British deploy GOP’s economic plan, return to recession

When he became prime minister of Great Britain two years ago, Conservative Party leader David Cameron began to implement an economic strategy much different than that pursued here in the United States under President Obama.

Cameron and his chancellor of the exchequer, George Osborne, decided that Plan A was to cut cut cut. They would cut their way to economic growth by slashing government spending by more than 20 percent across the board. Other aspects of their plan may sound familiar as well. Just last month, they announced that they would be cutting the top tax rate for Britain’s richest households while raising taxes on those who collect pensions, a proposal dubbed “the granny tax” because of its impact on the elderly.

A reader of the London Telegraph posts his reaction to news that Britain's economy has fallen back into a recession.

A reader of the London Telegraph posts his reaction to news that Britain's economy has fallen back into a recession.

When “Plan A” was first announced, American conservatives saw it as a model for their own economic theories. As Fox News noted back in 2010:

“The Obama administration is showing no appetite whatsoever to do what the British are doing,” said Nile Gardiner, director of the Margaret Thatcher Center for Freedom at the conservative Heritage Foundation. But, he said, the U.S. has to “at the very least do what the British are doing” to avoid a fiscal calamity.

Gardiner said congressional Republicans will be paying close attention as they craft their agenda should they end up with a majority in either chamber come Nov. 3. “I do think what Cameron is doing is going to be seen as inspirational by many conservatives on Capitol Hill,” Gardiner said.”

Yesterday, however, the Cameron government was forced to announce that the British economy has fallen back into a recession after reporting the second consecutive quarter of negative growth, the first double-dip recession in Britain since the mid-’70s.

Unemployment in Britain is rising. And while America’s gross domestic product has rebounded and by 2011 had topped pre-recession levels, GDP in Britain today remains 4 percent below what it was in 2008.

Most important, perhaps, the primary goal of Cameron’s austerity program was to reduce Britain’s deficit up front, early in the economic recovery, under the theory that by doing so they would drive growth. Instead, the deficit has continued to grow larger despite the spending cuts because it is hard to get more revenue out of an economy that is shrinking.

Economics is a difficult field in part because it is impossible to run controlled experiments to test the efficacy of various theories. However, in Britain and the United States we have two economies and two governments that took two very different courses during the same time frame.

And as we now know, the outcomes have been very different as well.

One economy is recovering, if slowly, with people returning to work and the budget deficit falling, if again too slowly. The other economy has sunk back into recession, with more people out of work and the deficit increasing as a result.

Geoff Colvin, writing in Forbes back in November 2010, eagerly embraced the experiment, arguing that it would confirm the wisdom of Britain’s approach. As he boldly put it:

“When we have a winner, the losing side will rationalize the results, saying they don’t prove much, because the two situations were different going in, and that with a little bit of tweaking, their strategy would have prevailed. We should resolve to cut through the inevitable spin and declare a winner. Whatever the results, I’ll embrace them. But I think I know how this will turn out, and it won’t be good news for America.”

His prediction has turned out to be wrong, of course. Given that evidence, I find it hard to believe that the American people will now choose to abandon a policy that has worked in favor of a strategy that our British friends have done us the favor of proving a failure.

jobloss

– Jay Bookman

308 comments Add your comment

Steve

April 25th, 2012
11:14 am

I was told by the conservative posters here that we have lost jobs under Obama? Your data says otherwise. Where do these conservatives get their fake information?

USinUK

April 25th, 2012
11:18 am

s’what I’ve been saying for MONTHS … our growth (when we had it) was anemic, at best … now, we’re back into a recession.

oh, yeah.

austerity

totally the way to go.

Kamchak ~ Thug from the Steppes

April 25th, 2012
11:19 am

Economics is a difficult field in part because it is impossible to run controlled experiments to test the efficacy of various theories.

[...]

Geoff Colvin, writing in Forbes back in November 2010, eagerly embraced the experiment, arguing that it would confirm the wisdom of Britain’s approach.

[...]

His prediction has turned out to be wrong, of course.

An economist is someone that will tell you why his predictions of two years ago are wrong.

Kamchak ~ Thug from the Steppes

April 25th, 2012
11:21 am

Former House Speaker Newt Gingrich is expected to suspend his presidential campaign within the next week, according to a Republican operative familiar with the decision.

