‘Thus far, economists have offered “mainly positive reviews” of Obama’s plan, with Mark Zandi of Moody’s Analytics estimating that “the plan would add 2 percentage points to GDP growth next year, add 1.9 million jobs, and cut the unemployment rate by a percentage point.” Analysts at Goldman Sachs estimate that the plan will boost growth by 1.5 percentage points, while the Economic Policy Institute said that the plan will create 2.6 million jobs and support another 1.6 million, boosting overall employment by almost 4.3 million.
The reason that unemployment is so high, even with the Recovery Act, is that it wasn’t big enough to deal with the scale of the problem. But to Republicans, the millions of jobs created by the Recovery Act signal abject failure, and therefore Obama’s new jobs plan doesn’t warrant consideration, even as the economy struggles to throw off the chains of the Great Recession.’
(via GOP Derides Obama Jobs Plan As ‘Second Stimulus,’ Ignoring Success Of The First | ThinkProgress)
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