GOP-Ryan Radical Budget Would Slow Recovery, Cost 3 Million Jobs
According to the Economic Policy Institute, the GOP-Ryan budget released this morning would have a devastating impact on American workers and the larger economy.
…On net, I estimate that the House budget resolution would decrease GDP by 0.9 percent and decrease nonfarm payrolls by 1.1 million jobs in fiscal year 2015, relative to CBO’s current-law baseline. The following fiscal year, when Ryan’s cuts to discretionary spending kick in, “The Path to Prosperity” would decrease GDP by 2.5 percent and cost 3.0 million jobs. And if the recovery remains sluggish, large job losses could continue under the Ryan budget in 2017 and beyond.
Losing 3 million jobs in FY 2016 is like:
Firing Wisconsin’s entire workforce
Firing Missouri’s entire workforce
Firing the entire working population of Indiana
Firing the entire population of Iowa or Mississippi
A budget is a statement of our values as a nation. Today, Chairman Ryan and House Republican leaders have shown, yet again, what they value most is protecting loopholes for the wealthy few and corporations that ship jobs overseas without concern for hardworking American workers, seniors, students, and our nation’s economic competitiveness.
Americans want action on jobs, strengthening the middle class, investments in infrastructure and education and a responsible path toward reducing the deficit – not another replay of Ryan’s radical partisan budget pathways to nowhere.