Debt Ceiling Bill Will Do Nothing For Jobs

[OhioChick]

Aug. 1 2011 - 6:23 pm

As Congress gears up to vote on the debt-ceiling deal, it’s becoming clear that the final agreement does not bode well for job creation.

Though voices on the right are praising the deal as a Tea Party victory because of its promised $2.4 trillion in spending cuts over ten years, no one is suggesting the agreement will provide a job growth engine.

“Unemployment will be higher than it would have been otherwise,” Mohammed El-Erian, chief executive of the bond investment firm Pimco, said on the Sunday ABC show “This Week.” He elaborated further in a Huffington Post story: The protracted negotiations have battered consumer and business confidence, there’s still a risk that U.S. debt could be downgraded by rating agencies, and the U.S.’s economic credibility abroad has been further hampered by the open-ended aspects of the deal, which puts off most spending cut decisions for several years.

CNNMoney quotes the CEO of staffing giant Manpower as saying the deal will have “little effect if any” on employment. A vice president at staffing firm Adecco agrees that the agreement will not boost hiring. CNN goes on to quote two labor economists who predict that spending cuts could hurt job growth.

More: http://blogs.forbes.com/susanadams/2011/08/01/debt-ceiling-bill-will-do-nothing-for-jobs/

[MadMaddie]

1. The DEBT CEILING never had anything to do with jobs

Why are people linking the budget and jobs with the debt ceiling.

This is laziness. The previous 20+ times the debt ceiling has been raised there has NEVER been anything attached to it.

President Obama did NOT start this stupid fucking game it was the Republicans. The House Republicans and the Teabaggers to be exact.....

Hate the bill if you will but remember who started this mess to begin with.

The Big 3 were not touched....remember that.

[lumpy]

3. Thank you Maddie. You are so right. Good grief so many of the

posters on DU can do nothing but gripe without knowing how our government works. Education is a wonderful thing and maybe through this current process in Congress people will realize that.

[EFerrari]

4. Think again. The Big Three will be felt up plenty in the 2nd round.

And yes, this bill is all about jobs. It's about the jobs that won't be created because it takes money OUT of the economy. :woohoo:

[badtoworse]

6. Borrowed money was never in the economy to begin with. - nt

[EFerrari]

7. Go find an economist that thinks this won't hurt job creation.

I haven't seen one.

[elleng]

2. Repugs haven't and won't do anything for jobs; nothing new here.

We have to remove their House majority, and their Senate numbers. 'Simple' as that.

[amborin]

5. EPI says it will hurt both jobs and the jobless:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1635881

[BeFree]

8. A year ago

The republicans were running on putting America back to work.

So I'm sure they will now remember that campaign pledge and when they come back from vacation will get right to creating jobs.

It would be easier for them if we all held them to their pledge, eh?