Some may say that the last thing America needs is more lost jobs—especially in light of sequestration, which will eliminate 750,000 this year on its current course.
However, Representative Paul Ryan’s budget plan, which was unveiled yesterday, will eliminate 2 million jobs in 2014, according to an analysis by the Economic Policy Institute.
According to The Huffington Post, EPI found that Ryan’s plan, which seeks to cut the federal budget by $4.6 trillion over the next ten years, would shrink the economy by 1.7% and increase unemployment by 0.6 to 0.8 percentage points. To do this, the plan would rely primarily on cutting domestic spending.
However, these findings should be viewed with a discerning eye: EPI is funded by unions and foundation grants, which could have political agendas of their own.
At any rate, political experts doubt that the proposed budget has much of a chance at becoming law.
Image source: Flickr/Gage Skidmore