Monday, February 28, 2011

Moody's rates the Republican/Teabagger budget

As we learned last week from Goldmine Sachs, the proposed budget cuts by the Republican/Teabaggers would reduce the GDP by 2%. Moody's has released their take on the cuts:
The House Republicans' proposal would reduce 2011 real GDP growth by 0.5% and 2012 growth by 0.2 percentage points This would mean some 400,000 fewer jobs created by the end of 2011 and 700,000 fewer jobs by the end of 2012.
Still bad, but not as bad as Goldmine Sachs. However let us not forget that Goldmine has a better record on predictions than Moody's.

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