Republicans, the party of NO, once again said NO to the American People this week when they failed to agree on a small business aid package that could inject $300 billion into the economy. The reason? You guessed it: politics.
The small-business aid bill -- a central component of what President Obama has called "Recovery Summer" -- would create a $30 billion fund designed to increase lending to small businesses, in addition to providing $12 billion in small-business tax breaks over the next decade. The government says small banks could use the fund as capital to provide $300 billion in small business loans.
The republicans blocked this bill because the Democrats would not allow any amendments to be added to it. What did the republicans want to add to the bill? They wanted to add the only thing they know how to say yes to, a provision which would have made the Bush tax cuts, which benefit only the wealthiest Americans, permanent.
They want to take the country back to the days of unfunded, deficit exploding, tax cuts for the wealthiest 1% of Americans, saying that tax cuts are the answer to the nation's unemployment problems and economic woes. Are we in a time warp here? Does the country suffer from a case of collective amnesia? We tried that in the past administration and look where it has gotten us.
It is a failed theory, and today no less a champion of republican economics, the former chairman of the Federal Reserve Alan Greenspan said so.
"....the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being "disastrous" for the economy. Greenspan expressed his disagreement with the conservative argument that tax cuts essentially pay for themselves by generating revenue and productivity among recipients.
"They do not," said Greenspan.
The country was economically devastated by the last administration, it didn't just happen. Rather it was the direct result of failed republican economics.
Ever since he took office, this President has been trying to dig the country out of the hole the republicans left it in and at every turn the republicans have taken the opportunity to shovel more dirt into the hole so as to make it harder for the country to recover. Why? Politics. If things get better for the nation they will not improve for the republicans at the ballot box in the midterms, so instead, the republicans just say NO. They can dress it up any way they want and they can spin it this way and that, that are very good at that but the facts can not be hidden.
Blocking the small business aid bill is only the latest example of Republicans using procedural tactics to stymie President Barack Obama's midterm-election-year agenda. In the past week alone the republicans have said NO to help for the millions of Americans who as a result of republican economic policies find themselves among the long term unemployed, NO to helping small businesses and their access to capital, NO to aid for the heroes of 9/11. At each opportunity to do the right thing and help the country the republicans have said NO to the American people and yes to the failed, wrong headed, policies that brought us to the brink.
To the republicans, when it comes to providing the tools (be they unemployment benefits or a second round of economic stimulus) needed to help ordinary working American's climb out from under the economic rubble left by the previous administration, deficit spending is akin to devil worship but when the issue is tax cuts to benefit the wealthiest Americans, they have, based upon their words and deeds, no problem with it. The party of NO, you see, is also the hypocrisy party.
Memo to the party of NO: Tax cuts for the wealthiest 1% of Americans don't produce new jobs. This is not a just theory but thanks to you a proven fact.
The question the American people are asking the republicans is what else have you got besides NO?
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3 comments:
The banks already have capital to lend; they are not lending because of the uncertainty caused by the Obama administration. And I can't take Alan Greenspan seriously at this point. Frankly we can argue all day about whether tax cuts generate revenue or not; people should keep more of their own money because it's right. "No" is all the repubs have right now, and I hope they'll keep saying it. And I know it's mostly hyperbole, but I sense a deep wish for liberals to rule the world, but that's not how a republic works.
Diane, thank you for visiting and for taking the time to comment.
While I appreciate your comment, the facts don't seem to support your position. In fact, you did not present any facts.
There is no need to argue all day about whether tax cuts create jobs or not for as I said we have tried that approach under the previous administration and by every measure of empirical evidence it failed miserably.
Any uncertainty that business face is due to the economic damage done by the previous administration and it's wrong headed, failed policies. For you to ignore that fact and the depth of the carnage created by republican economics is to ignore reality, something thankfully our current president does not do.
It will take years to undo the economic damage the republicans did to our country but for sure we are on the right track.
Again, thanks for visiting. Stop by again soon. We always welcome other viewpoints.
By the way Diane, if you don't earn above $250,000. per year you will be keeping more of your own money, as taxes for those people have been cut under the Obama Administration. If you do earn more than that you should be happy to pay your taxes and contribute to the country that made your good fortune possible, as any good patriot would.
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