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“If the full $60 billion comes out of the budget in fiscal year 2011, it will shave about a half percent from real GDP growth in 2011, and by the end of 2011, it will cost the economy somewhere between 400,000 and 500,000 jobs…I think it is premature to engage in that kind of budget-cutting at this point. We can't do that, I don't think, until the economy is off and running. And until we create enough jobs to bring down unemployment in a substantive way, I don't think we're off and running.”
- Mark Zandi, chief economist at Moody's Analytics, CNN’s State of the Union, 2/27/11 |
