A top economist says President Barack Obama’s job plan will likely add 1.9 million jobs and grow the economy by 2 percent.First, these are just guesses, but they're educated guesses by the best folks out there. Second, I suspect a portion of this bump, maybe 50%, is from continuing the payroll tax cut and the extension of unemployment benefits. But, considering the GOP doesn't want any of it, the bump is still relevant.
Mark Zandi, chief economist at Moody’s Analytics, also said Obama’s $447-billion plan would likely cut the unemployment rate by a percentage point, United Press International reported on Friday.
An important point here, that the administration isn't really hitting on enough, is that if the GOP doesn't extend unemployment benefits and the payroll tax cut the economy is going to take a serious hit. So, not only are the Republicans refusing to help the economy by opposing Obama's new plan, they're actually going to be increasing unemployment and decreasing GDP growth.
