"The Republican Recipe for an Anemic Economy thru Election 2012"

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    Nov 05, 2010 4:37 AM GMT
    The real message from voters was "fix this stinking economy." But Republicans have no intention of doing so.

    With Republicans in control of the House, forget spending increases or tax cuts to stimulate the economy.

    Republicans don't believe in stimulating economies. They think markets eventually clear -- once the pain is sufficient. Or in the immortal words of Herbert Hoover's treasury secretary, millionaire industrialist Andrew Mellon: "Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life."

    Of course, Mellon was dead wrong. Nothing was purged. Instead, the economy sunk into deeper and deeper depression.

    So how do we get out of this bog?

    By default, all the responsibility is on the Federal Reserve -- which announced this week it will pump $600 billion into the economy between now and June to reduce long-term interest rates ("quantitative easing" in Fed-speak).

    The Fed believes lower long-term rates will (1) push more businesses to expand capacity and hire workers; (2) push the dollar downward and make American exports more competitive and therefore generate more jobs; and (3) allow more Americans to refinance their homes at low rates, thereby giving them more cash to spend and thereby stimulate more jobs.

    But without an expansionary fiscal policy, the Fed's goals are pipe dreams.

    Lower rates won't spur businesses to expand capacity and jobs because there aren't enough consumers to buy additional goods and services.

    Lower rates won't push down the dollar and spur more exports. They'll only spur more competitive devaluations by other nations determined not to lose export shares and jobs.

    And lower rates won't allow middle-class and working-class Americans to refinance their homes because banks won't lend to families whose incomes have dropped, whose debts have risen, or who owe more on their homes than the homes are worth. That is, most of us.

    Without an expansive fiscal policy that puts more money into the pockets of consumers and gets them out from under their huge debt load, the Fed's billions will just fuel another stock-market bubble.

    It's already started. Stocks are up even though the rest of the economy is still down because money is already so cheap. Bondholders who can't get much of any return from their loans are shifting into stocks. Companies are buying back more shares of their own stock. And Wall Street is making more bets in the stock market with money it can borrow at almost zero percent interest.

    In other words, with Republicans in charge of the House, the economy remains anemic. It may even succumb to another bubble that bursts.

    Could it be that Republicans want to keep the economy this way through Election Day, 2012?

    By: Robert Reich

    ** ** ** And to think how many were fooled today by the stock market's relationship to the election. There isn't one. So many fooled - so many still in a fog.


  • Posted by a hidden member.
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    Nov 05, 2010 5:00 AM GMT
    I'm SO looking forward to the new Republican majority's plans for creating jobs.
    And for making deep spending cuts.
    And for reducing the national Debt.
    All at the same time.

    I can't wait to hear the SPECIFICS of their ideas and proposals.

    It seems like such a lot of work to accomplish in two short years!

    But, I'm sure the Repubs are up to the task.
    (NOT)


  • Webster666

    Posts: 9217

    Nov 05, 2010 7:33 AM GMT
    The Republicans won't come up with even one sensible idea.
    They'll trot out their usual menu, consisting of abolishing Social Security and Medicare, so that old people can work until they get sick and die.
    They'll propose massive tax cuts for the most wealthy Americans.
    They'll hand out a blank check to the Defense Department.
    They'll come out against clean air, clean water, and unpolluted land.
    And, they'll add on record amounts of pork to every piece of legislation.

    Then, when nothing gets passed, Speaker Boner will boo hoo into the microphone and blame the Senate and the President.
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    Nov 07, 2010 2:56 AM GMT
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.
    And for making deep spending cuts.
    And for reducing the national Debt.
    All at the same time.



    u should totally hope for that. cuz if they dont ur gonna be crying with an ice cream bowl in 2 yrs when ur idol gets booted out the WH

    its win win for the reps. if they create jobs they can claim credit. if they dont and unempl rate stays at 10%...thats a guarantee ur dadt defender will be gone icon_lol.gif really the onhly chance in hell he has for relection is to pray the reps do a good job so he can try to take credit for it.
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    Nov 07, 2010 4:40 PM GMT
    southbeach1500 said
    Webster666 said
    They'll trot out their usual menu, consisting of abolishing Social Security and Medicare, so that old people can work until they get sick and die.


    Again, and for the hundredth time, the Republicans don't have to lift a finger to destroy Social Security and Medicare. The Democrats have looted both programs to the point where each has massively unfunded liabilities on a scale so large that they will implode... and we're talking in 10 to 20 years, not in 50+ years.


    And even if Republicans tried, Democrats would use it as a political ploy to demonize the republicans and make them look as though they are trying to take away benefits from the people.
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    Nov 07, 2010 8:25 PM GMT
    Why isn't everything fixed? What's taking the GOP so damned long? Why do they hate America?
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    Nov 07, 2010 8:25 PM GMT
    southbeach1500 said
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.


