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In the fall of 2003, the IFC prepared a market survey on the demand for fixed assets (published April 2004). The response to their survey showed that this demand was at $383 million. Furthermore, businesses were asked to rate a list of impediments or obstacles to their business development. In order they were: unfavorable business climate, unfair competition, high taxes, and lack of credit/investment. Although the change in government has resulted in some positive changes in the first three areas, the “lack of credit/investment” is not currently being addressed. What the aforementioned comparisons demonstrate is. | CENTURY ISSUE BRIEF 311 AUGUST 4 2011 FOUNDATION DEBT CEILING DEAL THREATENS DEEP JOB LOSSES AND LOWER LONG-RUN ECONOMIC GROWTH BY ANDREW FIELDHOUSE AND ETHAN POLLACK M onths of deficit hysteria have culminated in a debt ceiling deal that will boost joblessness in the short run and depress economic growth in the long run. By reducing economic output by more than 40 billion in 2012 241 billion when counting key measures rejected in the deal and cutting the non-security discretionary budget as a share of gross domestic product in half by 2021 the deficit-reduction package poses a serious risk to the already-stagnant economic recovery. According to revised data GDP grew at an annualized rate of 0.8 in the first half of 2011 about one-third of the economic growth needed to keep unemployment from rising further.1 The new data also indicate that the economy shrank 24 more during the downturn than previously measured.2 These numbers combined with dismal May and June employment reports should have focused Congress on the jobs crisis. Instead Congress fixated on deficit reduction and enacted legislation that will exacerbate the jobs crisis by eliminating roughly 1.8 million jobs and significantly impede our capacity to regrow the economy. The deal The debt ceiling legislation which allows the debt ceiling to rise in three phases through the end of 2012 has two steps. The first step cuts the discretionary budget by almost 1 trillion over the next 10 years with most of the cuts coming from the non-security discretionary budget the portion of the budget that funds education infrastructure and the social safety net among other things . The second step requires a joint committee of three Democrats and three Republicans from each chamber to negotiate an additional 1.2 trillion to 1.5 trillion in cuts by 2021 and gives the negotiated package a procedural fast-track in Congress. ECONOMIC POLICY INSTITUTE WWW.EPI.ORG AND THE CENTURY FOUNDATION WWW.TCF.ORG The committee s failure to
