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GOP economic ideas would have "little immediate effect"

Despite no real jobs plan of their own—and ideas that would have "little immediate effect"—Republicans in Congress have been doing everything in their power to prevent passage of the President's American Jobs Act, a plan that would create more than 1 million jobs.

From today's New York Times:

"While economic forecasts are not definitive, in that they are predictions, Macroeconomic Advisers, a St. Louis-based firm that the Federal Reserve often uses, has projected that the Obama jobs plan could increase economic growth by 1.25 percentage points and add 1.3 million jobs in 2012. Moody’s Analytics, another firm, has estimated it would add two percentage points and up to 1.9 million jobs.

"Joel Prakken, chairman of Macroeconomic Advisers, said Republicans had 'reasonable ideas' but not ones that could be measured by the firm’s forecasting model. He said he believed the proposals 'would have little immediate effect relative to a plan that stimulates aggregate demand'—that is, a plan like Mr. Obama’s, with tax cuts and spending programs.

"Mark Zandi, chief economist at Moody’s Analytics, similarly said the Republican proposals 'are generally good longer-term economic policy, but they won’t mean much for the economy and job market in the next year.' He continued: 'Given the high odds of another recession in the next few months, it is vital for Congress and the administration to provide some near-term support to the economy.'"

Read the full article at the New York Times.