White House Economist: Stalling Jobs Bill Will Have Grave Consequences

The White House’s top economist warned Friday that failing to pass the American Jobs Act will have grave implications for the U.S. economy.

“Too little attention is being paid to the economic costs if Congress fails to act on bold measures to spark job creation and growth over the next 12 to 18 months,” Gene Sperling, the Director of the National Economics Council, said in a Wall Street Journal op-ed.  “The current outlook suggests that the failure to pass bold measures would lead to serious harm to our economy, our small businesses and tens of millions of working families.”

Sperling explained that the ongoing high levels of unemployment run the risk of creating a situation where workers “lose their skills or become disconnected from the work force, causing lasting damage to the economy.”

The President campaigned heavily for the American Jobs Act as a complete legislative package. However, after it was blocked in the Senate, Congressional Democrats opted to pass individual provisions. The first, a $35 billion plan to help states rehire teachers and first respondners, failed to clear a procedural vote.