John Cornyn, R-Texas, on CNN, allowing as how he's "waiting for this administration to take responsibility." He accused the Obama administration of "tripling" the annual deficit, as brazen a falsehood as can be imagined. After taking over in 2001 with a healthy budget surplus and some economists warning against paying down the debt too fast, Bush doubled it to over $10 trillion in eight short years. See-no-evil financial deregulation damn near destroyed the world banking system.īy the time President Obama was inaugurated last January, the economy was bleeding 750,000 lost jobs a month the Congressional Budget Office had already projected the FY 2009 deficit at $1.3 trillion - a budget written by the Bush White House. Tax cuts for the wealthy led not to greater prosperity, but runaway budget deficits, a doubled national debt and the weakest job creation since World War II. Bush ought to have inoculated American voters against GOP economic theories for a generation. ![]() One of the enduring mysteries of American life is how Republicans keep succeeding by failing. they want our country to fail to win an election, and they're willing to take the people of this country with them."īut that's only part of the story. Debbie Stabenow, D-Mich., whose state has the nation's second-highest unemployment rate (13.6 percent), put it forcefully: "The Republicans in the Senate want this economy to fail. But working stiffs will be keeping their heads down, won't they? Fat lot of good that will do the economy. In consequence, several hundred thousand cops, teachers, firefighters and other public employees are sure to be laid off due to state budget cuts. The same bill, which failed 57-41, would also have provided $16 billion in Medicaid help to states overburdened by declining tax revenues. ![]() That's the real message behind the GOP's Senate filibuster denying extended federal benefits to roughly a million long-term unemployed. ![]() No better means of disciplining the labor force has ever been devised. Many Republicans actually love economic recessions. It's not simply about making the Obama administration look bad.
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