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New jobs numbers show folly of recent obsession with budget cuts

Chad Stone, one of the nonpartisan experts at the Center on Budget and Policy Priorities, issued a powerful statement this morning about the warning that the latest disappointing jobs creation numbers are sending about the recent  obsession in Washington with budget cuts.

Here’s the lead:

“Today’s employment report should be a wake-up call to policymakers who continue to say the budget deficit is a more immediate threat to the economy than the jobs deficit.  Nearly two years after the economy technically turned the corner from recession to recovery, job growth was disappointing in May and unemployment remained high.  At the same time, interest rates are very low (see chart), indicating that financial markets are far more concerned in the near term about a sluggish recovery than about deficits, debt, or inflation.”

You can (and should) read the entire article by clicking here.

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