Career Calling

October 15, 2013

The Cost of Crisis Politics

According to an article by Mark Gongloff in Huffington Post, a study by the right-leaning Peterson Foundation has found that Republican austerity measures have cost 900,000 jobs.  The current government shutdown has led to a 0.3 loss in economic growth.  Gongloff cites Larry Summers who argues that the American economy needs stimulus, not deficit reduction in the form of large cuts in government spending.  During the last presidential election, Republican led by Mitt Romney fell in love with the phrase “job creators.”  According to the Peterson study, it seems that the GOP might be better labeled as “job killers.”  Hopefully, this problem won’t grow even worse if the government defaults on its debt payments.  Given the news out of Washington, I’m not very hopeful.




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