perilling america s sku e s sec. military leaders say they are already pinching pennies and the cuts heard them significantly. and the cuts are affecting readiness. take a listen. we re looking with sequestration at a long range problem that is significant. it will take us 10 plus years to get readiness back for the level we want under and i fully sequestered budget. a decade. are you buying that? you know, i don t buy it entirely because we heard prior to the sequestration cuts that it would have a dramatic and immediate effect on military jobs, on against contractor jobs. and those numbers that we heard prior to sequestration cuts going into effect haven t really born out. so what we re seeing here is that the military is doing what government agencies always do.e. so what we re seeing here is that the military is doing what government agencies always do. america complaint survive without this money. but it s pretty clear that there is a lot of fat that can be cut and a lot o
economy, threaten job creation. has an effect on gdp which has an effect on hiring. the manufactured crisis of these last few weeks harmed jobs and greg. now, that uh-oh moment, 204,000 jobs added in october, the same month as this ryanous government shutdown. 100,000 jobs more than expected. no surprise to jim. jim, the end of the world did not happen and much like the sequestration cuts which were going to be ruinous, didn t happen. of course it didn t happen. the bureau of labor statistics said there was no impact from the shutdown. they try to scare us into believing big government is the solution and we need to rely on them. i talk to business owners every day. not one of them said anything about the shutdown. in fact the few i could get to even talk about it said they ought to shut the whole government down. we d be better off.
yes, the twitter ipo, up big, over 70% on its first day. just like the quarterly gdp numbers today, everything is going gangbusters, well, on the surface at least. dig down into the great economic number we saw today, the gdp report, and we find that people actually pulled back on their spending in the last quarter. look closer and you will see that the sequestration cuts have taken an enormous chunk out of this economy. with the white house today estimating that the shutdown and debt ceiling fight cost up to 120,000 private sector jobs in the first two weeks of the quarter, it becomes obvious the politics of shutdown and irresponsible cuts are jeopardizing an economy that is still struggling towards recovery. joining us now is democratic
deficit reduction. including the current sequestration cuts, we will have cut $4 trillion, that s trillion with a t, through 2023. what s more, only about $1 in $5, 20% of savings, have come from revenue increases. everything else spending cuts. and i suppose, you know, mr. ryan will only be happy when that first number is zero in five, is that right? well, look, you re absolutely right, martin. if you look at the progress waef made over the last several years on deficit reduction. it s overwhelmingly come from cuts that will be made in the next ten years. cuts that are already in place. very little has come from revenue. that was when we allowed finally the tax breaks for folks at the very high end of the income scale to lapse last january. that brought in a little bit of revenue, but you still have
does some of the conversation change as well, josh, because the nation s deficit has been cut in half since the president took office. we just got word that the nation s deficit is below $1 trillion for the first time in five years. does that in any way change the conversation? i think it does. the congressional budget office says that debt as a share of gdp will be flat for the next decade. why would we have a grand bargain? there s no need for a further deficit reduction. republicans don t want the tax increase. democrats don t want entitlement cut asks why would they get together to reduce the deficit? the one thing that s motivating toward a grand bargain is that democrats dislike the sequestration cuts and would like to unwind them, but i don t think they can reach a deal to unwind very much of them because they would have to in order to offset them they would have to raise taxes or cut entitlements and people if they hate the sequester, they don t hate the sequester to cut