
Brough said, as business leaders have for months, that the spending reductions and near-ban on government-funded construction projects that the initiatives would bring would cause a loss of 73,000 jobs and take $6.3 billion in gross domestic product out of Colorado's economy. Based on normal economic cycles, it will take 50 years to recover those losses, she said, citing a study done for the group Coloradans for Responsible Reform by the budget director to former Gov. Bill Owens.
Menten, however, cited a recent Harvard University study showing that over the past 37 years, tax cuts have been the best way to spur economic growth in 21 separate countries recovering from recessions. When asked about the $6.3 billion figure, she questioned its accuracy. - More -
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