The congressional GOP has smothered a more rapid economic recovery

[gator996]

5 threatened government shutdowns since the 2010 midterms
The conservative leader in the Senate #1 goal was winning the next presidential election
The majorty leader in the House #1 goal was obstruction... obstruction... obstruction...



http://www.epi.org/blog/congressional-republicans-smothered-rapid-economic-recovery/



The congressional GOP has smothered a more rapid economic recovery

PBS’ Frontline has an interesting piece on the GOP response to President Obama’s election in 2008, reporting that, “After three hours of strategizing, they decided they needed to fight Obama on everything.”

Part of this “everything” was the efforts of the new administration to end the Great Recession and restore the economy back to full health. From the start, the GOP sought to block measures that a wide swath of economists agreed would provide help to boost the economy and bring down unemployment. This obstructionism has been a constant theme throughout the past four years, and it continues today.

Congressional Republicans have made it clear that they intend to use every bit of leverage they can to force cuts to domestic spending in the coming year. This leverage includes threats to not raise the statutory debt ceiling and/or force a federal government shutdown after March 27, when the standing appropriations continuing resolution (CR) expires. This, of course, would represent the long-promised repeat of the spring and summer of 2011, when congressional Republicans secured over $500 billion in domestic spending cuts in CR fights and another $2.1 trillion in spending cuts in exchange for incrementally raising the debt ceiling by an equivalent amount—better known as the Budget Control Act (BCA) of 2011.

The BCA cuts have already done damage, and will all-but-surely slow growth in the rest of 2013 as well. The various components of the BCA accounted for about one-third of the total fiscal drag exerted by the major components of the “fiscal cliff” that was facing Congress ahead of the lame duck budget deal. And the components of the BCA account for 48 percent of the remaining fiscal drag unaddressed by the deal—a drag that is poised to shave 1.0 percentage point from real GDP growth in 2013. House Republicans have voted to replace the Defense cuts contained within the sequester—again rapidly approaching, following its postponement to March—in it with deeper domestic spending cuts, leaving a drag of 0.8 percentage points from the BCA for 2013, all while threatening to use the debt ceiling and CR as leverage to get their way.



...an abbreviated chronology.


The American Recovery and Reinvestment Act (111th Congress)

It may seem odd to bring up ARRA in the context of obstructionism—after all, ARRA actually passed and really was the largest piece of discretionary fiscal policy stabilization ever to emerge from Congress. But it’s useful to remember that the ARRA passed without one single vote from a GOP Representative, and with only 3 of 41 GOP Senators voting for it (and one of these three—Arlen Specter—was a Democrat within the year, in large part because of this vote).


Filibusters of unemployment insurance and routine economic support (111th Congress)

Discretionary spending cuts (112th Congress)

Hijacking the debt ceiling and extracting the Budget Control Act (Summer 2011)

Blocking the American Jobs Act (Fall 2011)

Demanding offsets and “pay-fors”

Hamstringing monetary policy

[g8orbill]

yeah-isn't it a shame that some of them actually wanted to try and rain in our huge spending problem

[gator996]

Yep...anything and everything to kill the economy & win back the presidency

One problem...you lost.


Care to explain to all of those Americans why the GOP is killing all efforts to foster job growth at the expense of McConnell's wet dream to "Beat Barack Obama"?

:laugh:

[enviroGator]

I agree with this, and find it funny when Pubs try to blame O for not getting us out of the recession faster.

[surfn1080]

Maybe because republicans knew spending our way out of the recession would not work. Look at what they have caved on. So far unemployment has unchanged, more Americans are in poverty now then in 2009, food stamps have increased at an alarming rate, and we are still no better off today then over 5 years ago.

What's worse is once obamacare is in full swing, we will see matters only deteriorate in this country. It's interesting that every time the fed talks about maybe slowing qe3, they can't because the econemy is still, for a lack of a better work crap.

Now we got a president trying to put fear into the people's eyes about a 2% cut that I pray repubs do not cave on. This man is not a leader. This may takes no responsibility and can not lead Washington to any form of functionality.