    If they're smart, they'll realize that the Federal government doesn't create private sector jobs, and they'll not even attempt to do the impossible. icon_wink.gif




    Unfortunately for the Repubs - they PROMISED to create jobs.
    So, if they don't keep their promise, they'll be savaged.

    They're screwed - because they overpromised a list of stuff that's impossible to achieve.
    They failed to think and plan ahead - as per usual.
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    Nov 07, 2010 8:30 PM GMT
    rickrick91 said
    southbeach1500 said
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.


    If they're smart, they'll realize that the Federal government doesn't create private sector jobs, and they'll not even attempt to do the impossible. icon_wink.gif




    Unfortunately for the Repubs - they PROMISED to create jobs.
    So, if they don't keep their promise, they'll be savaged.

    They're screwed - because they overpromised a list of stuff that's impossible to achieve.
    They failed to think and plan ahead - as per usual.


    LOL, the Republicans cant create jobs. there representatives and senators are too stupid. Look back on the last 30 years. It took Clinton to clean up Reagans mess, now it is taking Obama to clean up bush's mess. next we will have to clean up the mess of the republican congress in 2 years.
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    Nov 07, 2010 8:36 PM GMT
    Reed33 said
    rickrick91 said
    southbeach1500 said
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.


    If they're smart, they'll realize that the Federal government doesn't create private sector jobs, and they'll not even attempt to do the impossible. icon_wink.gif




    Unfortunately for the Repubs - they PROMISED to create jobs.
    So, if they don't keep their promise, they'll be savaged.

    They're screwed - because they overpromised a list of stuff that's impossible to achieve.
    They failed to think and plan ahead - as per usual.


    LOL, the Republicans cant create jobs. there representatives and senators are too stupid. Look back on the last 30 years. It took Clinton to clean up Reagans mess, now it is taking Obama to clean up bush's mess. next we will have to clean up the mess of the republican congress in 2 years.

    I normally do not make fun of typos or using the wrong word, but it is amusing that you write: there representatives and senators are too stupid.

    But more substantively, while your bloviating is not as verbose as others, it is equally lacking any factual support.
  • Webster666

    Posts: 9217

    Nov 07, 2010 9:36 PM GMT
    southbeach1500 said
    Webster666 said
    They'll trot out their usual menu, consisting of abolishing Social Security and Medicare, so that old people can work until they get sick and die.


    Again, and for the hundredth time, the Republicans don't have to lift a finger to destroy Social Security and Medicare. The Democrats have looted both programs to the point where each has massively unfunded liabilities on a scale so large that they will implode... and we're talking in 10 to 20 years, not in 50+ years.





    No, Chicken Little, the sky is not falling.
    Congress will raise the payroll withholding for Social Security, as much as is necessary, FOREVER, just as it has always done.
    Remember that the old folks have the biggest Congressional lobby.
    Touch the "Third Rail" and they'll throw their asses out of Congress.

    Interesting how you always conveniently leave out the EIGHT GEORGE W. BUSH YEARS of Republican prosperity for all (especially the SIX YEARS OF TOTAL REPUBLICAN CONTROL). Unless you can explain why your guys didn't fix all the problems in the country during those SIX YEARS, you'd better STFU.

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    Nov 07, 2010 9:36 PM GMT
    socalfitness said
    Reed33 said
    rickrick91 said
    southbeach1500 said
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.


    If they're smart, they'll realize that the Federal government doesn't create private sector jobs, and they'll not even attempt to do the impossible. icon_wink.gif




    Unfortunately for the Repubs - they PROMISED to create jobs.
    So, if they don't keep their promise, they'll be savaged.

    They're screwed - because they overpromised a list of stuff that's impossible to achieve.
    They failed to think and plan ahead - as per usual.


    LOL, the Republicans cant create jobs. there representatives and senators are too stupid. Look back on the last 30 years. It took Clinton to clean up Reagans mess, now it is taking Obama to clean up bush's mess. next we will have to clean up the mess of the republican congress in 2 years.

    I normally do not make fun of typos or using the wrong word, but it is amusing that you write: there representatives and senators are too stupid.

    But more substantively, while your bloviating is not as verbose as others, it is equally lacking any factual support.





    Sorry socal, but your post doesn't contain any "factual support" either.
    Your comments never do.
    No links, no stats - nothing but your pro-right-wing biased opinion.
    So, you really aren't in any positiion to criticize on that point.

  • Webster666

    Posts: 9217

    Nov 07, 2010 9:40 PM GMT


    There's only one way a politician can create private sector jobs, and that is, by removing the shackles of government meddling. If the Republicans do this, then yes, they will have fulfilled their promise to create jobs.

    [/quote]




    You stupid fuck.
    That's exactly what Reagan preached.
    That's exactly what Alan Greenspan preached.
    That's exactly what Congressional Republicans preached.
    That's exactly what was done.
    That's exactly why America went bankrupt.
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    Nov 07, 2010 9:46 PM GMT
    Webster666 said

    There's only one way a politician can create private sector jobs, and that is, by removing the shackles of government meddling. If the Republicans do this, then yes, they will have fulfilled their promise to create jobs.






