GOP's debt ceiling debate debacle

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

Larger Text

E-mail

19 Comments

RSS

Archives

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.

E-mail

19 comments

Previous Page 2 of 2 pages

Fran Connor | Aug 03, 2011, 09:38 AM EDT

"What I and every independent voter..." You really are delusional, Cahir. You're about as independent as the guy in washington who is still trying to vote "Present". Congress still didn't go far enough. They talk about two or three trillion in cuts. Then they say "..over the next TEN YEARS"! That's two or three hundred billion per year where I came from. Our deficit this year is fourteen hundred billion. So this will lower it to twelve hundred billion? Way to solve the problem, guys! We need a balanced budget amendment AND TERM LIMITS!

Report abuse

DLW12183 | Aug 03, 2011, 09:35 AM EDT

I assume you would rather have socialism?

Report abuse

hollabackgurl | Aug 03, 2011, 09:30 AM EDT

The article says what happened is that the GOP crafted a road map back into recession, in the hope that if they hobble the nation they'll benefit themselves. It's not hard to understand at all: national failure is their formula for political success.

Report abuse

shamrock99 | Aug 03, 2011, 09:27 AM EDT

You weave such mythical tales of fiction.

Report abuse

BishopSean | Aug 03, 2011, 09:07 AM EDT

Perhaps what is happening is similar to the "structual readjustment" that the World Bank urged (even imposed) on a number of Third World countries, in order to decrease inefficient (even conterproductive) government spending and allow for private sector growth. In the USA, the states of Wisconsin and Texas may serve as models as they cut back government spending and saw rather significant growth in employment and economics. Regards.

Report abuse

Previous Page 2 of 2 pages