Skip to comments.House spending cuts hurt U.S growth -Goldman Sachs (yes, Goldman Sachs)
Posted on 02/24/2011 9:07:20 AM PST by mewykwistmas
Feb 23 (Reuters) - A $61.5 billion spending-cut bill passed by the U.S. House of Representatives on Saturday would slow economic growth significantly this year, according to an analysis by the global investment firm Goldman Sachs (GS.N).
"Under the House passed spending bill, the drag on GDP growth from federal fiscal policy would increase by 1.5pp (percentage points) to 2pp in Q2 and Q3 compared with current law," according to Alec Phillips, who signed the analysis that is dated Tuesday.
Democrats, who want to maintain spending this year at around current levels, seized on the Goldman Sachs analysis.
"This nonpartisan study proves that the House Republicans' proposal is a recipe for a double-dip recession,"
(Excerpt) Read more at reuters.com ...
Didn’t Goldman Sachs benefit from TARP and Porkulus, to the tune of tens of billions, straight to their bottom line?
Perhaps the headline should instead read: “Recipients of Vast Amounts of Government Largess Insist Even More Largess To Them Is Good For Country, and Failure To Continue To Give Them More Largess Would Result In Doom and Disaster”.
I think that about covers it.
Of course they hate the thought of budget cuts.
The media has really outdone itself this time. Clowns.
I guess this band of thieves was hoping for another golden parachute from their paid lackey in the White Hut, and last year’s election made that unlikely SINCE WE ARE BROKE.
Bottom line...he Morgan Stanley manager's position is that debt is NOT good for the economy and it needs to come down. The Goldman individual's position is that debt IS good for the economy and we need to maintain debt levels.
Very interesting. I'm happy with the shares I own in Morgan.
Goldman-Sachs is in bed with the Dem political leadership as they loot the US Treasury together.
Why not just increase spending by $500 Trillion dollars if spending helps the economy so much. Just think of the growth then!
So, why not spend $61 Billion more and get our GDP growth to 5%? How about spending $610 Billion and get the GDP skyrocket? Hmmmm...we tried even worse with “Stimulus”.
Goldman Sachs scumbags, former and present, have their filthy, bloody fingerprints all over the financial crash, the bailouts and the Obama Stimulus.
They have taxpayer money in their pockets and in their offshore bank accounts.
If they are against something, anything, you can bet it is good for America.
Better yet just give everyone in the country 20 million dollars and we can all retire and sail the world handing out free beer.