Friday, October 18, 2013

Stunning Fact: Peterson Foundation Report Finds Budget Crises Have Destroyed 900,000 Jobs

The costs of the constant budget and default crises are astounding.

Standard & Poor's calculates the most recent 17 day shutdown reduced 4th quarter GDP by 0.6% or $24 billion.  But the toll is much greater if one looks at the damage done over the last 3 or more years of budget and debt limit turmoil. Indeed, a report for the Peterson Foundation calculates 900,000 jobs have been destroyed or the national unemployment rate is 0.6% higher, as a result of budget uncertainty.

There is no doubt that the most recent shutdown and all the other budget turmoil has cut GDP, decreased jobs, and so increased deficits and debt.

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