Seeya!

barking frog

April 25th, 2012
11:22 am

This should shake the
world markets.

stands for decibels

April 25th, 2012
11:23 am

Where do these conservatives get their fake information?

from a balanced news diet of both Fox AND Drudge.

Lord Help Us

April 25th, 2012
11:23 am

‘And while America’s gross domestic product has rebounded and by 2011 had topped pre-recession levels…’

Is this another one of those ‘leading indicators’ someone was asking about earlier…

Brosephus™

April 25th, 2012
11:23 am

It’s Obama’s fault!!!!

USinUK

April 25th, 2012
11:24 am

having said all this … I totally get why Cameron et al did what they did …

they were focused on debt and ONLY debt, to the point of completely ignoring economic realities that you can’t cut huge swaths of the public sector when the private sector is also cutting …

bringing us to where we are today

where the original goal of keeping a strong credit rating is undermined – not because of debt – but because of economic weakness

Gordon

April 25th, 2012
11:25 am

What happened when Bush cut taxes early in his first term? Didn’t we have a huge number of consecutive months of growth? Could the British economy be affected by the near economic collapse of many nearby countries? Isn’t that also affecting the American economy somewhat?

JohnnyReb

April 25th, 2012
11:26 am

“I find it hard to believe that the American people will now choose to abandon a policy that has worked in favor of a strategy that our British friends have done us the favor of proving a failure.”

Well, get ready for disappointment come November.

And, despite what the economists stated before the great experiment, comparing the two economies as if they are similar is ridiculous. Britian is a semi-welfare state. Obama has not been able to get us that far yet, although he tries.

getalife

April 25th, 2012
11:26 am

Great post Jay.

Now the cons will admit they are dead wrong.

Yeah, right.

Paul

April 25th, 2012
11:27 am

“Gardiner said congressional Republicans will be paying close attention ”

Wanna bet?

“When we have a winner, the losing side will rationalize the results,”

Yup… but the loser who he thought it’d be. I suppose the excuses will include some variant of ‘but British conservatives are really liberal socialists….”

Slow and steady is quite an unpopular strategy for an electorate used to instant gratification. But it says a lot about the Obama Administration that they were willing to risk that approach.

Georgia on my mind..

April 25th, 2012
11:27 am

Keep em coming Jay! Thanks for keeping us informed!

ty webb

April 25th, 2012
11:28 am

ah yes, the tongue in cheek “it’s obama fault” comment…otherwise known as “I’ve got nothing, but I’m still waving my pom poms” comment.

Gordon

April 25th, 2012
11:28 am

By the way, our deficit is falling only in the short-term. We’re going to be $20T in the hole in a few years.

Aquagirl

April 25th, 2012
11:28 am

It’s Obama’s fault!!!!

No way, it’s clearly Teh Mooslims.

JohnnyReb

April 25th, 2012
11:29 am

BTW Jay, most every political junkie knows by now the jobs info is no good. It does not count the people who have given up looking for a job. I know that plays well into promoting little Barry, but its not the truth.

Lord Help Us

April 25th, 2012
11:30 am

‘We’re going to be $20T in the hole in a few years.’

More if the Ryan plan is adopted…

getalife

April 25th, 2012
11:31 am

Admit you are wrong cons.

Time to man up and admit it.

USinUK

April 25th, 2012
11:32 am

“No way, it’s clearly Teh Mooslims.”

I thought it was teh ghey

Lord Help Us

April 25th, 2012
11:32 am

‘most every political junkie knows by now the jobs info is no good. It does not count the people who have given up looking for a job’

I have a suggestion. The Obama admin should use the same approach to calculate unemployment that has been used for the past 30-40 + years.

Adam

April 25th, 2012
11:32 am

I think I’m just going to grab popcorn for this one. I can’t imagine I’ll see a cogent argument to counter Jay’s. I certainly haven’t seen anything on this subject that fits that bill yet. Just deflection and changing the subject.

getalife

April 25th, 2012
11:33 am

Ok lets try for one con to admit they are wrong.

Matti

April 25th, 2012
11:33 am

Does this mean the dollar will be worth more in the UK this summer?

