The Mudcat Café TM
Thread #141413 Message #3261352
Posted By: GUEST,Guest from Sanity
22-Nov-11 - 04:05 AM
Thread Name: BS: Occupy Wall Street; The 99%
Subject: RE: BS: Occupy Wall Street; The 99%
Martin Wolf, chief economist of the Financial times, predicted at the start that Britain's move to cut it's debt would result in a completely stagnant economy. He was right. The US economy is in exactly a mirror image of the situation faced by Britain, cautious private sector, weak housing market, high savings in private sector ( top 1%, unwillingness to invest in US), with one key difference, the world can withstand Britain's mistake, it is in effect a "local" affair, but if the US, the main driver of the world economy, makes the same mistake, the US economy will not just go into a second, more drastic recession, but it will drag the entire global economy with it, creating, in effect, a global economic "nuclear winter".
You have to wonder why the Republicans insist on opposing any government attempt to put America back to work. When the private sector switches off, government must step up to create the conditions that enable it to switch back on. Republicans are not stupid, they must understand that the time to work on reducing the debt is when the economy is firing on all cylinders. So you have to ask, why this insistence now on shutting government down to reduce the debt, when every real economist would oppose such irresponsible behavior? The time to reduce the debt would have been when Clinton left office, leaving behind a budget surplus. The Republicans were in control of the House (2001-2007) and the Senate (2003-2007) and the Presidency (2000-2008), so in effect they ran the whole show, unopposed from 2003 to 2007. So why, instead of paying down the debt, did they instead behave like drunken sailors. Tax cuts to millionaires and billionaires,100's of billions in handouts to insurance corps (Medicare Advantage), 100's of billions to big pharma (Medicare part D), 2 unfunded and unbudgeted wars. 7.5 trillion dollars of debt by the time the Bush budget ran its course (fiscal year 2009). link:Debt figures
So the real question for the Republicans to answer to the American people, or at least the other 99% that they rarely seem to think about, is why? Of course, the Republican leadership, Boehner, McConnell, Cantor,Ryan, have all given voice, in no uncertain terms,as to what their main and only goal has been, and still is. So you really don't have to be a rocket scientist to work it out.
By the way saw an interesting bumper sticker the other day. "One party will kill a million jobs to get one". But then who pays any attention to bumper stickers these days anyway?