“The pound of flesh, which I demand of him,
Is dearly bought; ’tis mine and I will have it.”
“The Merchant of Venice”
Is the goal to do what’s best for the country?
Or do Republicans in Washington simply want their promised pound of flesh from the government, regardless of the consequences?
Mark Zandi, chief economist of Moody’s Analytics and a former economics adviser to John McCain, reports that passage of the budget cuts demanded by House Republicans “would reduce 2011 real GDP growth by 0.5% and 2012 growth by 0.2%. This would mean some 400,000 fewer jobs created by the end of 2011 and 700,000 fewer jobs by the end of 2012…. Significant government spending restraint is vital, but given the economy’s halting recovery, it would be counterproductive for that restraint to begin until the U.S. is creating enough jobs to lower the unemployment rate.”
Last week, a private study by Goldman Sachs produced for its investor clients estimated that passage of the GOP budget