USinUK

April 25th, 2012
11:35 am

“BTW Jay, most every political junkie knows by now the jobs info is no good. It does not count the people who have given up looking for a job”

dammit, LHU beat me to it …

it’s the exact same way that we’ve been measuring for decades

Ahem

April 25th, 2012
11:35 am

JohnnyReb

April 25th, 2012
11:36 am

Lord Help Us

April 25th, 2012
11:32 am

‘most every political junkie knows by now the jobs info is no good. It does not count the people who have given up looking for a job’

I have a suggestion. The Obama admin should use the same approach to calculate unemployment that has been used for the past 30-40 + years.
_____________

They are using the same methods, but that does not mean it paints the clear picture. They have the true calcuations of unemployment but like other politicans in the past choose not to use them. Instead, they look you in the eye, or have a minion like Jay write a piece showing everything is rosie.

USinUK

April 25th, 2012
11:36 am

“Does this mean the dollar will be worth more in the UK this summer?”

just in time for the Olympics

JamVet

April 25th, 2012
11:36 am

“It does not count the people who have given up looking for a job.”

Is this a recent development?

Bueller? Anyone?

Jay

April 25th, 2012
11:37 am

JohnnyReb, as the chart clearly states, those are monthly job losses or gains.

The number of discouraged workers has absolutely nothing to do with this data. It’s hard data, not a percentage of the work force, etc. Every political junkie knows that. Well, almost every one.

ty webb

April 25th, 2012
11:38 am

“the Cameron government was forced to announce that the British government has fallen back into a recession…”

not to be a stickler Jay, but shouldn’t that read that Britiain’s economy has fallen back into a recession?

stands for decibels

April 25th, 2012
11:38 am

We’re going to be $20T in the hole in a few years.

Clearly, we need a Republican president, so you can go back to ignoring the accumulated debt.

in other words

April 25th, 2012
11:39 am

“Conservative Party leader David Cameron began to implement an economic strategy much different than that pursued here in the United States under President Obama.”

jay doesn’t realize that GB is nothing like the USA. jay also forgets to mention that GB has much higher taxes etc.

jay is neither an economist nor has he ever run a business.

JohnnyReb

April 25th, 2012
11:40 am

Jay, sorry I hurt your feelings, but you know comparing the British economy to ours is ridiculous. Plus you can’t separate the British economy from the Eurozone.

You also know the number of people getting a job fades to almost insignifigance compared to the number that can’t find a job. The increase in jobs won’t even support the number of new people entering the workforce.

Adam

April 25th, 2012
11:41 am

JohnnyReb: BTW Jay, most every political junkie knows by now the jobs info is no good. It does not count the people who have given up looking for a job

Again, I draw your attention to a graph that shows that the BLS DOES count those people, and that the percentage of those not looking or discouraged is also dropping month by month:

http://www.leftrazoredge.com/2012/02/09/the-fallacy-of-real-unemployment/
Followup graph: http://www.leftrazoredge.com/2012/04/14/unemployment-numbers-march-2012-edition/table-a-15-chart-mar-2012/

Lord Help Us

April 25th, 2012
11:42 am

‘Plus you can’t separate the British economy from the Eurozone.’

Oh, there’s another good ‘un…

Jay

April 25th, 2012
11:42 am

That’s not being a stickler at all, Ty. Thanks, I’ll fix ASAP.

ByteMe

April 25th, 2012
11:43 am

Given that evidence, I find it hard to believe that the American people will now choose to abandon a policy that has worked in favor of a strategy that our British friends have done us the favor of proving a failure.

Evidence? You think the conned care about evidence?? It’s all about faith and propaganda that fuels their faith that “the other” has been “a disaster” and “driven the economy over a cliff” and so on.

Meanwhile, I predict we do a little reverse austerity after the election but before the next Congress is seated. They’ll let most of the tax cuts expire and take their lumps for the 5 quarters it takes to get back to normal and then be ready to run for re-election on “we brought the country back!”

stands for decibels

April 25th, 2012
11:43 am

a piece showing everything is rosie.

please.

>300,000 new jobs per month every month would be “rosie.”

No sane person on the left is content with the barely-above-replacement job growth we have.

It’s just that we know it would suck far worse with a bunch of austerity-obsessed conservative nutters in charge.

