Excerpt:
And Don Norman of Manufacturer’s Alliance/MAPI has researched the nation-wide ramifications of such an action. “I took a very detailed study conducted by NERA consulting, which was limited to 11 states,” he said, “and tried to expand the results for the entire nation. I found that the annual attainment cost is estimated to be just over $1 trillion per year between 2020 and 2030. This is equivalent to 5.4 percent of projected GDP in 2020. GDP itself would be reduced by approximately $677 billion in 2020 and further, we’d have significant losses of jobs, something like 7.3 million based upon current Bureau of Labor Statistics projections for the labor force.”
Those huge numbers ought to get your attention. The $677 billion in lost GDP is 86 percent of the amount of the Obama stimulus, and the 7.3 million lost jobs is about half of the number of total unemployed persons reported in September. It is small comfort that these severe losses in GDP and jobs won’t occur for a few years.
Clearly, Mr. Obama’s background as a community organizer and as a law school lecturer did not provide him even the most elementary understanding of economics, and everything in his performance as president indicates that economic principles are as foreign to him as speaking Martian. Or perhaps they are just less important than other things.
Those huge numbers ought to get your attention. The $677 billion in lost GDP is 86 percent of the amount of the Obama stimulus, and the 7.3 million lost jobs is about half of the number of total unemployed persons reported in September. It is small comfort that these severe losses in GDP and jobs won’t occur for a few years.
Clearly, Mr. Obama’s background as a community organizer and as a law school lecturer did not provide him even the most elementary understanding of economics, and everything in his performance as president indicates that economic principles are as foreign to him as speaking Martian. Or perhaps they are just less important than other things.
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