2016 Postmortem
Related: About this forumThe Damage Done - By Paul Krugman
OP-ED COLUMNIST
The Damage Done
By PAUL KRUGMAN
Published: October 17, 2013
The government is reopening, and we didnt default on our debt. Happy days are here again, right?
Well, no. For one thing, Congress has only voted in a temporary fix, and we could find ourselves going through it all over again in a few months. You may say that Republicans would be crazy to provoke another confrontation. But they were crazy to provoke this one, so why assume that theyve learned their lesson?
Beyond that, however, its important to recognize that the economic damage from obstruction and extortion didnt start when the G.O.P. shut down the government. On the contrary, it has been an ongoing process, dating back to the Republican takeover of the House in 2010. And the damage is large: Unemployment in America would be far lower than it is if the House majority hadnt done so much to undermine recovery.
A useful starting point for assessing the damage done is a widely cited report by the consulting firm Macroeconomic Advisers, which estimated that crisis driven fiscal policy which has been the norm since 2010 has subtracted about 1 percent off the U.S. growth rate for the past three years. This implies cumulative economic losses the value of goods and services that America could and should have produced, but didnt of around $700 billion. The firm also estimated that unemployment is 1.4 percentage points higher than it would have been in the absence of political confrontation, enough to imply that the unemployment rate right now would be below 6 percent instead of above 7.
full column
http://www.nytimes.com/2013/10/18/opinion/krugman-the-damage-done.html
Laelth
(32,017 posts)-Laelth
Demeter
(85,373 posts)The damage done this nation by the GOP is an order of magnitude larger.
Botany
(70,516 posts)... not putting those costs on the books, and then when Obama put those costs on the
books blaming him for running up the debt is horse crap. From how I see it the republicans
have been trying to tank the economy in order to blame the President from day one in
2009. But we have a media that more often then not like to say "both sides are at fault"
instead of placing the blame where it really lies.
"Are all the economys problems the G.O.P.s fault? Of course not. President Obama didnt take a strong enough stand against spending cuts, and the Federal Reserve could have done more to support growth. But most of the blame for the wrong turn we took on economic policy, nonetheless, rests with the extremists and extortionists controlling the House.
Things could have been even worse. This week, we managed to avoid driving off a cliff. But were still on the road to nowhere."
mountain grammy
(26,623 posts)Cha
(297,285 posts)the Gop Shutdown.
Except I read this earlier and was hoping it meant we didn't have to go through it again. And, when asked if "we would go through it again in a few months", after his speech yesterday, PBO said "NO".
An increase in the debt ceiling until Feb. 7, but it also continues the ability of the Treasury to use extraordinary measures to extend that period, so that's not a drop dead date. It also includes language allowing President Obama to waive the debt ceiling, which could be overridden by a vote of disapproval by Congress that could then be vetoed by the president;
http://www.dailykos.com/story/2013/10/16/1248042/-Senate-votes-on-shutdown-debt-ceiling-deal
h/t PADemD http://www.democraticunderground.com/?com=view_post&forum=1014&pid=624469
thanks DV
kydo
(2,679 posts)SunSeeker
(51,571 posts)starroute
(12,977 posts)He uses a lot of song references here and there. (That and Monty Python.)
freebrew
(1,917 posts)in 2010, the Publicans ran on creating jobs.
Where ARE the jobs Mr. Boehner??? - KO
bluemarkers
(536 posts)Around 1986-88 I was working in a large office when I saw literature with RR's mug on it claiming they we could legislate values. I, ahem, had it removed, but almost 30 years later it's ingrained in feeble minds.
The business end of the gop thought the tea baggers would toe the line, putting money over God, but that is not happening. Like the stenographer shouted you, can't worship 2 gods. That kitten has finally grown up and it's attacking.
If only there was a directive to separate church and state to prevent this sort of mess.
(I actually feel that this particular crescendo is a result of the world not ending in Y2K. Remember all the religious nuttery and then nothing happened, so they are trying to make it happen.)
freshwest
(53,661 posts)RainDog
(28,784 posts)okaawhatever
(9,462 posts)Electric Monk
(13,869 posts)&U&G&M&A&N