Rachel Maddow reporting that the debt ceiling agreement means losses of 300+ thousand jobs

[flamingdem]

and that it will put the economic growth into the negative. I'm not sure if that meant for the year.

[woolldog]

1. As much as I dislike the deal,

I highly doubt that.

There are only 22 billion of cuts this year.

[boxman15]

2. ^ This

[flamingdem]

4. I know that's why I posted, I'd have to hear it again and what timeframe

is involved. She did cite that number however.

[girl gone mad]

15. No idea where you got that number.

Tom Ferguson says the impact will be $300 billion, starting in October.

http://www.creditwritedowns.com/2011/08/debt-ceiling-deal-all-cuts-no-taxes.html

[bhikkhu]

19. No actual cuts until 2013

...what is counted as current cuts is the 1 trillion saved over ten years by eliminating scheduled spending increases. So, over ten years, instead of automatically adding 3% or 2.5% (I forget which) to operating budgets, they have been capped at the current level of spending. The effect this year is fairly small. Over time, probably the worst effect this might have is pay raises for public employees aren't funded - so here's hoping inflation doesn't kick up.

The rest of the cuts have to be proposed and scheduled beginning in 2013.

[PVnRT]

24. The upcoming cuts will lead to government workers being laid off

See the EPI report link downthread. It may not happen right away, but those jobs are going away, and that's even more depressed demand.

[FreakinDJ]

3. being growth was revised downward

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[baldguy]

6. It will turn a recession into a full-blown depression.

Make the '30s look like a cake walk.

[pnwmom]

9. That's what defaulting would have been guaranteed to do. n/t

[amborin]

11. Obama had other options besides caving

[stklurker]

13. such as? nt

[flamingdem]

12. Default was not an option, I see this as utterly deliberate, Repukes are traitors! nt

[baldguy]

17. And what will cutting $1 trillion out of the economy do?

[Armstead]

7. Her source

http://www.epi.org/analysis_and_opinion/entry/whats_missing_from_the_debt_ceiling_debate_jobs/

[woo me with science]

20. Thank you. nt

[pnwmom]

8. As opposed to how many millions if we went into default? n/t

[flamingdem]

14. We need to be in revenge mode, the teaparty must cease to exist

and a pile of repuke ninnies along with them

[pnwmom]

18. Yes, we need a monumentally large BACKLASH. n/t

[girl gone mad]

16. Default could have easily been avoided, even in absence of a Congressional deal.

We are a sovereign currency nation. We can always pay our bills.

[amborin]

10. EPI reported that yesterday, and worse:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1635881

[awoke_in_2003]

21. there is plenty of room for Rachel...

under the bus- they tossed Keith to the side because of his large head.

[Solomon]

26. And there's not one person on this thread throwing her under the

bus. Why do you people do this kind of shit?

[totodeinhere]

22. Rachel also had Josh Rogin on saying that this deal might not result in any Defense Department cuts.

http://thecable.foreignpolicy.com/posts/2011/08/02/levin_and_mccain_we_have_no_idea_how_much_debt_deal_cuts_defense

That of course is no surprise to many of us who have been skeptical of this deal from the very first.

[Supersedeas]

23. finally someone talking about the real economic impact of this deal

gawd, there is so much meaningless bloviating on TV

[treestar]

25. so that means it will happen that way?

So the default would have been better?

I heard all sorts of stuff that the default was going to be terrible and cause this global meltdown and that was the reason for the deal.