Thursday, March 3, 2011

She Said/He Said

Megan McArdle on the various estimates of how many jobs the Republicans' crazy budget cuts will lead to, they are, she wrote,
certainly troubling.  But like Ben Bernanke, I find these estimates somewhat high.
Ben Bernanke on the job losses
“Our sense is that the 60 billion dollars cut spread out in the normal way would reduce growth. But we think given the size it’s one to two tenths [of a percentage point reduction to gross domestic product], about a couple hundred thousand jobs,” he told the House Financial Services Committee. “It’s not trivial.”
In the midst of a recession, it seems, the only forbidden act is tax increases, decreasing public employees' take home pay, destroying jobs, rejecting job creating investments, and related etc are a okay, because?

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