03.25.11

Texas will hemorrhage jobs if House GOP budget passes

Posted in Around The State, Commentary, Right Wing Lies, Taxes, The Economy at 6:00 am by wcnews

It’s impossible to understand how putting hundreds of thousands of Texans on the unemployment line is going to be good for the economy in Texas.  Yet that is exactly what the Texas Republican’s plan is thus far, LBB Estimates State Budget Would Eliminate 335,000 Jobs in 2013.

The Legislative Budget Board (LBB) predicts that the state budget approved yesterday by the House Appropriations Committee would result in 272,000 fewer jobs in Texas in 2012 and 335,000 fewer in 2013. The LBB predicts that the budget would eliminate 117,000 private sector jobs in 2012 and 146,000 in 2013.

Too many of us have been fed Republican lies on the economy, for too long, and have come to belive them. Here’s four GOP lies on the economy, The Republicans’ Big Lies About Jobs.

  • Cutting taxes on the rich creates jobs.
    Nope. Trickle-down economics has been tried for thirty years and hasn’t worked.
  • Cutting corporate income taxes creates jobs.
    Baloney. American corporations don’t need tax cuts. They’re sitting on over $1.5 trillion of cash right now
  • Cuts in wages and benefits create jobs.
    Meager wages and benefits are reducing the spending power of tens of millions of American workers, which is prolonging the jobs recession.
  • Regulations kill jobs.
    Congressional Republicans are using this whopper to justify their attempts to defund regulatory agencies. Regulations whose costs to business exceed their benefits to the public are unwarranted, of course, but reasonable regulation is necessary to avoid everything from nuclear meltdowns to oil spills to mine disasters to food contamination – all of which we’ve sadly witnessed.

It’s pretty simple really, and it isn’t rocket science. The last time we saw massive job creation in this country was after the last time taxes were raised on the rich (Clinton’s first term).  We’re unlikely to get out of the economic funk we’re in until that is done, coupled with massive infrastructure spending to put people back to work. But Democrats are falling down, and by and large, won’t speak to the issue of raising taxes on the rich. More from Reich.

House Majority Leader Eric Cantor was in town yesterday (specifically, at Stanford’s Hoover Institute where he could surround himself with sympathetic Republicans) to tell this whopper: “Cutting the federal deficit will create jobs.”

It’s not true. Cutting the deficit will create fewer jobs. Less government spending reduces overall demand. This is particularly worrisome when, as now, consumers and businesses are still holding back. Fewer government workers have paychecks to buy stuff from other Americans, some of whom in turn will lose their jobs without enough customers.

But truth doesn’t seem to matter. Republicans figure if their big lies are repeated often enough, people will start to believe them.

Unless, that is, those big lies are repudiated – and big truths are told in their place.

We’ve been decreasing taxes on the rich for 40+ years and look where it has gotten us. It’s time we learned, or relearned economics, and get back to what works.

1 Comment »

  1. Eye on Williamson » Rick Perry and lost faith said,

    April 27, 2011 at 9:37 am

    [...] also says he has lost faith in the LBB because of their dire warnings on the GOP austerity budget that was passed in the House. Meanwhile, Perry was also asked about state projections showing that [...]

Leave a Comment

You must be logged in to post a comment.