To the Editor:
The macroeconomic advisers came out with a report on the fiscal results of spending cuts since 2010.
The government cuts resulted in a 1 percent reduction in GDP every year cumulative, 3 percent this year, approximately $700 billion in lost productivity and approximately 900,000 jobs lost. The time to cut spending is during full employment and running surpluses not deficits.
Economies exist because of spending both in the private sector and public. Let’s see, hmm, who took the House in 2010? Let’s look at the two-week snapshot of the shutdown by the Tea Party: $24 billion in lost revenue, .2 percent reduction in fourth quarter GDP growth and approximately 100,000 private sector jobs lost (not public sector jobs).
Medieval doctors used to bleed their patients to make them better. When it didn’t, they bled them some more. The debt and deficit hysteria is in no way sincere, it’s a means to cut back on entitlements and cut taxes on those that don’t need it.
The GOP has wanted to elect an accountant as president for years. Their investment banker didn’t make it last time. — John Snell, Motley