    You stupid fuck.
    That's exactly what Reagan preached.
    That's exactly what Alan Greenspan preached.
    That's exactly what Congressional Republicans preached.
    That's exactly what was done.
    That's exactly why America went bankrupt.[/quote]



    Amen.
    And even former Reagan budget director David Stockman admits it.
    Just cutting taxes kicking back and doing nothing and allowing the free market to do whatever it wants has been a debt-creating job-killing disaster for our economy.

    http://www.mediaite.com/online/reagan-budget-director-david-stockman-opposes-extending-bush-tax-cuts/
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    Nov 07, 2010 10:06 PM GMT
    rickrick91 said
    socalfitness said
    Reed33 said
    rickrick91 said
    southbeach1500 said
    rickrick91 saidI'm SO looking forward to the new Republican majority's plans for creating jobs.


    If they're smart, they'll realize that the Federal government doesn't create private sector jobs, and they'll not even attempt to do the impossible. icon_wink.gif




    Unfortunately for the Repubs - they PROMISED to create jobs.
    So, if they don't keep their promise, they'll be savaged.

    They're screwed - because they overpromised a list of stuff that's impossible to achieve.
    They failed to think and plan ahead - as per usual.


    LOL, the Republicans cant create jobs. there representatives and senators are too stupid. Look back on the last 30 years. It took Clinton to clean up Reagans mess, now it is taking Obama to clean up bush's mess. next we will have to clean up the mess of the republican congress in 2 years.

    I normally do not make fun of typos or using the wrong word, but it is amusing that you write: there representatives and senators are too stupid.

    But more substantively, while your bloviating is not as verbose as others, it is equally lacking any factual support.





    Sorry socal, but your post doesn't contain any "factual support" either.
    Your comments never do.
    No links, no stats - nothing but your pro-right-wing biased opinion.
    So, you really aren't in any positiion to criticize on that point.

    I do provide links when appropriate. That post was an observation that the RJ poster provided no back-up. I quoted his post, where the lack of any back-up was obvious. FYI - opinion pieces from Huffington Post does not constitute backup.
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    Nov 07, 2010 10:10 PM GMT
    southbeach1500 said
    Webster666 said
    Congress will raise the payroll withholding for Social Security, as much as is necessary, FOREVER, just as it has always done.


    Oh dear, Webster-the-Devil.... you seem to think that employees and employers have an endless supply of money to hand over to the government. We (and they) don't.

    And the day of reckoning will soon be upon us....


    Except there's no problem with Social Security. This is the right-wing business lobby's constant attempt to get it's money on that portion of our taxes:

    Joshua HollandAccording to the 2010 Social Security Trustees’ report, the 75-year gap is estimated to be $5.4 trillion -- still a big number. But there’s another way to express it: it equals just 0.7 percent of our projected economic output over that same period. That’s less than one penny on the dollar.

    So if we, as members of a nominal democracy, want to live in a society where older people aren’t mired in poverty -- it’s estimated that four in 10 would be without Social Security benefits -- then all we have to do to close the gap is increase overall taxes by less than a single percentage point of GDP. Problem solved! And we didn’t even require an august commission.

    According to the Center on Budget and Policy Priorities, the 75-year “Social Security gap” represents the same dollar figure as those Bush tax cuts that were targeted at the top 2 percent of American earners projected over the same period of time. For much of Washington’s cognoscenti, one is an imminent crisis, and the other is something we simply must keep in place in order to retain our economic edge. That should tell you all you need to know about the nature of our Social Security “crisis.”


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    Nov 07, 2010 10:43 PM GMT
    southbeach1500 said
    Christian73 said
    Except there's no problem with Social Security. This is the right-wing business lobby's constant attempt to get it's money on that portion of our taxes:



    Christian,

    Where is all the money that's been deducted from everyone's paychecks for the purpose of Social Security?

    What is the Social Security "trust fund?"



    From ssa.gov:

    As stated above, money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the current increase in the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

    Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.
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    Nov 08, 2010 1:58 AM GMT
    southbeach1500 said
    Christian73 said
    southbeach1500 said
    Christian73 said
    Except there's no problem with Social Security. This is the right-wing business lobby's constant attempt to get it's money on that portion of our taxes:



    Christian,

    Where is all the money that's been deducted from everyone's paychecks for the purpose of Social Security?

    What is the Social Security "trust fund?"



    From ssa.gov:

    As stated above, money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the current increase in the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

    Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.


    *Sigh*

    So, just as exposed to the implosion of the U.S. government's fiscal house of cards.


    Well, I guess we'll find out. If all those tea baggers you support won't raise the debt ceiling then, sure, it is as exposed. If they do, than it will be just as solvent as it's always been.

    The reality is that SS is not the problem, deficit spending for unending wars is. Hopefully, Obama will put a stop to that. But the solutions being proposed by the right (what little there are) only punishes those who have faithfully paid into SS for no reason.