The U.S. won’t default on its debts. Wow. Here are some other results of the bill that passed the House a few hours ago.
1. The economy will continue to improve at a sluggish pace, if at all. Every reputable economist knows you don’t cut spending in a recession. The last six months have been dismal, and the next six months will be about the same or worse.
2. Unemployment is no longer on the agenda. The Speaker noted that the Republicans have changed the conversation. He is right. Somehow the fact almost one in ten Americans is out of work is no longer an issue. In past recessions, government jobs were a leading sector in hiring. Now state and local governments are laying people off; government jobs are declining. Look for unemployment to rise and realize that the federal government plan is to do nothing.
3. Conservative Republicans won this battle. They cheered when the bill passed the House, and rightly so. It is their victory. They gave up almost nothing, and got cuts in the federal government that would have appalled President Reagan.
4. The deficit reduction package depends entirely on cuts. No additional revenues are contemplated. Once again, total Republican victory.
5. The Republicans have President Obama’s number. He caves. He rolls over. If you think the President will have any victories between now and November 2012, you are dreaming.
6. President Obama, for all of his speeches, does not communicate well. His whole emphasis on “reasoning together” has no meaning when one side is unwilling to reason. He could have explained why this “compromise” was bad. Some of you may remember Ross Perot with his charts. Why didn’t the President do something similar?
7. Unless something really strange happens (Republicans nominate Bachman, aliens from outer space attack), President Obama will be a one-term president. He owns this economy because he is the president. You and I know it isn’t his fault, but you can’t have four years of recession--or depression--and get reelected. This makes me both sad and angry. He is a decent and intelligent man with good ideas. And he just lost a battle to idiots from the Tea Party who have no interest whatsoever in good government, a growing economy, or a livable environment. We are dealing with people who put political gain above the national interest, and they are in the driver’s seat.
8. I wish I had worked for Hillary.
Couldn't agree more. The sad part is that in 2012 we will have a choice between two republicans running for President. I sincerely hope that the President has a qualified primary challenger. Bernie Sanders comes to mind.
ReplyDeleteRoy, if you think that the economy will continue to improve, then I suggest that you take a look at the underlying numbers. We'll be lucky if we can stay positive(in GDP growth) until the new year. Anything beyond that is a dream at this point.
ReplyDeleteWe were always for Hillary. I told you so that she would be the better choice. Although, our country is in a different time. The factories that we have are still producing the same amount with less workers needed. We have become so technologically innovated at doing things. I had seen so many improved ways of doing things in my life time in industry. My son relates the same thing in his business.
ReplyDeleteWe have a global economy and investors demand the best return on investments and companies are forced to make profits to achieve these results. What do they do, they move there factories to countries with the cheapest labor and costs to achieve this. We will never become the industrial powerhouse that the USA was.