And now, with a Democrat in the White House, the GOP once again is insisting that the Democrats put their own policies on hold and clean up the mess left by Bush the Dumber. Of course, once the GOP takes the White House again – whether in 2012, 2016 or later – they will again be all too happy to blow up the budget and the economy with tax cuts for the wealthy and investment cuts for the rest of us. Rinse and repeat.
What is ultimately so maddening is that every time the Dems go along with this scam, they are simply being hoodwinked. Right now the nation is in the economic doldrums and we know – we know – from past experience that the way out of these doldrums is to increase government spending until the private sector can take over again. And we know – we know, because we can see what the yield on government debt is – that the rest of the world is more than willing to finance that additional government spending at amazingly low rates of interest. If there is any single thing we should be doing at this point, it is increasing – not decreasing – government spending.
But, of course, that would allow progressive economic policies to be enacted. It would allow investment in much needed infrastructure (our highways, bridges, electrical grid, even our telecommunications infrastructure), and would show the American people – many of whom seem to have forgotten – that a liberal economic form of government works.
And that would be bad, politically, for the party out of power. Can’t have that.
So despite explicitly telling us – over and over — that this is just a scam to maintain power, despite a history of watching this scam play out before . . . the Dems are going to go along with it.
Political malpractice doesn’t even begin to describe this decision.
I agree – malpractice is the wrong word. So is “hoodwinked.” I would use the three “C’s” instead:
Collusion, Corruption and Conspiracy.
Of course it wouldn’t be Cheetoville if there wasn’t some gratuitous CDS:
And the GOP has been pulling this scam ever since. As Bloomberg News reported even before Obama had won the election, the bond markets were poised to start insisting on cuts to social spending in order to protect the bond traders themselves. This, of course, was just a repeat of the scam that was pulled on Bill Clinton when he took office:
Then “swellsman” cites this as his authority:
Clinton’s experience shows what such pressure can do to a president’s agenda. Promises of spending on education, public works and a middle-class tax cut fell by the wayside as advisers led by Robert Rubin, who later became Treasury Secretary, convinced the new president the best thing he could do for the economy was to show investors his resolve on fiscal discipline.
“You mean to tell me that the success of the economic program and my re-election hinges on the Federal Reserve and a bunch of fucking bond traders?” Clinton raged at aides, according to journalist Bob Woodward’s book, The Agenda.
Clinton’s deficit reduction policies resulted in a sustained economic boom that generated budget surpluses from his last four budgets and helped pull 10-year yields, which topped 8 percent in 1994, below 5 percent by the late 1990s.
This “scam” resulted in “a sustained economic boom that generated budget surpluses from his last four budgets and helped pull 10-year yields, which topped 8 percent in 1994, below 5 percent by the late 1990s?”
Good thing we got rid of that Clinton fella, huh? Check out what he did to our national budget deficit: