Table 1
Near-term macroeconomic effects of successfully navigating the fiscal obstacle course
| Budgetary cost (+) or savings (-) (billions) | GDP impact (% GDP) |
Employment impact (thousands of jobs) | ||||
|---|---|---|---|---|---|---|
| 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |
| Job-creation provisions | ||||||
| Emergency Unemployment Compensation | $47 | $48 | 0.4% | 0.4% | 539 | 524 |
| Aid to state governments | 50 | 40 | 0.4 | 0.3 | 495 | 378 |
| Infrastructure investment | 22 | 38 | 0.2 | 0.3 | 237 | 400 |
| Investment in teachers and schools | 34 | 14 | 0.3 | 0.1 | 354 | 135 |
| Targeted tax rebate | 53 | 0 | 0.4 | 0.0 | 502 | 0 |
| Total, job-creation provisions | $206 | $140 | 1.8 | 1.2 | 2,126 | 1,437 |
| Savings | ||||||
| Upper-income Bush-era tax cuts and estate and gift tax cuts expire | -$63 | -$74 | -0.1% | -0.1% | -102 | -70 |
| Total | $142 | $66 | 1.7% | 1.1% | 2,024 | 1,367 |
Notes: All policies are scored relative to EPI's current policy baseline (detailed in the appendix). This table presents the impact in calendar years 2013 and 2014.
Source: Authors' analysis of Congressional Budget Office (2012b; 2012d), Department of Labor (2012), Joint Committee on Taxation (2010), Office of Management and Budget (2012), Moody's Analytics (Zandi 2011a), and Bivens and Fieldhouse (2012a)
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