We currently have a deeply depressed economy. We will almost certainly continue to have a depressed economy all through next year. And we will probably have a depressed economy through 2013 as well, if not beyond.
The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further. Pay no attention to those who invoke the confidence fairy, claiming that tough action on the budget will reassure businesses and consumers, leading them to spend more. It doesn’t work that way, a fact confirmed by many studies of the historical record.
From “The President Surrenders”, posted in The New York Times, by Paul Krugman.
How can the leader of the Democratic Party wage an all-out war on the ostensible core beliefs of the Party’s voters in this manner and expect not just to survive, but thrive politically? Democratic Party functionaries are not shy about saying exactly what they’re thinking in this regard:
Mark Mellman, a Democratic pollster, said polling data showed that at this point in his term, Mr. Obama, compared with past Democratic presidents, was doing as well or better with Democratic voters. “Whatever qualms or questions they may have about this policy or that policy, at the end of the day the one thing they’re absolutely certain of — they’re going to hate these Republican candidates,” Mr. Mellman said. “So I’m not honestly all that worried about a solid or enthusiastic base.”
In other words: it makes no difference to us how much we stomp on liberals’ beliefs or how much they squawk, because we’ll just wave around enough pictures of Michele Bachmann and scare them into unconditional submission. That’s the Democratic Party’s core calculation: from “hope” in 2008 to a rank fear-mongering campaign in 2012.
From “Democratic Politics in a Nutshell”, posted on Salon.com, by Glenn Greenwald.
Overheard: Thanks for protecting the job creators, you know for creating jobs for chauffeurs, valets, domestic help, and most importantly seamstresses who specialize in crafting $100 bills into luxurious overcoats. ~ Jim Cutler
From “US Debt Highlights ~ The Day After…”, posted on The Bis Key Chronicles, by Gandalfe
The protracted negotiations over the debt ceiling, as well as the final package agreed to by President Obama and the congressional leadership, show what happens when a small minority is allowed to gain control over national debate. While polls consistently show that the vast majority of the public sees jobs as the main problem facing the economy, there has been a well-funded crusade to ignore public opinion and make cuts to social insurance programs and other spending the top priority for Congress and the President.
From “Statement on the Debt Ceiling Deal“, posted on The Center for Economic and Policy Research Website, by Dean Baker.
“Shame on you! you who make unjust laws and publish burdensome decrees, depriving the poor of justice, robbing the weakest of my people of their rights, despoiling the widow and plundering the orphan. What will you do when called to account, when ruin from afar confronts you? To whom will you flee for help?”
– Isaiah 10:1-3
From “A Warning to Congress”, posted on Dover Beach, by Θεόφιλος.