Krugman’s Jobs Number

I’ve been quoting Jed Lewison’s calculation of 1 to 2.5 million fewer jobs created with the centrist cuts to the Senate bill, based on an estimate of $140 billion in cuts. Paul Krugman, however, is calculating 600,000 fewer new jobs over the next two years, based on a lesser $86 billion in cuts.

Either way, the centrists and capitulators are telling 600,000+ Americans…

No jobs for you!

Dean Baker (via Steve Benen) puts a fine point on this:

We should talk about the spending cuts as job cuts.

Exactly. If the president can make a case like this on Monday night in prime time, it might just provide the muscle needed to shove the numbers back up.

I think I said it here yesterday: More spending equals more jobs equals more economic growth.

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  • CS

    Yeah, Keynesian economics worked out real well in Japan…

  • GIthePotato

    Is this Japan? Shit I knew I felt the urge to go jump off a bridge.Give me more jobs and spending or give me death!While I live let me have a country a free country!If I know anything about the Congress and Bills it is that this bill will get an additional $150 billion added to the total after it passes behind closed doors.

  • CS

    Those who don’t learn from history are doomed to repeat it. We’re making the same mistakes we made about seven decades ago. We’re making the same mistakes that have been made in other countries. Oh well, don’t say you weren’t warned.

  • GIthePotato

    So the only thing that will get us out of this depression is another World War? Is that what you are recommending? It should fulfill the “End Times” bullshit mythology for your conservative friends.This thing will work if we can the GOP to stop cutting jobs spending.What do you recommend that President Obama does? Should he go all Hoover and the deficit? All Reagan on the middle class causing further death/destruction/drugs and race baiting?

  • CS

    Please. The “end times” crap is just BS from nutty televangelists…Not exactly mainstream conservative thought.I certainly don’t think borrowing more money is the long term answer here. You know, we’ve had an artificially inflated economy. Pain is inevitable. We have to go through a deleveraging process that will be better for us in the long term than this temporary bandaid that will put us at risk for serious monetary issues in the not so distant future.

  • http://nanotyrnns.blogspot.com/ Nanotyrannus

    Frak I thought I never would say this butI effing miss TypeKey!!1!

  • GIthePotato

    CS,You just marginalized 80% of your party and voting power by selling out the Evangelicals. Please keep it up. We will lie to them just the same way their preachers and the GOP has for years.I am still waiting to a recommendation. So it was OK to have a bloated economy under BUSH but President Obama has to fix it and everyone needs to do the right thing?

  • CS

    No, extreme evangelicals hardly make up 80% of the Republican Party. People who work for a living and go to church? Sure. Televangelists? Nah…I don’t approve of George Bush’s spending. Not everyone is a party hack that checks to see what letter comes after a politician name before making a judgement.Barack Obama is the president now, therefore he should make decisions that are smart for the United States long term. I don’t view this bill as anything close to that.

  • GIthePotato

    CS,You are right extreme evangelicals make up 99% of the GOP. You are also right that they don’t look at the letter after the name because The Jesus tells them it is OK.I am still waiting on a suggestion. It is easy to bitch about the President and the Bill but you can’t give me one suggestion about what our new President should do.

  • CS

    We should be cutting spending, not increasing spending. There’s an incredible amount of waste in the federal government….We should also find innovative ways to spur the economy, and restructure/simplify the tax code, and give EVERYONE tax breaks on payroll taxes and capital gains taxes….Great point on the 99% thing. Very mature way of thinking there, Bubba.

  • GIthePotato

    I believe that we need roads, bridges, electrical grids, green power generation, and anything else that can pull this country out of the 1950s.Yes, maturity is something I am lacking at 0200 and when dealing with Voodoo Economics. This is a failed policy that was voted out this election. We haven’t tried President Obama’s idea since the 1930s but we have tried supply side economics for the last 30 years. IT DOESN’T WORK for “WORKING” Americans.

  • SillyGit

    Barack Obama is the president now, therefore he should make decisions that are smart for the United States long term. I don’t view this bill as anything close to that.

    I guess you missed President Obama saying this the other night (paraphrased) “The spending *is* the Stimulus…. Really. We are not going to use theories that have shown to not work.”Your Chicago School theories are bogus bullshit. We aren’t buying it anymore. You had your turn, you fucked up, we elected a different group that also believe that your theories are bullshit, so we are now going to try something else. Get over it. We are not going to use any more Voodoo economics. I don’t care that you think we are wrong. I don’t care what you think at all. It’s our turn to fuck things up now. So shuffle off to freeper land.

  • SillyGit

    Hey, I have your 73 trillion that was wasted on the New Deal.Bend over and I’ll return it.After all, that was just something you pulled out of your ass.

  • SillyGit

    I wonder if CS is the initials of Cork Soaker.Ever notice how many Republican male members of congress keep getting caught soliciting sex in Men’s Rooms? And the ones that like boys.Yeah, It’s really the Grand Ole Partayyyy.

  • http://www.ieatgravel.com/ I Eat Gravel in Alaska

    CS,Just explain why you think doing what we’ve done for the past two and a half decades is somehow the magic answer now. It’s obviously not working. How long do we give it? A century?

  • jasperjava

    It’s no use arguing with fanatical demagogues like CS. CUTTING SPENDING??? During a RECESSION??? He’s channeling Herbert Freakin’ HOOVER.Over the last few years the right-wingers have been drinking some kind of wacko ass-backwards topsy-turvy kool-aid that makes them think that HOOVER was right and Roosevelt was wrong. This is so unbelievably anti-historical. They probably believe that Peru bombed Pearl Harbor and Aristotle was Belgian.It’s pretty rich for a Republican to complain about government spending after Dubya poured nearly a trillion dollars in a bottomless pit in Iraq. At least the Obama plan will result in some needed infrastructure, not just a bunch of graves at Arlington. Talk about “shovel-ready”.

