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Manhattan Diary by Cahir O'Doherty

GOP's debt ceiling debate debacle

Posted on Wednesday, August 03, 2011 at 09:48 AM

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Like most people, I'm no longer sure what country the GOP and the Tea Party think we're living in.

Can they actually believe they've just showed mature leadership and vision for the country's economy in Congress?

Because what I and every independent voter in the country actually saw was an absurd internal civil war and outright mutiny that led the nation to the brink of a historic default whilst our 9.2 percent unemployment rate climbs.

If there was ever a time not to showboat, it's now. If there was ever a time not to harm Americas image in the eyes of the world, it's now.

Instead we were treated to a Congress that was prepared to threaten the livelihoods our active-duty soldiers, our veterans, and our most vulnerable citizens. It was a gross mistake.

New York Times columnist Tom Friedman calls the Tea Party the 'Hezbollah faction' of the GOP, and he now believes they are hell bent on taking the country on a 'suicide mission.'

Maybe he has a point. Last night Moody's announced that the United States would keep its AAA credit rating, but the outlook for the nation is now negative. Why? Because the debt deal that was signed into law yesterday will directly cut 325, 000 jobs from the US economy; it will slow down economic growth by 0.3 percent. (That's the direct cost of cuts Republicans forced into this deal).

The unemployment extensions and payroll tax cuts the Democrats wanted are not part of this deal - which would have stimulated the economy. So when you factor that in - and also the cuts which slow it down - then this deal announced yesterday will ultimately result in 1.8 million fewer jobs in the United States.

That shaves 1.5 percent of economic growth in America (when the current economic growth in the country is 1.3 percent). Do the math. That's a roadmap back into recession that the GOP claim as a historic victory.

'I got 98 percent of what I wanted,' said Speaker John Boehner after the vote. 'You could say I'm happy.'

But his self-congratulatory words sounded hollow and offered clear proof that the GOP placed the future of the party before that of the country. It was an absurd attempt to see the bright side after a bruising internal battle that has badly damaged his speakership, his party and the United States economy.

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seanomelbourne | Aug 04, 2011, 07:36 PM EDT

Will the tea party accept a smaller piece of the pie if the U.S slides back into recession or will they ask there billionaire friends to pay a fair share of the Bush induced debt.Their billionaire friend will cast them aside and retire to their mansions

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EphraimKibbey | Aug 04, 2011, 01:21 PM EDT

In 2010, the Tea Party voted for politicians pledging smaller government and being against our new "socialist" president. In 2010, independents voted for politicians pledging that they could do a better job of job creation than the Democrates. We all were conned. Fool me once - shame on you: fool me twice - shame on me. The Tea Party, many on social security and medicare, now see that the Republicans are shrinking the part of big government that their lives depend on. They see that even when our president comes out for Republican ideas, he is fought by those they elected. The independents see that EVERYTHING that Republicans have done in the states and nationally has actually resulted in the further loss of jobs. When Bush was told by his advisers that his tax cuts would bankrupt the country, Cheney said that deficits didn't matter. Why America re-elected the very people that created this mess just as we were coming out of it, I will never understand.

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jflanagan | Aug 04, 2011, 08:33 AM EDT

I heard one Economist use this example: I go out to spend $100,000.00 Mercedes, an increase of $100,000.00 in my spending. While shopping I decide to get a $20,000.00 Ford instead and spend that $20,000.00. That is an increase in my spending of $20,000.00. If I were Congress I would count that as an $80,000.00 cut in spending. As irrational as that sounds, that is how Congress hides spending increases and dresses them up as cuts.

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jflanagan | Aug 04, 2011, 08:25 AM EDT

The federal spending automatically is budgeted for an increase for inflation plus ANTICIPATED increases in participation in programs. This time around it is between a 7 and 8% automatic increase. Now our Politicians promise to lower this INCREASE, nothing about cutting spending. They are not getting the debt and deficit spending under control and the public, unaware of the truth, believe they are getting things under control. I've had it with these irresponsible politicians and their lies. Our total debt is now over 95% of GDP and projected to go over 100% in the next two years. For years it was in the slightly over 50% range, increased by Big Government George Bush to just under 70% and now, under Huge Government Barack Obama, headed over 100%. Yet there are those here who would rather hide their heads under the sand while our Children and Grandchildren face unimaginable debt, poor economies and soaring inflation.

