From Pine View Farm

Once More into the FAIL (Updated) 1

The Republican Party wants to do us again. Harder! Harder!

Republican Economic Theory is as bankrupt as Circuit City. But it appears the Republican Party is genetically unable to learn from the past.

Frank Rich in the Toimes:

We also now know conclusively that the larger Bush tax cuts, besides running up record deficits and exacerbating income inequality, were also at best a placebo on our road to ruin. In a January survey of economists, including former McCain advisers like Douglas Holtz-Eakin and Mark Zandi, The Washington Post determined that the job growth the Bush administration kept bragging about (“52 straight months!”) was a mirage inflated by the housing bubble. Job growth — about 2 percent — was in fact the most tepid of any eight-year period “since data collection began seven decades ago.” Gross domestic product grew at a slower pace than in any eight years since the Truman administration.

But even if tax cuts alone could jump-start a recovery, they couldn’t do the heavy lifting that Obama has promised and the country desperately needs: a down payment on a new economy to replace our dilapidated 20th-century model and bring back long-term growth. The Republicans don’t acknowledge the need for this transformation, or debate it in good conscience, preferring instead to hyperventilate over the contraceptives in a small family-planning program since removed from the stimulus bill. All it takes is the specter of condoms for the party of Vitter, Foley and Craig to go gaga.

The Republicans’ other preoccupation remains Rush Limbaugh, who is by default becoming their de facto leader. While most Americans are fearing fear itself, G.O.P. politicians are tripping over themselves in morbid terror of Rush.

Addendum, Sometime during the First Quarter of Super Bowl whatever it is:

On ABC’s This Week:

(Congressman Jim) DEMINT: Well, I’m not sure what economists you’re talking to … We have to decide if we want to be a free market economy and let the money stay there or be a government-directed economy which is where we’re headed with this plan.

(Congressman Barney) FRANK: …Let’s agree that we’re all Americans here, Jim. Nobody’s got the “American way” versus presumably the “non-American way.” And as far as spending versus tax cuts, I think we need to fix some highway and bridges. I never saw a tax cut fix a bridge. I never saw a tax cut give us more public transportation…

But wait! There’s more! Follow the link.

Video here.

Via Instaputz.

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1 comment

  1. Karen

    February 1, 2009 at 8:37 pm

    I watched that this morning & couldn’t believe him. Frank shut him up pretty well though, which I liked. The CEO’s were talking about the bonuses, & said that they’re all lumped together, which shouldn’t be. Same excuses. But, the FedEx CEO did take a 20% cut because they weren’t doing so well.

    All in all, it was interesting. George Will was his normal doom & gloom.