Economists have taken a look at GOP policies, and the news isn’t good for our friends across the aisle – the verdict is they won’t help our economy anytime soon:
“I don't think [GOP proposals] mean much for the economy, though, in the near term, not certainly for the next 6, 12, 18 months. And I think that's where I'm most concerned and focused.” [Mark Zandi, Daily Rundown, 10/7/11]
“Joel Prakken, chairman of Macroeconomic Advisers, said Republicans had ‘reasonable ideas’ but not ones that could be measured by the firm’s forecasting model. He said he believed the proposals ‘would have little immediate effect relative to a plan that stimulates aggregate demand’ — that is, a plan like Mr. Obama’s, with tax cuts and spending programs.” [NY Times, 10/7/11]
Meanwhile, economists predict that the American Jobs Act could create up to 1.9 million jobs next year and boost economic growth by up to two percentage points:
“While economic forecasts are not definitive, in that they are predictions, Macroeconomic Advisers, a St. Louis-based firm that the Federal Reserve often uses, has projected that the Obama jobs plan could increase economic growth by 1.25 percentage points and add 1.3 million jobs in 2012. Moody’s Analytics, another firm, has estimated it would add two percentage points and up to 1.9 million jobs.”
So, rather than continue to focus on partisan bills that don’t “mean much for the economy,” it’s time for Republicans to take up the American Jobs Act, which is fully paid for, includes bipartisan ideas and will create jobs and grow our economy now.