Stephenson Billings

April 25th, 2012
11:44 am

Ah yes, that GOP tax increase plan on the “rich”

50 per cent tax rate for higher earners in Budget 2009

http://www.telegraph.co.uk/finance/budget/5200531/50-per-cent-tax-rate-for-higher-earners-in-Budget-2009.html

Aquagirl

April 25th, 2012
11:44 am

I thought it was teh ghey

Well, we’re both wrong. Gordon @ 11:25 nailed it…..it’s teh cheese-eating surrender monkey French.

ByteMe

April 25th, 2012
11:44 am

Jay, sorry I hurt your feelings, but you know comparing the British economy to ours is ridiculous. Plus you can’t separate the British economy from the Eurozone.

And yet if their “austerity plan” had worked out, you would have done just that and crowed that conservatism and austerity were the right plan.

Adam

April 25th, 2012
11:45 am

stands: No sane person on the left is content with the barely-above-replacement job growth we have.

It’s just that we know it would suck far worse with a bunch of austerity-obsessed conservative nutters in charge.

Pretty much. And while things are, in fact, getting better, everyone would love it if they would get better faster. But there is no policy proposal by the GOP that will accomplish that result. None.

USinUK

April 25th, 2012
11:45 am

“that the British government has fallen back into a recession”

heehee … yeah, you’re right, Ty … the British Governmetn is in a depression

(sorry, I couldn’t resisit)

Brosephus™

April 25th, 2012
11:45 am

Gordon
April 25th, 2012
11:28 am

By the way, our deficit is falling only in the short-term. We’re going to be $20T in the hole in a few years.

Rep. Ryan’s budget proposal from last year had language in it that acknowledged the debt limit would exceed the $23T mark within 10 years. That was signed off and approved by the entirety of the House GOP. Tell us something that we don’t already know and has been acknowledged, even by the fiscally conservative amongst us.

Stephenson Billings

April 25th, 2012
11:46 am

But of course it didn’t work so they scrapped it:

50p tax rate ‘failing to boost revenues’
The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9097219/50p-tax-rate-failing-to-boost-revenues.html

Redneck Convert (R--and proud of it)

April 25th, 2012
11:46 am

austerity

totally the way to go.

Well, maybe I was dreaming, but I seem to recall back during the English elections USinUK saying something had to be done and it might as well be Cameron doing it. Was it a dream?

F. Sinkwich

April 25th, 2012
11:46 am

Hey Jay. Why doesn’t your chart go back to 2000?

Gordon

April 25th, 2012
11:46 am

SFD@11:38,

I have not ignored debt since I was about 20 years old. I don’t approve of Republican debt, and I don’t approve of Democratic debt. It is the largest problem facing us by a factor of 10. It will destroy this country. We will long for the days we could argue about Global Warming. If Obama shows leadership on the debt, I would vote for him in a second. But he won’t. So let’s keep trying someone new.

Jay

April 25th, 2012
11:46 am

Hurt my feelings, Johnny?

You don’t hurt my feelings by posting a clearly spurious charge. You hurt your own reputation here. You hurt the cause that you’re trying vainly to defend. But you do NOT hurt my feelings.

getalife

April 25th, 2012
11:48 am

Here is an opportunity for the cons to admit they are wrong to try to gain back an ounce of credibility

Not one con will man up .

ByteMe

April 25th, 2012
11:48 am

The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.

Causation or coincidence? You already decided.

Gordon

April 25th, 2012
11:49 am

Brosephus@11:45,

I was merely responding to Jay’s statement about the deficit falling. That’s it. You injected some political component to the statement. Notice I didn’t say “We will be $20T in the hole if Obama is re-elected”. You assume everyone here either loves Democrats or loves Republicans. I don’t see that much difference in the two.

JohnnyReb

April 25th, 2012
11:49 am

ByteMe

April 25th, 2012
11:44 am

Jay, sorry I hurt your feelings, but you know comparing the British economy to ours is ridiculous. Plus you can’t separate the British economy from the Eurozone.

And yet if their “austerity plan” had worked out, you would have done just that and crowed that conservatism and austerity were the right plan.
______________________

I’ll let my wife know there are now two people who knows in advance exactly what I will do.

scrappy

April 25th, 2012
11:50 am

“Whatever the results, I’ll embrace them.” – So – has Colvin embraced them as he said he would, even though his theory was wrong?

ty webb

April 25th, 2012
11:51 am

a “government recession” is something we should all get behind…at least those of us with a brain.

