This afternoon, Senate Republicans voted for a long-standing priority of theirs, a balanced budget amendment to the Constitution. It failed due to Democratic opposition. What would be the result if such an amendment were to pass?
As Macroeconomic Advisers and the Center on Budget and Policy Priorities made clear last month:Let’s say that again. The Republicans voted for something that would DOUBLE the unemployment rate and shrink the economy by about 17 percent. It would also shred Social Security, Medicare, and Medicaid.
If the 2012 budget were balanced through spending cuts, those cuts would total about $1.5 trillion in 2012 alone, the analysis estimates. Those cuts would throw about 15 million more people out of work, double the unemployment rate from 9 percent to approximately 18 percent, and cause the economy to shrink by about 17 percent instead of growing by an expected 2 percent. Link
So why would anyone vote for these clowns again?
No comments:
Post a Comment