My mind has been unfortunately consumed with thoughts of the economic stimulus for what feels like at least a decade. I don’t even really know what to think anymore - maybe I never did. The President didn’t do an effective enough job selling his plan to the American people early on. He should have been hitting us over the head with talk of how badly we need this package - about how it may be imperfect, but for God’s sake at least it’s something. For the second half of this week, he succeeded at doing this - often with a bit of flare the usually cool leader shies away from. And he tried for the first half of the week, but his cabinet appointments seem to have a bad habit of not paying their taxes. Since the media can’t focus on more than one thing at a time, discussion of ethics and poor accounting practices consumed the airwaves. Nonetheless, Obama tried. Plus, while the President and his party could have executed better, blame for the recovery catastrophe lies almost entirely with the Grand Old Patronizers.
The Republicans systematically undercut everything logical about this economic discussion simply because everything logical about this economic discussion came from the Democrats. They offered no ideas, save the tired ones about cutting taxes for rich people. John McCain reverted to campaign mode, complaining, “This is not a stimulus bill; it is a spending bill.” Thanks John. McCain’s concession speech after the election seemed very heartfelt. I even inquired as to whether the old McCain, the one unencumbered by political theater, would return to - wait for it - getting things done. I guess I was wrong.
I’ve championed bipartisanship, and I still believe it can work. But it is certainly more difficult than seems reasonable. Paul Krugman says there’s no room for compromise with a party that is as “irresponsible" as the GOP. I don’t want to be corrupted, I want to believe in Obama’s call for unity, but Krugman makes a good point. If the Republicans continue to obstruct to this degree in the future, and the Democrats are again outmaneuvered, then I certainly hope the Democrats are at least able to mobilize enough support to push these yahoos out of office. I firmly believe the GOP is going to remake itself as a party of moderates - if they don’t, they will die off - but in the mean time, we have a lot of serious stuff that we need to deal with. And yet the Republicans seem set on standing in the way.
Luckily, a deal on the Senate version of the recovery package seems to have been reached. It cuts a substantial amount of spending - about $100 billion - from a bill that probably didn’t have enough spending to begin with, but it's a step in the right direction. Maybe Democrats ceded too much, maybe they did the right thing. We'll have to wait to see how effective the plan ends up being. But Republicans! Seriously! You guys have got to get your act together. The economy is collapsing on all sides and the only thing you can think about is scoring political points. We cannot afford to have the battle over reconciling the two versions of the stimulus bill take this long. So GOPers...play nice. And Democrats...don't let Republicans dominant the argument - your ideas are right, you are on the right side of history. Act like it.
(I'm afraid to imagine what passing universal healthcare is going to be like.)
Brian - a very thoughtful post. I agree with pretty much everything you say.
ReplyDeleteFor awhile now I have been the least enthusiastic Obama supporter on this blog. I voted for the man. I like him. But I have been ever wary of the making of a heroic myth about a person still living. It's bad enough when we do that to the dead.
My discomfort has been the pie in the sky call for bi-partisanship throughout the campaign. It sounds nice. It is nice. It sounds like a plan for change? But is it? As you rightly point out, the events of the past few weeks have proven the idealism of this as an avenue for change. Call me cynical, but I have feared from the beginning that this would shoot the democrats in the foot - again. They are a party that is forever getting trumped by the better organized & tunnel-visioned republicans. I hate to speak so harshly of my party but for goodness sake - there's a time to be conciliatory & a time to get things done. We are in crisis. Hold the damn feet of the republicans to the fire - spare the niceness & start getting us out of this mess.
So much for my speech. Sorry.
Did you see Obama's not so subtle sarcastic speech to the democrats on retreat a few days back? it was wonderful. He let the republicans have it - finally!!! He looked irritated as all hell - good I thought. About time. He stopped pulling punches & threw down the gauntlet.
May washington please finally address the economic meltdown - I personally know people who are collapsing under it. They need help now - and not on a republican time table.
You're seeing a preview of the GOP's strategy for everything in the pipeline. Lord Limbaugh has spoken: they must make Obama fail (and the country) in order to "win." Party is always more important than country with these morons.
ReplyDeleteUnfortunately, "bipartisanship" is a failed strategy for Obama. What he needs to do now is destroy the GOP by ramming his agenda down their throats and making them irrelevant. The Republicans will never "play nice" until they lose, lose, lose, and lose, and then lose some more, and then get whipped at the polls and lose some more.
