I plan to give Mitt Romney’s new jobs plan a careful read. He has some serious economists with lots of government experience working for him now (Glenn Hubbard, Greg Mankiw), so let’s see what’s he’s bringin.’
But it is hard not to jerk the knee in attack when you read something like this:
“Mitt Romney will immediately move to cut spending and cap it at 20 percent of GDP.”
According to CBO, that would reduce government spending in the 2012 economy by 3% of GDP, or $476 billion. I truly can’t imagine any reasonable economist of any political stripes who doesn’t believe that would turn an already weak economy back into a recessionary economy.
Glenn…Greg…what say you?