Moody's says the Republican Continuing Resolution plan would cost the jobs of 700,000 Americans. Considering how many federal workers live in Virginia, such a move would be sure to hit Virginia families especially hard. That staggering figure would go on top of the already mind-blowing jobless numbers:
- There are 7.7 million fewer payroll jobs now than before the recession started in December 2007.
- Almost 14 million Americans are unemployed.
- Of those unemployed, 6.2 million have been unemployed for six months or more.
- Another 8.4 million are working part time for economic reasons,
- About 4 million more have left the labor force since the start of the recession (we can see this in the dramatic drop in the labor force participation rate),
- of those who have left the labor force, about 1 million are available for work, but are discouraged and have given up.
It's the second independent economic analysis in recent days showing the Republican budget stopgap would be an economic disaster. Meanwhile, from his lazily misinformed comments on the massive cut in Metro funding in the House Continuing Resolution, it’s not clear Gov. Bob McDonnell is even fully engaged on the issue. Too busy trying to manage women’s bodies to govern Virginia’s economy?