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Republican leaders push for deep cuts in spending, arguing that will help create jobs.
Republicans say that while cutting spending may cost jobs — “So be it,” declared House Speaker John Boehner.
We witness an Alice in Wonderland world where powerful legislators believe that they can turn nonsense into logic - the cuts will reassure businesses that are now not hiring, because they fear future tax- or interest-rate hikes.
But with interest rates near record lows and tax breaks for new investment, any business worth its salt would borrow now if it had profitable prospects.
What businesses lack are customers, not confidence, and that will be worsened as spending cuts result in more layoffs, and the expiration of unemployment insurance terminates income support for millions by the end of the year.
We have a brutal — and worsening — jobs crisis in this country.
The human casualties are mounting.
http://www.suntimes.com/news/jackson/6462667-452/spending-cuts-add-to-jobs-crisis.html
Republicans say that while cutting spending may cost jobs — “So be it,” declared House Speaker John Boehner.
We witness an Alice in Wonderland world where powerful legislators believe that they can turn nonsense into logic - the cuts will reassure businesses that are now not hiring, because they fear future tax- or interest-rate hikes.
But with interest rates near record lows and tax breaks for new investment, any business worth its salt would borrow now if it had profitable prospects.
What businesses lack are customers, not confidence, and that will be worsened as spending cuts result in more layoffs, and the expiration of unemployment insurance terminates income support for millions by the end of the year.
We have a brutal — and worsening — jobs crisis in this country.
The human casualties are mounting.
http://www.suntimes.com/news/jackson/6462667-452/spending-cuts-add-to-jobs-crisis.html