This has been a frustrating period. But I actually still think bipartisanship can work. Obama got very tough (his speech to the Dems was great Squid - as was his speech at the Department of Energy), but I don't think being tough precludes bipartisanship.
ReplyDeleteHe tried to be nice, he tried to foster positive input from the Republicans. It didn't work, but I think it's important that he tried. And I hope he keeps trying.
The Republicans will continue to obstruct, but just the idea of bipartisanship is important. Plus I still think that in obstructing, the Republicans are digging their own grave. I've gone on and on about Obama being the shrewdest pol in all the land. He had some bumps this week, but I still think that's true. If the GOP crosses him too much, he will make it look like they are to blame. And then voters will toss them out.
Maybe this is wishful thinking, but I think it would a mistake for Obama to betray his own idealism.
For every stimulus dollar spent, exactly how much benefit do we get in return? Mark Zandi, Chief Economist at Moody’s Economy provides these data for all to see:
ReplyDeleteAccelerated Depreciation – $ 0.27
Bush Income Tax Cuts -- $0.29
Corporate Tax Cut -- $0.30
Dividend and Capital Gains Tax Cuts -- $0.37
Across the Board Tax Cuts -- $1.03
Aid to States -- $1.36
Infrastructure Spending -- $1.59
Unemployment Insurance (Extended) -- $1.64
Food Stamps -- $1.73
Not on the this chart (Source: Moodys):
Education -- $1.74
Interpretation: When money changes hands, some of it is saved (removed from circulation) and some of it is spent (continues changing hands and remains in circulation). Money that continues to circulate is known as the accelerator effect, and the goal of any successful stimulus program is to keep money in circulation as long as possible – resulting in maximum bang for the buck.
As you can see, the simulative effect of tax cuts is actually quite small. Programs such as aid to states, infrastructure spending, unemployment benefits, and food stamps are far more likely to keep money flowing throughout the economy than various and sundry tax cuts..
And consider this: Tax breaks for corporations and the wealthy cost far more than the amount of benefit returned. In other words, the rich get richer while the poor and middle class get stuck with public debt burden.
The same kind of Bush economics that brought us to this pitiful state is what the Republicans are still demanding. Talk about intellectual and moral bankruptcy!!!
What I would really like to see is our President going before the American people with charts and graphs that spell out the issue. We are not stupid. We can read numbers. We can see through Republican bullshit if the President presents his case … EXACTLY LIKE THIS.
The Republicans have only one choice: Either change their attitude or go to hell.
Great to know those number 8pus.
ReplyDeleteEducation for all!
Great post, Brian! And now you've set the bar a little higher, which means I can't actually slack off as much as I thought...
ReplyDeleteAnyway, back to the post. I like the idea of bipartisanship. It used to work. But, at this point it looks like the repugs don't want any part of it, so we need to kick them under the bus and move on. If the senate dems think they have enough votes without these thugs, then they need to act. The economy is worsening every day.
As for universal healthcare, I'm shuddering with you!
The American People want bi partianship...
ReplyDeleteBut our political system is actually about competing political interests and one does not compromise interests.
The democrats just threw a bunch of stuff at a wall and so did the Republicans.
Then they adjust based on which group threw the biggest fit. Well, the better organized and most active groups are the ones at the extremes.
Politicans no longer attempt to direct and lead public opinion but rather are directed and led by it and public opinion is the extremes.
Thats why when they cut the 108 billion out of the stimulus they cut the part that would have given us the best bang for our buck.
I attended a Republican dinner yesterday in celebration of Lincoln's birthday and all the local bigwigs from the county would be there.
ReplyDeleteMcConnell was there....
He went on and on about the tax deduction of 15% to 10% and never mentioned another word except to say that he believed the stimulus would not work and it was just a bunch of pet spending projects.
Of course there was a bunch of shaking of heads and wringing of hands over the fact that Americans just didn't know what was good for them.
Of course they all believe that a turnaround is right around the corner and thats when I stood up and asked what made them believe that? What evidence did they have that things were improving?
"Well, this is America and we are capitalists and everything improves...."
Was the response.
I said then that based upon the evidence it looked that things were getting worse....
"Next Question...."
I finished my free lunch and moved on. It is obvious that this bunch does not have a clue....
I was going to corner McConnell and ask him some questions but he really is useless and has to constantly be told what to do....
I know he doesn't have a single idea on his own.