The Tea Party GOP Is Destroying the Economy


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October 19, 2013

The High Cost of Low Politics

Early this year, it was widely acknowledged that the economy was in for a tough patch. The “fiscal cliff” showdown at the end of 2012 had led to higher payroll taxes and had locked in earlier cuts to jobless benefits, while “the sequester” — deep and arbitrary federal spending cuts enacted to end a previous debt standoff — kicked in on March 1. The only consolation at the time was that several economic forecasters expected conditions to improve later in the year.

That’s not going to happen. By most estimates, the government shutdown and default threat have trimmed about half a percentage point from growth in this year’s fourth quarter. As a result, the year will end much as it began, with growth of around 2 percent at best, which is too sluggish to spur hiring, raise wages, reduce unemployment or boost corporate earnings.

Nor is there any reason to believe that the economic damage will simply reverse itself now that the government has reopened and the debt ceiling has been delayed. That’s because political brinkmanship sows uncertainty — and serial bouts of brinkmanship, which the United States endured at the end of 2010, 2011, 2012, and in the past few weeks, only prolong and intensify that uncertainty.

Consumer confidence dropped during the shutdown. And with the threat of another shutdown and debt ceiling standoff in early 2014, it is unlikely to rebound fully in the months ahead. Ditto for business investment, which has been weakest in precisely those areas that require taking the most risk, including research and development. Bond investors demanded sharply higher interest rates on short-term government debt during the debt ceiling impasse, with some big investors saying they expect a premium in the future to compensate for the risk of new default threats.

President Obama took the right path by refusing to negotiate with Republicans who, yet again, were holding the economy hostage to unacceptable demands. The challenge now is not only to undo the damage, but to put the nation on a path to more jobs, higher incomes and broad prosperity.

From a budget perspective, that means ending and reversing the misguided focus on the deficit. It was never wise or necessary to cut the deficit while the economy remained weak. The political imperative to do so, driven by Republicans and clumsily adopted by Democrats, has had devastating results. Over the past three years, the depth and pace of federal spending cuts have reduced growth by about 0.7 percentage point, equivalent to over $300 billion in lost output and roughly 2 million fewer jobs than would otherwise have been the case. That so-called fiscal drag has been the single biggest weight on economic growth.
that was the plan.

They don't care about the people or the country

all they care about is the little made up world they live in.

they will be tossed on the trash heap of history soon.

Unfortunately they will likely Kill people before they are completely gone
Sorry, liberal. What little the Republicans can do to damage the country, the Democrats can do in spades. FIRST, read below. You owe it to yourself to at least read the truth before you begin your spin. ;)

the author of that piece is Sher Zieve

that author has said the ACA would have re education camps to punish people in.

You woul;d believe anything any shill sold you because to you your politics are a religion and NOT based in any facts

Renew America’s Sher Zieve appears to be taking “Poe’s Law” to a whole new level. Zieve, who has wondered whether President Obama is a demon and the Beast of the Book of Revelation intent on starting a dictatorship by taking control of the media, writes today that Obama is bent on turning America “into full-fledged Marxist Communo-Fascist elitist-ruled Islamo-Drug cartel Narco/Nazi State”: - See more at:

bat shit crazy
See gentle reader?

they are completely nuts and willing to LIE about anything and everything.

time for them to be allowed to just sink into the tar pit.

the Dino days have come and passed
See gentle reader?

they are completely nuts and willing to LIE about anything and everything.

time for them to be allowed to just sink into the tar pit.

the Dino days have come and passed

I saved myself a lot of trouble by not reading it! Whenever anyone says they have the truth, I avoid whatever elixir they are trying to get me to swallow because I know it is mostly alcohol or some other intoxicant!
You didn't even read the article, did you?
I did -- and it was pure, unadulterated bullshit.

My challenge to you, or Ms. Zieve, or anyone else who makes the specious claim that banks were "forced" to make "bad loans" to undeserving and unqualified borrowers is always the same: Show me one bank that was forced to make such a loan. Tell me to whom the loan was made. This ought to be a very simple challenge to meet if, in fact, there were hundreds of thousands of such loans. Yet, to date, neither you nor Ms. Zieve nor any other purveyor of this particular right wing lie has been able to meet it.

Not one single time.
You didn't even read the article, did you?

Why should I? If you think it is the truth then I know it is bullshit and don't need to waste my time. And most other commenters here agreed! So I got to the core of it without reading it and that is called efficiency son. You should try it sometime. Saves you are a great deal of time!. I file this under if you have read one right winger on the internets you have read them all. Tell me wise granule have you read von Mises, von Hayek, or any Milton Freidman. How about Edmond Burke? or Leo Strauss? or Plato? Anything worthwhile in your whole life. I'll put what I have read up against what you have read any damn time you want. But don't tell me some cheap internet doofus that you can't even name is worthwhile and has the truth, because when you do that I know you are talking out your ass and the person you are asking me to read isn't worth the time it takes to click on the shit!