  • origins

    Bob writes:”Bush’s tax cuts went to the richest 1% of the country. You’re a fucking moron!”Really?Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[45] In addition, the child tax credit went from $500 to $1000, and the “marriage penalty” was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.

  • origins

    Why do you all believe more borrow and spending will help? You’ll just have to take it back from the people later. So currently the government takes $10 Billion a day from the workers, and proposes to borrow another trillion with $300 Billion in interest, so get the unemployment rate back to 4% from 8%?Government is clearly too expensive, that is were cuts need to be made. Yes that means people.There’s more waste in government than in any other organization.Hasn’t the government been spending Trillions every year for the last 2 decades?You believe spending more the way they do is the answer? You think the bidding on contracts isgoing to happen within 6 months?We know how you all love to mention Iraq at this point, but please don’t bring up again… Iraq accounts for less than 4% of what the Federal government spends each year, add in state and city bugets and you at even less a percentage.Give everyone a raise, like Barrack promised.Tax cuts for 95% of Americans. Those makingless than $250,000 a year.Then cut redundant useless failed government programs like he also promised, line by line.Give everyone a raise, like Barrack promised.Tax cuts for 95% of Americans. Those makingless than $250,000 a year.Then cut redundant useless failed government programs like he also promised, line by line.

  • origins

    Give everyone a raise, like Barrack promised.Tax cuts for 95% of Americans, those making less than $250,000 a year.Then cut redundant, useless, failed government programs like he also promised, line by line.THAT will revive the economy.$10 Billion a year to run the IRS?

  • origins

    Same Krugman that worked for Enron?Borrow Trillion Billions for temp jobs?

  • http://www.bobcesca.com Bob Cesca

    >>>We should be cutting spending, not increasing spending.Yeah, these trolls are totally against spending unless it’s for a $12 billion a month boondoggle in the middle east that also cost us 35,000 American casualties and over a million Iraqi civilians who were aborted in the 100th trimester.Smart!

  • origins

    your boondoggle costs less than 4% of the annual budget, which means to the average normal rational thinking human being, 96% of the rest is being spent elsewhere, add in state and local government budgets, and your hyper-emotionally nuanced figure pales in comparison to what’s spend elsewhere, in fact it’s negligible. THAT’s what the problem really is….

  • http://www.bobcesca.com Bob Cesca

    WHOOPS! Origins is plagiarizing from Wikipedia and will be banned.Origins wrote without sourcing or quoting:”Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[45] In addition, the child tax credit went from $500 to $1000, and the “marriage penalty” was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.”And the Wikipedia entry:”Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[45] In addition, the child tax credit went from $500 to $1000, and the “marriage penalty” was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.”http://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administrationIndicentally, notice the debt chart on the same pages. I assume Origins is okay with the doubling of the national debt. I mean, it’s on Wikipedia so it must be *exactly* what Origins thinks.

  • http://www.bobcesca.com Bob Cesca

    >>>your boondoggle costs less than 4% of the annual budgetAnd what percentage of the budget is the money that has simply vanished over there? What percentage of the budget is the 35,000 American casualties?Oh wait. You can’t answer without plagiarizing. And I’ve banned you.Sorry!

  • http://www.broadwaycarl.blogspot.com Broadway Carl

    If I know anything about the Congress and Bills it is that this bill will get an additional $150 billion added to the total after it passes behind closed doors.

  • http://www.broadwaycarl.blogspot.com Broadway Carl

    Don’t know why my comment wasn’t included:If I know anything about the Congress and Bills it is that this bill will get an additional $150 billion added to the total after it passes behind closed doors. To which I responded:Right GI, and it’ll be $150 billion in corporate tax cuts.Origins – Seriously? Iraq cost less than 4% of the annual budget but the Bush admin forgot to INCLUDE that $12 billion a month in the annual budget. It was supplemental spending.

  • http://www.broadwaycarl.blogspot.com Broadway Carl

    Wow, it takes a lot for Bob to ban someone. Copy and paste is a no-no unless you cite the reference. It’s okay, origins. I’m sure you’ll come back as some other troll-like character.

    Heh. Banned.

  • D. C.

    One observation about Keynesian economics and the Great Depression:Yes, it was WW II that ultimately got us out of the Depression, but what was it about WW II that ended the Depression? Was it the millions of people being killed? No, it was . . .Wait for it. . . Government spending! Yes, the government spent unprecedented amounts to meet the demands of the war effort and that’s what ended the Depression.Voodoo economics has not worked. Cutting taxes on the wealthy does not create jobs in America because the wealthy have just invested in moving jobs to Mexico and China over the last 30 years. Reinvesting in our infrastructure creates jobs.Trickle down economics is just another was of saying the middle class will be pissed on again.

  • SillyGit

    You’ll just have to take it back from the people later.Yes. You will. The difference being that when they have a job, they pay taxes. No jobs, no taxes. No spending now, no jobs later.What is your plan to get the 7.3% plus the unemployed that have been unemployed so long that they no longer appear in the statistic back to work?You are aware the the unemployment rate only includes those people that still collect unemployment compensation. We have no idea how big the number really is. My guess based on observation is that is probably 15 – 20%.These trolls are as dense as a box of depleted uranium.

  • http://www.ieatgravel.com/ I Eat Gravel in Alaska

    Oh, don’t ban him. When everyone is asleep, people like him keep me going. :(