Paul Ryan & His Job-Killing Budget
By: Meredith Kelly
Speaker Ryan has managed to take over leadership of the House Republican caucus even though he missed a key lesson from elementary school: you can’t add by subtracting. Despite his claims that he wants to create jobs and grow the economy, Speaker Ryan’s budget could cost three million jobs, and results in even more people missing out on job training. Perhaps the hypocrisy of Ryan’s job-killing budget proposal is less surprising when taken with Ryan’s comments that our government shouldn’t focus on “promoting maximum employment” for Americans.
2014: Ryan Said He Wanted The Federal Reserve To Stop Focusing On “Promoting Maximum Employment.” “Over the years, Congress has expanded the Fed’s mission, bringing it further into the sphere of political and legislative activity. In the 1970s, the Fed was tasked with a new mission: promoting ‘maximum employment.’ Ever since then, it has had a dual mandate, and in attempting to fulfill both duties, it has adopted risky and costly monetary policies.” [Paul Ryan, The Way Forward, published 8/19/14]
Economic Policy Institute: Ryan Budget Could Cost 3 Million Jobs. “On net, I estimate that the House budget resolution would decrease GDP by 0.9 percent and decrease nonfarm payrolls by 1.1 million jobs in fiscal year 2015, relative to CBO’s current-law baseline. The following fiscal year, when Ryan’s cuts to discretionary spending kick in, ‘The Path to Prosperity’ would decrease GDP by 2.5 percent and cost 3.0 million jobs. And if the recovery remains sluggish, large job losses could continue under the Ryan budget in 2017 and beyond.” [Economic Policy Institute, 4/01/14]
OMB: Republican Budget Would Result In 3.5 Million Fewer Receiving Job Training. “Job Training – More than 3.5 million fewer individuals would receive employment and training services through Department of Labor job training programs.” [OMB, 4/01/14]