SPENDING CUTS TO BE TRIGGERED IN JANUARY 2013 ... their drastic and immediate effect
Stephen Fuller, an economist at George Mason University, released an analysis prepared for the Aerospace Industries Association saying the budget cuts due to go into force on Jan 2 will cost 2.14 million jobs and reduce gross domestic product by $215 billion.
The cuts would reduce spending by about $1.2 trillion over a decade. Fuller said the first year's cut would slash Pentagon spending by $56.7 billion, resulting in 325,693 direct job losses as well as another 764,666 indirect job losses.
The government's cuts in non-defense spending would have a similar impact. The $59 billion cut to non-defense spending would directly cost 420,529 jobs, ...
Did Mitt Romney make the economic sale at the Republican National Convention? Did he convince people who are living at the margin or unemployed and discouraged that he has the answers to the economy? Frankly, I don't think so.
I do not understand why he did not talk about his 20 percent across-the-board personal tax cut plan that would help the middle class enormously. He never mentioned it, and he went into no detail on the business tax cut plan.
This plan is terrific for competition and global investment. He talked about a jobs tour. I frankly have no...
"The results are bleak but clear-cut," he said. "The unemployment rate will climb above 9 percent, pushing the economy toward recession and reducing projected growth in 2013 by two-thirds."
"The results are bleak but clear-cut," he said. "The unemployment rate will climb above 9 percent, pushing the economy toward recession and reducing projected growth in 2013 by two-thirds."