This girl’s in serious trouble. Maxine Waters (D-Calif.) just attended a meeting with Fed chairman Ben Bernanke who gave her the inside scoop on the impact of the sequester and she was only too happy to tell us all about it:
Yesterday we did have Mr. Bernanke in our committee and he came to tell us what he’s doing with quantitative easing and that is trying to stimulate the economy with the bond purchases that he’s been doing because he’s trying to keep the interest rates low and jobs – and he said that if sequestration takes place, that’s going to be a great setback. We don’t need to be having something like sequestration that’s going to cause these jobs losses, over 170 million jobs that could be lost.
I watched the video of her comments. Twice. She said 170 million jobs. 170 million! Now that’s a lot of jobs. I had no idea that sequestration was going to be that bad. My goodness. Now I’m really getting concerned. Since the US has a total population of 315 million, that would mean unemployment would shoot up from 7.9% to – what – 54%? Whew! That would be awful.
The Blaze did the math on the madness from Maxine. With tongue firmly implanted in cheek, The Blaze revealed:
There’s just one problem with her estimation — and it’s a big one. According to the Bureau of Labor Statistics, there are only 134 million people working in the United States. So by Waters’ estimation, the sequester cuts would be so apocalyptic that nearly 40 million people who don’t have jobs would become even more unemployed…
Luckily for America, the estimate is clearly wrong. The Blaze could not find any data to suggest that the $85 billion in automatic sequestration cuts during FY2013 (about 2.4 percent of annual federal budget) would cause 170 million people to lose their jobs. Then again, that’s also impossible because there aren’t that many people working in America. Unfortunately though, once something is said, you can’t take it back.
Oh, yes. Maxine’s grasp of reality is such that she is the ranking Democrat on the House Financial Services Committee which “oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities.” Here’s a thought: if the Dems take control of the House in 2014, ol’ Maxine the math wizard will chair the committee. Then all our problems will go away.