Tags: Camp | Furman | sequester | jobs

Camp Slams White House Claim That Sequester Cost Jobs

Image: Camp Slams White House Claim That Sequester Cost Jobs

By John Gizzi   |   Wednesday, 23 Oct 2013 09:59 AM

House Ways and Means Committee Chairman Dave Camp has lashed out at the government's chief economic adviser for claiming spending cuts under the sequester have harmed job creation.

Instead, "the continued failure of the administration's policies to promote the job growth Americans need has forced the administration to repeatedly try to place the blame elsewhere," the Michigan Republican told Newsmax.

"The fact is nearly half of the Federal Reserve regional banks say that Obamacare is contributing to reduced hiring and continued economic uncertainty."

"Given the drag it is having on our economy, it is clear that Obamacare is where we should be focusing our attention," he said.

Camp's comments came after White House Council of Economic Advisers chairman Jason Furman spelled out the administration's case that the recent government shutdown was a "self-inflicted wound" that cost the economy jobs.

Along with the shutdown, sequestration cuts that automatically kicked in last spring were harming job creation, claimed Furman. His remarks came as the administration announced that 146,000 jobs, a disappointing total, were added to the economy in September.

"Do you have hard evidence that the cuts in sequestration are a negative effect on the recent jobs situation that you described and are causing a diminished job creation in the private sector?" Newsmax asked Furman at the briefing.

Furman replied, "I think a reasonable estimate comes from the Congressional Budget Office, and they said that the sequester would cost us 750,000 jobs over the course of a year. That works out to be about 60,000 fewer jobs per month.

"Think how different this month's report would have been if you had had an extra 60,000 jobs.

"Federal Reserve Chairman Ben Bernanke has testified, referring to similar numbers for the impact of sequester," Furman said, "and a number of private-sector forecasters have seen that as well."

John Gizzi is chief political columnist and White House correspondent for Newsmax.


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