The Economic Policy Institute, a non-partisan (imagine that) think tank, estimates that yesterday's debt ceiling agreement will end up costing the economy 1.8 million jobs by 2012. That is next year, folks. Just months away. They say and and Jason Linkin quotes on Huff Post Media:
"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."
I also heard today that Congress let fees/taxes on airline tickets lapse. The U.S. government will lose $30 million every day in revenue. Would you say those Republicans are trying to starve our government in order to make it non-functinal?
Yep. And what is the long term gain for our country? Tell me.