If you ask me, everyone should be fired in Washington including pubs and dems.

[G8trGr8t]

If only we had stolen more money from future generations we could all be rich by now

[gatorman_07732]

There never has been a recovery, it was a fraud. He has never got umemployment below the day he walked in office and he threw good money after bad getting deeper into debt with nothing to show for it. Somebody has got to try to stop his reckless policies.

[enviroGator]

It isn't so much the spending or not spending, it is the constant "crisis" they have been causing.

What exactly have they gained by having a mini/major crisis every other month? Is spending really been changed to any significant difference? What, we may have cut $100 billion over 10 years from a $3 trillion a year budget?

This constant worry about what is going to happen is keeping businesses on the sidelines and is strangling the economy.

[PSGator66]

Obama wants to take from the workers and give to the lazy - simple as that.

[surfn1080]

It isn't so much the spending or not spending, it is the constant "crisis" they have been causing.

What exactly have they gained by having a mini/major crisis every other month? Is spending really been changed to any significant difference? What, we may have cut $100 billion over 10 years from a $3 trillion a year budget?

This constant worry about what is going to happen is keeping businesses on the sidelines and is strangling the economy.

Obama is the one putting out constant fear if he does not get his way. Everytime repubs show any resitiance he goes around the country telling groups and the msm how bad things are and he wants his way....

Why do you think business wont open up?

[gatordowneast]

I remember a song by Sonny and Cher or maybe just Cher..."Gypsies, Tramps and Thieves". Our government under Obama?

[gator996]

How long did it take to recover from the Great Depression?


The global economy is sputtering...is that Obama's fault also?
Europe who ran to austerity is in further recession (again).


The GOP has undermined the economic recovery for political survival


After losing 5 of the last 6 presidential elections...its all they have.

[G8trGr8t]

Obama is the one putting out constant fear if he does not get his way. Everytime repubs show any resitiance he goes around the country telling groups and the msm how bad things are and he wants his way....

Why do you think business wont open up?

Reminds me of a spoiled child that was never told no.

[108]

Maybe because republicans knew spending our way out of the recession would not work. Look at what they have caved on. So far unemployment has unchanged, more Americans are in poverty now then in 2009, food stamps have increased at an alarming rate, and we are still no better off today then over 5 years ago.

What's worse is once obamacare is in full swing, we will see matters only deteriorate in this country. It's interesting that every time the fed talks about maybe slowing qe3, they can't because the econemy is still, for a lack of a better work crap.

Now we got a president trying to put fear into the people's eyes about a 2% cut that I pray repubs do not cave on. This man is not a leader. This may takes no responsibility and can not lead Washington to any form of functionality.

If you ask me, everyone should be fired in Washington including pubs and dems.


BS

Republicans ran up the debt in relative times of economic prosperity, going so far as saying "deficits don't matter", and then when the next guy comes in the midst of an economic free fall, when spending becomes a necessity, and they suddenly become deficit hawks

Politics before country at its worse

And the worst part, is that they get no flak from their base, and that's where the problem lies...their base wants no cooperation regardless of the outcome, because they too are so butthurt about Obama

All these mini crisis's have done nothing but hurt growth, and 3 years removed from winning the 2010 congressional elections in a landslide, and still not 1 job produced from them...

[Minister_of_Information]

Krugman, is that you?

Keep up the good fight boys there's hope yet.

[gatorman_07732]

How long did it take to recover from the Great Depression?


The global economy is sputtering...is that Obama's fault also?
Europe who ran to austerity is in further recession (again).


The GOP has undermined the economic recovery for political survival


After losing 5 of the last 6 presidential elections...its all they have.

We haven't recovered

[gator996]

I didn't say we had....my point is it took from 1930 to the end of WWII in the mid-forties


And you're complaining about 4 years being too long?

Get real.

[gatorman_07732]

I didn't say we had....my point is it took from 1930 to the end of WWII in the mid-forties


And you're complaining about 4 years being too long?

