Commonwealth Institute: McDonnell Budget Costs Us 37,000 Jobs, Over $2 Billion in Lost GDP

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    (Given that we’re likely to get a bunch of ridiculous “analysis” in coming weeks about how Bob McDonnell was a pretty good governor, other than the corruption, I thought I’d remind everyone of McDonnell’s damaging austerity policies. Of course, they weren’t austerity for wealthy people, only for everyone else in Virginia. Thanks a lot, Bob! – promoted by lowkell)

    The “independent, nonpartisan, nonprofit” Commonwealth Institute just released a new study analyzing the impact of Bob McDonnell’s budget on Virginia’s economy. It’s not pretty.

    An estimated 37,000 job losses and reduced economic activity of over $2 billion will likely result from cuts to state spending in health care and education under the budget approved recently by the General Assembly according to a new, comprehensive study released today by the Commonwealth Institute for Fiscal Analysis.

    In addition, the analysis estimates that the cuts will result in over $2.2 billion in lost gross domestic product over the biennium and over $1.5 billion in lost personal income.

    “We are not just talking about a few jobs here,” says Michael Cassidy, Institute Executive Director. “We’re talking about causing the layoffs of more people than are currently employed with Northrop Grumman’s Newport News Shipbuilding. That’s never okay.”

    Using nationally recognized REMI economic modeling, The Commonwealth Institute estimates that 37,000 jobs would be eliminated under the General Assembly’s compromise budget, which now awaits the Governor’s signature.

    As always, heckuva job by the Republicans.