Claiming to be concerned about the deficit, the GOP proposes 61 billion in cuts in this year’s spending. These cuts will likely lead to the loss of one million jobs and slow the growth of the economy by 1.5 to 2 percentage points in the second and third quarters of 2011.
There are two things that are absolutely necessary for there to be any hope of a balanced budget. One of those is a strong economy. In the overall scheme of the US budget deficit, saving $61 billion this year is nothing. Risking a strong economic recovery is a lot.
The Republicans either do not really care about the deficit, or they simply do not understand the situation. The question is, is the GOP misdirecting us or themselves?