Economists: The President’s Plan Will Create Jobs Now, The GOP’s Won’t
12:18 PM EDT
Yesterday, the President held a press conference and once again urged Congress to pass the American Jobs Act to jumpstart the economy and put the American people back to work. There’s no question that the American Jobs Act will put more money in the pockets of working Americans, get police officers, teachers and firefighters back to work and put construction workers back on the job rebuilding our crumbling roads and bridges. These are the steps we must take to get our economy moving again.
But don’t take our word for it. Prominent, independent experts have confirmed that the American Jobs Act will materially improve economic growth and employment next year. For example, Moody’s Mark Zandi released a report stating that “The plan would add 2 percentage points to GDP growth next year, add 1.9 million jobs, and cut the unemployment rate by a percentage point.” Macroeconomic Advisers estimated that it would increase growth by 1.3%, and result in 1.3 million more jobs in 2012. The President has proposed a plan. It’s been assessed and reviewed by independent experts.
But what do those same independent experts say about the Republican’s plan? According to an article in the New York Times this morning, Macroeconomic Advisers chairman Joel Prakken said their plan “would have little immediate effect relative to a plan that stimulates aggregate demand.” Moody’s Mark Zandi said the Republicans' ideas “won’t mean much for the economy and job market in the next year,” even as he said “it is vital for Congress and the administration to provide some near-term support to the economy.”
The Republican plan won’t create jobs in the short term. The American Jobs Act is made up of the kind of ideas that both Republicans and Democrats have supported in the past. There’s simply no excuse for them sitting on the sidelines while teachers are being laid off in droves and construction workers are out of a job. It’s time for Republicans to stop playing politics and pass this bill.