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seanomelbourne | Aug 03, 2011, 06:38 PM EDT

The teahadists are an ignorant bunch o fmorons with no moral compass.

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Cahill | Aug 03, 2011, 05:53 PM EDT

Did you ever wonder why the american public voted the GOP back, to take over Congress? Maybe, just maybe, this is what they wanted?

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caramia | Aug 03, 2011, 05:44 PM EDT

This article/blog is the most hysterical thing I've seen in several days! Thanks for the laugh. There are so many things cited as "fact" that are totally wrong, I lost count after the 2nd paragraph. I hope that otherwise uninformed people don't count on this drivel for the real deal. Repubs wanting cuts to military spending? Hilarious! The Dems are ready to spend the U.S. into oblivion. Then we can attempt to borrow money from the UK and Europe, since China has probably loaned us all they will. Oh yeah, I forgot... you guys are even more financially broken than we are....

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cillowen | Aug 03, 2011, 01:12 PM EDT

americans voted in their Hamas and should be happy, but little did they realize the repugs are that evil that keeps giving to our sad end. nuff said

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cillowen | Aug 03, 2011, 01:09 PM EDT

the repugs are that evil that keeps giving to our demise. nuff said.

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johhnyb | Aug 03, 2011, 11:24 AM EDT

BTW Cahir, I enjoyed your little joke about being independent! Good luck with getting anyone to believe that.

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Newrone | Aug 03, 2011, 11:02 AM EDT

@ hollabackgurl: Agree. It's nothing to do with the state of the nation but everything to do with the GOP Presidential campaign.

The top tax bracket in 1952 was 92%. Today it's 35%. That is astoundingly stupid economics for a country of the stature and private wealth of the US, in the present economic climate.

Straight down an economic cul-de-sac & the End of Empire US-style.
http://tinyurl.com/3c4x7y

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johhnyb | Aug 03, 2011, 10:53 AM EDT

I've read that George W Bush cut taxes on the lower earners from 15% to 10%. Is this not correct? And if starting wars is not a good idea (and I for one think it is not), why did President Obama join in yet another war in the Middle East against Gadaffi. At least Bush beat Saddam. It looks like Gadaffi is going to win the most recent war. What do you think bcoc1124?

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bcoc1124 | Aug 03, 2011, 10:16 AM EDT

Did the Republicans "oppose the country going deeper into debt" when George W "charged two wars", and cutting revenue with a massive tax cut? Me thinks they talk out of both sides of their mouths. What's wrong with raising revenue by cutting favoritism for republican cronies while simultaneously cutting "wasteful" expenditures - including those at the defense dept? Great article! Thanks

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carrickcourt | Aug 03, 2011, 10:11 AM EDT

The problem with this latest mess is that there is just a lack of leadership to face the real problems the USA is facing with deficits and debt. This issue can not be addressed by just cutting government expenses. There has to be increases in revenue also. The "no new taxes" Tea Party approach is just burying one's head in the sand and not addresses this issue in a realistic manner. I loved the comment here about "would you prefer socialism". Does anyone understand what socialism is about besides being afraid of "socialism"? If people are so afraid of "socialism" they must not be in favor of social security, medicaid, medicare, and other "socialist" government programs out there.

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johhnyb | Aug 03, 2011, 09:46 AM EDT

So the Repupublicans are 'Hezbollah' and on a 'suicide mission' because they oppose the country going deeper into debt. What happened to the civility that was supposed to have broken out in future discourse between the parties? Maybe the Democrats got an exemption from inflammatory language? Secondly, President Obama has tripled the country's debt in 3 years without any noticeably beneficial effect on the economy. What makes anybody believe that stopping the spending will be detrimental? Looking forward to explanations. John

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