Democrats: GOP’s support of Tea Party budget would cost 225,000 Georgia jobs
In advance of tonight’s GOP Presidential debate, Democratic Party of Georgia Chair Mike Berlon released an estimate of the number of jobs which would be lost in Georgia as a result of the Republican Party’s presidential candidates support for extreme economic policies.
A new analysis conducted by the Democratic National Committee concludes that the balanced budget amendment called for in the plan, if in place in 2012, would result in the loss of 9.5 million American jobs and over 225,000 lost jobs in Georgia. This enormous loss of jobs could sink the U.S. into the largest economic crisis since the Great Depression.
This new analysis looked at the nonpartisan Congressional Budget Office’s (CBO) August deficit projections for 2012 ( $991 billion deficit with CBO options for Iraq drawdown, extension of all tax provisions and Alternative Minimum Tax indexing and accounting for the so-called “Doc” fix), and used the conservative Romer-Bernstein rule of thumb that 1 percent of GDP equates to 1 million jobs. The report concludes that if the plan were fully phased in in 2012 and nearly a trillion dollars in federal spending was slashed, the balanced budget amendment would cost 9.5 million jobs nationwide.