TV News LIES

Monday, Apr 21st

Last update11:05:21 PM 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...


After foreclosure crisis, renters suffer under Wall Street landlords

wall street slumlordsThe poster child for the foreclosure crisis has been a middle-income suburban family. But low-income urban...

U.S. Obama signs executive order on equal pay for women

equal pay for equal workKeeping with his promise to champion women’s rights in the workplace, President Barack Obama signed an...

Judge says will accept SAC Capital guilty plea

SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the...

SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

SECA trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and...
 
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!