Get real.

So what are you going to say after 8 years when we are even worse off?

[gator996]

What will you say if we're better off economically in 2016 than we were when Obama took office?

[gatorman_07732]

What will you say if we're better off economically in 2016 than we were when Obama took office?

It depends how that is defined

[gator996]

Would that be true for your statement as well?


Go ahead define what you would consider better or worse off.

[gatorman_07732]

Would that be true for your statement as well?


Go ahead define what you would consider better or worse off.

We have to reach some type of growth that far exceeds 3% with a downward trend on the national debt and I would consider that a success.

[gator996]

Well, exactly what are you looking for in growth?

The USA hasn't been +4% since 2000.

http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=2


We would do 3.1% this year without the spending cuts enacted from the BCA.



Obama's budget plan & "big deal" from 2011 would have stabailized the debt and would have bent it down as a % of GDP.


Revenues & spending cuts can make your 2nd criteria happen.

[g8orbill]

996-let's see where we are in 24 months-and we will see if prezbo has gotten us anything or anywhere better

[gatorman_07732]

Well, exactly what are you looking for in growth?

The USA hasn't been +4% since 2000.

http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=2


We would do 3.1% this year without the spending cuts enacted from the BCA.



Obama's budget plan & "big deal" from 2011 would have stabailized the debt and would have bent it down as a % of GDP.


Revenues & spending cuts can make your 2nd criteria happen.

First of all you don't know that because nobody has a crystal ball and anything can happen. Secondly, if the most you can hope for is 3.1% that is not good. That maybe keeps up just with population growth. Your best hopes of spending cuts aren't going to come from Obama.

[gator996]

The growth estimate for 2013 was 3.1%...you don't need a crystal ball they publish these things now.. :grin:

BCA has already made institutions revise those estimates

like I said if you use that interactive chart I linked to...we haven't had 4% growth since 2000.

That was the end of the tech bubble...


What makes you think growth can match that period any time soon?


Not sure what GDP growth keeps up (???) with population growth.
Mixing job creation data with GDP growth?


Your parameters of "success" are a little unrealistic, no?


BTW -

Do you know how much Obama has lowered the deficit?
Do you know how much Obama has agreed to in spending cuts?

[gatorman_07732]

The growth estimate for 2013 was 3.1%...you don't need a crystal ball they publish these things now.. :grin:

BCA has already made institutions revise those estimates

like I said if you use that interactive chart I linked to...we haven't had 4% growth since 2000.

That was the end of the tech bubble...


What makes you think growth can match that period any time soon?


Not sure what GDP growth keeps up (???) with population growth.
Mixing job creation data with GDP growth?


Your parameters of "success" are a little unrealistic, no?


BTW -

Do you know how much Obama has lowered the deficit?
Do you know how much Obama has agreed to in spending cuts?

If I were you I would hope that we do not have another qtr of contraction or we are back in recession.

[gator996]

Well, I suppose that's EXACTLY what Boehner & McConnell are thinking and why they've fought every effort to spur job growth....

[108]

I cannot say with any authority about whether the president and D party could do better given the climate, but I can say that they have tried and are trying

Can any conservative say that the Republican Party has tried during the last 4 years to do anything substantively to get the economy out of the immediate ditch we were in?

[gatorman_07732]

Well, I suppose that's EXACTLY what Boehner & McConnell are thinking and why they've fought every effort to spur job growth....

The problem is there was no policy brought forth to spur on any job growth. All there was were more spending legislation and nothing more. I mean you remember shovel ready right. All that was being shoveling was horse manure.

[gator996]

The infrastructure bank isn't a job growth bill?


That's a republican idea now being blocked by the House GOP.

[gatorman_07732]

The infrastructure bank isn't a job growth bill?


That's a republican idea now being blocked by the House GOP.

I'll say it again, shovel ready was supposed to be about jobs as well. The infrastructure bank is more spending.

[harwil]

How long did it take to recover from the Great Depression?


