In his column in today’s NY Times, Bob Herbert took on the Republicans and their actions to impede Obama’s Stimulus Package. Here is a small section which I think sums it up pretty well:
The truth, of course, is that the country is hemorrhaging jobs and Americans are heading to the poorhouse by the millions. The stock markets and the value of the family home have collapsed, and there is virtual across-the-board agreement that the country is caught up in the worst economic disaster since at least World War II.
The Republican answer to this turmoil?
They need to go into rehab.
I’m not sure rehab would be enough.
For the past twenty-five years, since Reagan made it HIS solution for all our problems, the Republicans have made tax cuts the solution for recessions, soaring income, war in the Middle East, real estate bubbles, technology busts… you name it, tax cuts solve it.
Now, as we crawl on the bottom of the sea of disaster, Boehner and buddies are calling for TAX CUTS to get us out of the problem… not spending money on infrastructure, not job creation, not foreign policy adjustment… TAX CUTS!
I don’t believe it! McCain, who lost an election because Americans really didn’t think he could handle the economy, wants TAX CUTS! A Republican minority in Congress which could be outvoted by Democrats is standing in the way of Obama’s solution by howling for TAX CUTS!
If I get a tax cut it will put another 25 bucks into my pocket… and the Republicans think my spending this will solve the problem. I’m already borrowing twice that amount each month from what’s left of my retirement savings just to pay for the increased expenses of this economy. Tax cuts are a solution whose failure has been proven by the situation we are in now… it is the solution that proves failure.
See, we gave the banks a lot of money (billions!) while Bush was still there. Herbert points out that
The public was told that the money would be used to loosen the frozen credit markets and thus help revive the economy. But as the article pointed out, there were bankers with other ideas. John C. Hope III, the chairman of the Whitney National Bank in New Orleans, in an address to Wall Street fat cats gathered at the Palm Beach Ritz-Carlton, said:
“Make more loans? We’re not going to change our business model or our credit policies to accommodate the needs of the public sector as they see it to have us make more loans.”
How’s that for arrogance and contempt for the public interest? Mr. Hope’s bank received $300 million in taxpayer bailout money.
And Citibank is taking 50 million of its bailout money to by a corporate jet… a French corporate jet (the money won’t even stay in our economy.)
So how are the Republicans taking this situation when Obama is trying to put up a stimulus package to increase jobs, loans a and extended unemployment insurance? They are seeing it as a call for TAX CUTS!
Obama is supposed to be going to Congress this week to talk to Republicans. All I can say is DON’T GIVE IN! You’ve got the strength to get this $825 Billion stimulus through without the support of the walking dead on the conservative side of government.