Tag Archive for 'republicans'



The Debt Ceiling and Washington’s Political Pornography

Published July 12th, 2011 by tcarpenter

Watching the negotiations in Washington about whether to raise the ceiling on the national debt is like watching a vile form of pornography–if pornography were boring as well as disgusting. Both Republicans and Democrats are engaged in their usual political posturing. The GOP members of Congress dig-in their heels about raising the debt limit, although the overwhelming majority of them had no problem taking that step during the Bush years–or for that matter during the administration of the sainted Ronald Reagan. They are equally adamant about no new taxes. That is an admirable position in principle, but only if serious spending cuts are made to keep the budget from continuing to bleed vast quantities of red ink. Borrowing to cover the shortfall is simply a form of deferred, covert taxation–with the goal of shifting much of the burden onto future generations.

 

Amazingly, the Obama administration and the congressional Democrats manage to be even a little worse than their Republican colleagues. They habitually portray proposals merely to slow the jaw-dropping growth in federal spending as brutal “cuts” that would devastate essential programs and put Grandma and Grandpa out on the street without their Social Security checks. Whenever the Dems propose so-called spending cuts, they are little more than paper promises to slow the rate of increase in spending in the out years–i.e., 5 to 10 years in the future. Experience has shown that promises of spending restraint in the mists of the distant future almost never become reality.

 

Both parties play their cynical games while the country careens toward national bankruptcy. If the massive budget deficit is not reduced through real (and substantial) cuts–which means cutting military spending, Social Security and Medicare–the United States could be Greece in another decade or two. Our children and grandchildren will not think kindly of us if that happens. But not to worry. The Republicans and Democrats in the 2020s will be busy blaming each other for the debacle.

 

 

 

Bipartisan Economic Mess

Published August 7th, 2010 by tcarpenter

The campaigns are well underway for the midterm congressional elections, and the vast quantities of hot air being vented could explain the extraordinarily high temperatures most the country has been experiencing this summer.  One of the most irritating features of this campaign season is the apparent GOP assumption that Americans have been afflicted by collective amnesia.  Republican officials and propagandists repeatedly savage the Obama administration for the ongoing Great Recession.

Some of their criticisms are valid.  The 2009 prediction by the head of Obama’s Council of Economic Advisors that the unemployment rate would be kept below 8 percent was spectacularly off the mark.  The $700 billion “stimulus package” was a combination of the usual pork-barrel spending and utterly goofy spending schemes.  And the apparent intentions of the administration and the Democrats in Congress to let most of the Bush tax cuts (one of the few good things that dreadful administration did) expire could well  make an already very bad recession even worse.

But Republican partisans apparently want everyone to forget about when this recession began and who was running economic policy when it did.  Obama’s policies have been unwise, at best, but he did inherit a colossal economic mess when he took office.  Republicans act as though the recession began on January 20, 2009.  But the plunge was underway well before then.  The residential housing market started to collapse in 2006 and 2007, and the economy officially went into recession in December 2007.  The financial system began to melt down in mid-2008, intensifying the downturn. 

All of this happened with a Republican White House and GOP appointees in charge of the Federal Reserve, the Department of the Treasury, and the Securities and Exchange Commission.  One would like to see at least a little acknowledgment of responsibility for the debacle instead of the current cynical, partisan effort to put all the blame on the Democrats and the Obama administration.

The Great Recession is a bipartisan economic tragedy.  Republicans were primarily responsible for its onset, and the Democrats have managed to make a bad situation even worse.