Another day, another independent economic report saying that the Republican budget cuts will hurt the economy. Last week it was Goldman, today it’s Moody’s.
A Republican plan to sharply cut federal spending this year would destroy 700,000 jobs through 2012, according to an independent economic analysis set for release Monday.
The report, by Moody’s Analytics chief economist Mark Zandi, offers fresh ammunition to Democrats seeking block the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months.
Atrios summarizes why actual reports by actual industry economists mean nothing politically:
It doesn’t matter how many “reports” from “economists” get released making the obvious point that cutting spending=cutting jobs, the Real Americans in the Tea Party and those who understand them and speak for them, the Villagers, know that cutting spending is the right thing to do. Because arglebargle!
Maybe I shouldn’t complain, given that the short-term fiscal policy debate here is much less stupid than the one going in Europe.