The Republican plan to slash government spending by $61bn in 2011 could reduce US economic growth by 1.5 to 2 percentage points in the second and third quarters of the year, a Goldman Sachs economist has warned.
Now, I trust Goldman about as far as I can throw them, ethics-wise. But I do trust them to be clear-eyed when it comes to economic projections. That's their bread and butter.
According to this website, the GDP from Q4 2010 was $13.38 T. That's more than thirteen trillion dollars. So if the economy grows by 1.5 to 2 percentage points less, that's at least $200 billion dollars less money sloshing around in the economy, paying people and buying stuff.
How many jobs do you suppose that is, even after the super-wealthy take their outsized cut?
Oh yeah. They don't care.
Dear slight majority of Americans: You voted for these guys why again?