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The GOP’s Mythical Jobs Agenda

By Guest Contributor  

"The GOP’s Mythical Jobs Agenda"

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Our guest blogger is Adam Hersh, an economist at the Center for American Progress Action Fund.

This is the House Republican’s idea of a “jobs agenda”? They must be joking. In fact, the policy platform outlined by House Majority Whip Kevin McCarthy (R-CA) offers a laundry list of half-baked policies that are resounding jobs killers. That’s because, across the board, the Republican “jobs agenda” reduces demand, undermines middle class families, blocks development of renewable energy industries, and recreates the possibility of future financial crises.

The Republican budget plan, for instance, is the most complete articulation of the GOP’s flawed strategy for job creation and economic growth. Passed by the House on a party-line vote in April, it was rejected by the Senate. But the plan still illustrates core party principles that voters should know are at stake in the 2012 elections. The Republican budget:

All told, the Republican budget would kill an estimated 1 million jobs.

The budget, however, wasn’t the only indication of the GOP’s priorities. The Republican “jobs agenda” presents a litany of bills that in fact provide explicit subsidies for corporate oil, coal, and gas producers. Those subsidies, and the stranglehold big oil, coal, and gas companies have on national energy policy, are blocking the development of a fledgling advanced technology manufacturing industry that will create jobs right here in the United States: the renewable energy industry. While the rest of the world, including China, is fighting to develop a future based on renewable energy, the Republican “jobs agenda” would keep the U.S. mired in early 20th century technology.

But perhaps no policy is a bigger jobs-and-growth killer than the unregulated financial predation and speculation that created the housing bubble, financial crisis, and economic weakness the U.S. economy now faces. But the Republican “jobs agenda” works tirelessly to recreate the financial policy conditions that created those crises in the first place. On the GOP’s agenda are plans to:

  • Gut funding from the Commodity Futures Trading Commission — the regulatory body charged to make sure that derivatives and futures speculation does not metastasize as a “financial weapon of mass destruction,” derailing the U.S. economy.

Need I say more? Republicans have no job creation agenda.

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