Tuesday, March 8, 2011

Republican budget plan would cost Illinois 30,200 jobs

From Americans United for Change:

New Report Finds U . S . Reps . Dold, Schilling, Walsh’s Plan Would Cost 30,200 Illinois Jobs

Republican Plan to Slash Education, Cancer Research Instead of Cutting Corporate Welfare Would Bring Economic Recovery to Grinding Halt

Washington DC -- The funding plan U . S . Representatives Robert Dold (R-IL-10), Bobby Schilling (R-IL-17), and Joe Walsh (IL-08) want to become law would cost 30,200 jobs in Illinois, according to a new study released by the U.S. Senate’s Democratic Policy Committee . Nationwide, the study found that the plan to fund government through September 2011, which leaves in place billions in corporate welfare and tax loopholes for billionaires, would cost 700,000 American jobs .

Numerous nonpartisan economic experts, including a team from Goldman Sachs, have similarly found that the plan approved by virtually every House Republican and no Democrats in the dead of night on February 19, would bring our fragile economic recovery to a screeching halt .

Moody’s chief economist, Mark Zandi, projected that the House proposal would cut real GDP growth by 0.5 percent in 2011 and 0 . 2 percent in 2012 . That, in turn, would lead to 400,000 fewer jobs being created than expected by the end of this year and a total of 700,000 fewer jobs by the end of 2012 .

And a Goldman Sachs analysis released last Wednesday also concluded that Republicans’ 2011 cuts would be detrimental to the economic recovery . The House GOP’s plan, the analysis found, could cut the nation’s economic growth by 1 . 5 percent to 2 percent during the second and third quarters of this year .

“Under the House Republican spending plan, you’ve got no long-term deficit reduction, no change in corporate welfare and lopsided tax breaks for the wealthiest Americans, massive cuts in disease research, education and transportation, and huge job losses,” said Americans United executive director Tom McMahon .

“Congressmen Dold, Schilling, and Walsh all owe their constituents a very good explanation why they voted to protect Corporate America’s bottom line over 30,200 jobs back home in Illinois . We need a responsible and balanced plan to rein in deficits, not one that leaves in place corporate welfare and lopsided tax breaks in place for the wealthiest Americans but costs jobs, slashes vital education and other services for the middle class and the most vulnerable members of society,” added McMahon .

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