The global economy is sputtering...is that Obama's fault also?
Europe who ran to austerity is in further recession (again).


The GOP has undermined the economic recovery for political survival


After losing 5 of the last 6 presidential elections...its all they have.

Acxtually there was another recession in 1937. The point was after all that FDR tried, it was WW II that ended the Great Depression.

[mocgator]

This just in: government that just cut low and middle income budgets by 2% will die if it has own budget cut by 2%.

[surfn1080]

Well, I suppose that's EXACTLY what Boehner & McConnell are thinking and why they've fought every effort to spur job growth....

What REAL job growth policies has there been for Boehner and McConnell fought against??

and to 108 who against is trying to throw blame back on repubs. Hey after 2006 it was a DEM controlled congress if you want to play that game. On top of that Obama has already been apart of over 6 trillion additional debt that has NOT IMPROVED A DAMN THING. What has all this spending done?!? nothing and you cant hide from the truth because at the end of the day that is all that matters!

[RealGatorFan]

I tell you sometimes liberals really define the word clueless. I told you a year ago and then again every 3 months since then that the only reason our economy looks ok is because of the infusion of funny money. The Fed currently pumps $85 Billion EVERY month which the markets love. The problem is we can't sustain this for much longer and once Bernake stops the infusion and raise interest rates, that's when the market falls. How much no one knows but Bernake has no ammo for the eventual pullback since he's used it all up.

We've printed more money the last 4 years than the EU has pumped into their economy - remember the EU here, not some podunk Greece. Even with the printing presses going full bore, we are barely treading water. The weakest recovery since the GD - with an infusion of cash each month that is equal to sequestration.

[gator996]

What REAL job growth policies has there been for Boehner and McConnell fought against??

and to 108 who against is trying to throw blame back on repubs. Hey after 2006 it was a DEM controlled congress if you want to play that game. On top of that Obama has already been apart of over 6 trillion additional debt that has NOT IMPROVED A DAMN THING. What has all this spending done?!? nothing and you cant hide from the truth because at the end of the day that is all that matters!


Go read the OP...


You post your drivel without even looking at the OP???

No wonder your answers look they way they do. :laugh:


Son, the major bullet points are right there....

Reading is Cool.
:joecool:

[GatorFanCF]

Good post, RealGator. An earlier posted said "Well, I suppose that's EXACTLY what Boehner & McConnell are thinking and why they've fought every effort to spur job growth...."

Read more: http://www.gatorcountry.com/swampgas/showthread.php?t=257917&page=2#ixzz2MFlQkL5s

The typical example of an "effort to spur job growth" is the TEMPORARY Federal Government cash infusion to:
1. Hire teachers (for a year, then local governments must shoulder burden).
2. Hire "first responders" again -for a year; then, local governments.
3. Train to Tampa - FED Gov't offers 5 billion to help build it - then it's up to the I-4 corridor to maintain it and keep it going. Gillette made billions GIVING people the razor so they had to buy their blades...Fed Gov't does the same w/ votes.
4. Healthcare exchanges - again, some states are saying "no thanks" because Fed Gov't offers the up front help....then is long gone when the ongoing work needs to be done.

Why don't we just print 20 Trillion dollars a month and hand it out to the folks? - that's over $60,000 for every person in the USA per month! - everyone will pay 39.6% tax rate so Fed gets much of its money back - everyone is soon a millionaire (or dead from drug addiction) and the economy will be booming with average homes costing $1 million and money flowing everywhere!!! This is a limit to the madness - and we will know where it is when it is too late.

