It’s Spending Cuts By Republicans That Have Led To Joblessness
Here are the facts:
Although the private sector added 57,000 jobs in June, that tiny progress was reduced by the 39,000 jobs shed by federal, state and local governments, much of which came from education. As David Leonhardt noted in The Times on Friday, cutbacks in state and local spending have cost the economy about a million public-sector jobs over the last two years, in part because the federal stimulus program, bitterly opposed by Republicans, ended too soon.
The president needs to stop doing what the Republicans are doing when they connect the economy to the debt.
To his credit, he talked about the one step that would work — investing money in rebuilding the country. But the debt-ceiling ideas he is now considering would make that investment much less likely by pulling hundreds of billions of dollars out of the economy at precisely the moment when the spending is needed most.