest of the Washington Post report here.