[oragator1]

The GOP needs to decide what it wants. When it's in power it spends like a drunken sailor and when it's out of power it decries spending as the worst evil known to man. The dems are are at least consistent, for better or worse, people know what they are getting. You may not like it, but they are what they are.
What's more, the republicans decry spending and then claim they can fix things by not touching defense, keeping tax rates low and simply growing out of it, even though that hasn't produced a balanced budget in most of our lifetimes and has continually produced deficits. And this doesn't even address their temper tantrums at exactly the wrong times (deficit ceiling fights etc.).
The day the republicans give REAL solutions to the problems they sometimes care about is the day they will be on the road to becoming relevant again, but right now they just look lost and desperate. And nothing says this more than the fact that the dems are more trusted on the deficit despite being the spenders.

http://tv.msnbc.com/2013/02/11/obama-better-trusted-on-economy-than-gop/

[gatorev12]

I tell you sometimes liberals really define the word clueless. I told you a year ago and then again every 3 months since then that the only reason our economy looks ok is because of the infusion of funny money. The Fed currently pumps $85 Billion EVERY month which the markets love. The problem is we can't sustain this for much longer and once Bernake stops the infusion and raise interest rates, that's when the market falls. How much no one knows but Bernake has no ammo for the eventual pullback since he's used it all up.

We've printed more money the last 4 years than the EU has pumped into their economy - remember the EU here, not some podunk Greece. Even with the printing presses going full bore, we are barely treading water. The weakest recovery since the GD - with an infusion of cash each month that is equal to sequestration.

Tellingly, the liberal brigade has no answer for this economic reality. Even worse: if that much money is required to prop up our current economy right now--what'll it be like over the next 12-18 months when all the tax provisions in Obamacare start kicking in and depressing economic/business health even further?

And the only reason the EU hasn't been able to print money as readily as the Fed is because there's too many cooks in the economic pot and the few countries with their fiscal houses in order (Germany, the Dutch, etc) would veto (or pull out) any attempt.

[gator996]

Good post, RealGator. An earlier posted said "Well, I suppose that's EXACTLY what Boehner & McConnell are thinking and why they've fought every effort to spur job growth...."

Read more: http://www.gatorcountry.com/swampgas/showthread.php?t=257917&page=2#ixzz2MFlQkL5s

The typical example of an "effort to spur job growth" is the TEMPORARY Federal Government cash infusion to:
1. Hire teachers (for a year, then local governments must shoulder burden).
2. Hire "first responders" again -for a year; then, local governments.
3. Train to Tampa - FED Gov't offers 5 billion to help build it - then it's up to the I-4 corridor to maintain it and keep it going. Gillette made billions GIVING people the razor so they had to buy their blades...Fed Gov't does the same w/ votes.
4. Healthcare exchanges - again, some states are saying "no thanks" because Fed Gov't offers the up front help....then is long gone when the ongoing work needs to be done.

Why don't we just print 20 Trillion dollars a month and hand it out to the folks? - that's over $60,000 for every person in the USA per month! - everyone will pay 39.6% tax rate so Fed gets much of its money back - everyone is soon a millionaire (or dead from drug addiction) and the economy will be booming with average homes costing $1 million and money flowing everywhere!!! This is a limit to the madness - and we will know where it is when it is too late.


Because that's not how we're "printing money"....


The Fed is getting collateral...during the QE programs alot of MBS

Why?


Because when the crisis happend one of the sticky issues was how to get the
bad paper off the books of the banks...

We changed the rules regarding mark-to-market to artificially make the banks look stronger

Lot of ideas were floated but the general stuborness of the banks to recognize that the public sector basically saved their A$$...they asked for more than the paper was worth.

Public-Private Partnerships were discussed...trading markets, all sorts of partnerships

Eventually, the administration chose to buy in the paper thru the Fed rather than do something way overmarket and overpay the banks (another bailout)

The MBS related assets on the Fed balance sheet will outperform

They will be successful sucking the excess money out of the system


I think the administration wins on TARP, Maiden Lane, QE but loses on GM


For saving the global financial system?



I'll take it.

[madgator]

-So if we printed more money

-gave away more money to failed green companies

-wasted more money in stimulus bills with no improvement in infrastructure to show for it

-allowed QE 4, 5, 6, 7


-borrowed more money from the Chinese

-put more restrictions on harvesting domestic energy sources


then everything would be better today?


got it!