Biggest Fear for Republicans Will be an Improving Economy
I won’t be cynical enough to say that all Republicans are hoping the economy stinks when November 2012 rolls around. But, I would put money on it that the Republicans who’re running for president and even many of the rank and file Republicans in our Congress are hoping secretly that the economy doesn’t improve and in fact, takes a nose dive; nothing would please some of them as much.
I say this because by their actions, they show no interest in the economy improving. They talk about job creation, but only in the future sense because they’re doing very little to create jobs now. Instead they have stood in the way of the Obama Administration creating jobs at every turn. President Obama’s administration’s American Jobs Act is one instance which was filibustered in the Senate and failed in the House of Representatives which is controlled by Republicans, especially the “No Compromise” Tea Party faction.
Still, despite their every effort to block this president from any success, it seems the GOP is failing miserably; our country is seeing a very slow and gradual improvement of the economy. Even the Oracle of Omaha; William Buffett sees the economy improving, which to me is a sure sign that things are on the uptick.
The Republican frontrunner in the presidential nomination race has used the economy as his top stump speech of why he should be elected over Barack Obama in November 2012, using his business credentials as a reason why he’ll do a better job at improving the economy than our current president. I always say “Don’t fix something that isn’t broken”. If the economy is improving, even at a slow pace, it at least is improving.
The main difference between Republicans and Democrats is, Republicans’ claims that tax cuts for the wealthy and deregulation as far as pollution controls and deregulation of the financial industry is the key to prosperity for this country and our economy improving. Of course, it’s important that we keep a balance; over regulating and too high taxes of U.S. corporations can drive businesses overseas, but there must be a balance so that the working class in this country sees an improvement in their lives and if that isn’t happening, the pendulum is swinging too far one way.
Since the Reagan Administration, corporations and the super wealthy have made out like a bandit, and I mean that literally. Profits have skyrocketed for the top 1 percent while wages have stagnated for the rest of the country, at least the bottom 90 percent.
President Obama, in an effort to compromise with House and Senate Republicans, extended the Bush tax cuts back in 2010. I believe if he hadn’t extended those cuts, our economy might be improving at a much faster pace. His compromise has gotten him nothing in return but ‘no compromise’ from the GOP.
If the economy does improve over the course of this next year, Republicans will try their best to take credit for it because of the tax cuts that were extended. I don’t think that’s going to fly with American voters as Republicans have blamed President Obama at every turn for the shape the economy is in. Sure, the Republican Party base will believe whatever they’re told so it won’t make any difference for them, no matter how well the economy is doing when November rolls around.
But independent voters and Democrats will see the real facts and that is; President Obama may not be completely responsible for the shape of the economy, but he definitely deserves some credit if it improves, the same as he deserves some blame if it doesn’t improve. Republicans can’t have it both ways; blame Obama for the economy if the economy stays stale or worsens, but then take credit for it if it improves.
Jobs are the main focus as businesses are beginning to see improvement in as far as demand but that’s because the Middle-Class are beginning to feel confident and are beginning to spend money. As the unemployment numbers go down, the economy will improve as businesses see their profits increase, which will in turn, spur more growth as they begin to hire more people.
The economy is a balancing act and anytime the scale is tipped too far one way, it will either put us into a recession or a depression, depending on the factors. It doesn’t take an economist to see clearly that if the Middle Class has no money to spend, then demand will go down. If the Middle Class is prospering, so will business.
What sent our economy into the Great Recession back in 2008, which was during the Bush Administration by the way, was the housing market bubble bursting. And, the reason for that was because of the deregulation of the mortgage laws which allowed banks and other lenders to sell subprime mortgages to people who were bad credit risk and then when those homes went into default, those mortgages were sold over and over again in bundles until their value depreciated and became worthless. It was a big gambling racket, to tell you the truth; banks playing with their customer’s money.
Republican politicians, especially our presidential hopefuls who are hoping to unseat Obama, are trying to convince us that banks and financial institutions need to continue to have the freedom to do what they wish with the money entrusted into their hands, because if they can’t, it will hurt our economy. The opposite is true and is exactly why we’re in the mess we’re currently in.
So now things are slowly improving and Republicans, such as Mitt Romney, want us to hand things back over to them so that they can bring about more deregulation and again put the health of our economy in the hands of some greedy banker’s. This so that bankers along with corporate executes can have free rein to do as they wish while rewarding themselves handsomely with huge bonuses. Then if they again drag the country under with another recession due to their unethical practices, we tax payers can dig into our pocket to bail them out, all the while Republicans in Congress can blame Barack Obama and Democrats for it all.
It’s important that we voters don’t lose focus this upcoming election; if the economy improves enough, let’s give the current administration another chance to see what they can do for another four years. We might even help them out some by making sure they have clear majorities in both houses of Congress, instead of more of the Party of “No Compromise” tying the president’s hands.