Friday, August 19, 2011

It's a sickening feeling

Kevin Drum perfectly captures the feeling,
Watching the world slide slowly back into recession without a fight, even though we know perfectly well how to prevent it, is just depressing beyond words. Our descendents will view the grasping politicians and cowardly bankers responsible for this about as uncomprehendingly as we now view the world leaders who cavalierly allowed World War I to unfold even though they could have stopped it at any time.
The GOP is a party of fools and opportunist, like Romney who certainly knows better but is so obscenely ambitious that he would watch the world fall into a global depression if that is the price for him to be president.

And as Ezra Klein says so clearly writes, this is macroeconomics 101
What should hap pen next is not that hard: Con gress should pass leg is la tion great ly increas ing sup port for the econ o my now and reduc ing the deficit by about $4 tril lion over the next 10 years ($3 tril lion once you include the dis cre tionary cuts in the debt deal). It's not rock et sci ence, and it shouldn't be par ti san. Ask ex-Reagan advis er Mar tin Feld stein, or ex-Bush Trea sury Sec re tary Henry Paul son -- or read Jack ie Calmes ask ing them -- and you'll hear the same thing. This is just stan dard eco nom ic the o ry. But Repub li cans in Wash ing ton are not going to apply it.
And don't read this as a pardon for Obama. His multiple failures of leadership have led directly to our coming under the thumb of these fools and idiots.

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