Keith Olbermann talked to the Economic Policy Institute's Heather McGhee about their group's study on the GOP's plan for the economy -- which Republicans claim would spur job growth by keeping the Bush Tax Cuts permanent and reducing spending to fiscal year 2008 levels. As their report shows, quite the opposite would occur, and in fact the "Pledge" would cost the economy 1.1 million jobs.
I know we're all shocked here, since those Bush tax cuts worked out so well for most of us already, as Keith illustrates in this segment with some charts showing that happened to unemployment after those tax cuts were implemented.
For more, here's the report by EPI.
Republican House Minority Leader John Boehner recently proposed a two-step job creation plan consisting of a full extension of Bush-era tax changes and cuts to domestic spending. His plan calls on Congress to cut non-security related spending back to fiscal year 2008 levels and to enact a two-year freeze on all current tax rates.
Rep. Boehner claims these two policies will drive job growth more than any proposal of President Obama’s. However, we find that this proposal would have a devastating impact on the struggling U.S. labor market while negligibly improving the fiscal outlook.