Posted on 10/19/2011 3:56:09 PM PDT by blam
ROBERT REICH: The Republican Economic Plan Is An Austerity Death-Trap
Robert Reich
Oct. 19, 2011, 6:25 PM
Ron Paul’s newly-unveiled economic plan – promising to cut $1 trillion from the federal budget in year one (presumably that means 2013) – is only slightly more ambitious than what we’re hearing from other Republican candidates. They’re all calling for major spending cuts starting fifteen months from now.
What are they smoking?
Can we just put ideology aside for a moment and be clear about the facts? Consumer spending (70 percent of the economy) is flat or dropping because consumers are losing their jobs and wages, and don’t have the dough. And businesses aren’t hiring because they don’t have enough customers.
The only way out of this vicious cycle is for the government – the spender of last resort – to boost the economy. The regressives are all calling for the opposite.
But even without these hair-brained Republican plans, we’re heading in their direction anyway. Unless Republicans agree to a budget deal before the end of the year (don’t hold your breath), the temporary payroll tax cuts and extended unemployment benefits we have now will end.
The result will be the most stringent fiscal tightening of any large economy in the world.
Together with ongoing cuts at the state and local government level, the scale of this contraction will be almost unprecedented.
It will come at a time when 25 million Americans looking for full-time work, median incomes dropping, home foreclosures rising, and a record 37 percent of American families with young children in poverty.
To call this economic lunacy is to understate the point.
And if you think 2011 is bad, you ain’t seen nothin’ yet.
(snip)
(Excerpt) Read more at businessinsider.com ...
mindless midget
did somebody say something?
Is it me? or does his logic fall short?
bearded troll
The Austerity Myth: Federal Spending Up 5% This Year
http://www.freerepublic.com/focus/f-news/2794126/posts
Robert “fourth” Reich kisses obozo’s butt to find out the lie of the day.
What are you smoking, Robert?
It just came out that the fed. govt. is going to spend 5% more this year
than last.
What austerity program?
I don’t see any austerity program from Boehner or Mitt Romney
or most presidential candidates except for Ron Paul.
What about going line by line-— When is Barry Obama going to do that?
he said that in Nov. 2008 after elected.
RIGHT robert..........the first of NEVER. Stop spending!
Shut up shorty or should I call you Spanky.......
And they call *us* ‘bitter clingers’ — we don’t even come dlose to bitterly clinging like the discredited Keynesians do....
Let there be news and this little turd pops his ugly head up..He must need money..I had forgotten all about these Clinton morons but here they come again..
We should be showing empathy for REICH.
Think about it. You’d be a crazy grump too if you had to go through life breathing air at the same level of everyone else’s butt.
I’ll be he hates “chili day” at the White House.
Let’s see...is this guy the 2nd Reich, or the 3rd?
Me thinks this is just an attempt to short the progress of the Republican plan.
Reich is just being small to do such a thing.
With what money?
What little Robbie Reichhhhhhhhhhhhh doesn't realize or want to admit is that there is much unpleasantness that lies ahead - no matter what anyone does.
And the longer we put it off, the worse it will be.
"Hair-brained?" LOL. What an idiot this guy is.
Excuse me, Mr Reich...
Can I call you Bob for short?
Pa-Dum Tshhhhh!
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