TV News LIES

Friday, Aug 01st

Last update02:09:30 AM GMT

You are here News Economy REPORT: Debt Ceiling Deal Will Cost 1.8 Million Jobs In 2012

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

E-mail Print PDF

Debt ceiling deal will cost 1.3 million jobsThe 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.

Today the Senate is expected to approve the package passed yesterday by the House and send it to President Obama. But while the unemployment rate remains above 9 percent, the deal does nothing to address chronic joblessness.

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.”

More...


Most Recent Related Stories...


Judge Orders Bank Of America To Pay $1.3 Billion Fine

Bank of AmericaA federal judge has ordered Bank of America to pay a $1.27 billion fine for fraud...

Banks accused of rigging silver price

silver price riggingDeutsche Bank, HSBC and Bank of Nova Scotia have been accused of attempting to rig the...

A third of Americans delinquent on debt

Americans in debtMore than a third of the country is in trouble when it comes to paying debts...

85 wealthiest are richer than poorest 3.5 billion

gatesThe U.N.'s annual Human Development Report released Thursday shows that the world's 85 richest people are...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!