Redneck Convert (R--and proud of it)

April 25th, 2012
11:52 am

Well, it’s about time those old geezers paid taxes, instead of laying around waiting for their guvmint check to come. And of course we got to cut the taxes on the Job Creators ’cause one day they’ll get around to—you know—creating jobs. It’s just taking time, kinda like Trickle Down.

If it takes another recession here, well, people will keep drinking beer and my job will be safe. It’s just that people will drink beer to drown their sorrows, instead of to sellabrate. Besides, I just can’t hardly stand it that somebody, somewhere out there is getting out of paying taxes.

Doggone/GA

April 25th, 2012
11:52 am

“So – has Colvin embraced them as he said he would, even though his theory was wrong?”

Probably with about as much enthusiasm as Hannity embraced being waterboarded.

Paul

April 25th, 2012
11:53 am

USinUK

“they were focused on debt and ONLY debt, to the point of completely ignoring economic realities that you can’t cut huge swaths of the public sector when the private sector is also cutting …

bringing us to where we are today”

That’s about the most informative post I’ve read on this thread. And it does seem to cast doubt on much of what we hear from Republicans.

However, I don’t think it means we should give up on deficit reduction. I guess it’s like the difference between a sensible diet and a diet comprised of water, celery, carrots and a vitamin pill. Both will lose weight, but one will end up in hospital.

Don't Forget

April 25th, 2012
11:53 am

Gee, know who else would have predicted these results……….. Keynes!

Stephenson Billings

April 25th, 2012
11:54 am

Is this part of the GOP plan too?

“Budget proposals represented by Chancellor of the Exchequer George Osborne yesterday would also, he said, mark the start of far-reaching tax reform in Britain, which would raise the threshold at which the poorest started paying tax.

From next year, nobody earning less than £9,205 (Dh53,558) will not have to pay tax, a rise in the tax starting point of more than £1,000, resulting in an additional million people no longer being required to pay tax.”

http://www.thenational.ae/news/world/europe/uk-coalition-cuts-high-earners-50-tax-rate-to-be-competitive

JohnnyReb

April 25th, 2012
11:54 am

Jay

April 25th, 2012
11:46 am

Hurt my feelings, Johnny?

You don’t hurt my feelings by posting a clearly spurious charge. You hurt your own reputation here. You hurt the cause that you’re trying vainly to defend. But you do NOT hurt my feelings.
_________________

Jay, you are just like little Timmy when he testified before congress. He admited they (the Obama administration) does not have a plan. They just know they don’t like the Republican plan.

I’m not worried about my reputation here. I don’t have some illusion that all of a sudden I will post something that converts Liberals to Conservatives. I can’t walk on water either.

ByteMe

April 25th, 2012
11:54 am

I’ll let my wife know there are now two people who knows in advance exactly what I will do.

Seems I’m in good company then :)

stands for decibels

April 25th, 2012
11:54 am

I’ll let my wife know there are now two people who knows in advance exactly what I will do.

ok, that made me laugh.

Doggone/GA

April 25th, 2012
11:55 am

“From next year, nobody earning less than £9,205 (Dh53,558) will not have to pay tax”

Is that a direct quote? Because if it is the double negative says they WILL have to pay tax.

scrappy

April 25th, 2012
11:56 am

If insanity is trying the same thing over and over and expecting different results, this means the Cons that still want to try this here and actually believe it will work, are insane.
Can we lock them up & keep them from voting? :)

ty webb

April 25th, 2012
11:58 am

Since Jay included a reader comment from the London Telegraph in his blog, we can all hope some writer over there is including one from Jay’s blog in some future blog/column. UsinUk, please keep a lookout over there for us…I just hope it’s not one in “haiku” form, those don’t speak well for us Yanks.

rightwing troll

April 25th, 2012
11:59 am

“Obama has not been able to get us that far yet, although he tries.”

Details please?

Jay

April 25th, 2012
12:00 pm

“Hey Jay. Why doesn’t your chart go back to 2000?”

It’s funny. Most of the time we’re told by conservatives that it is somehow impolite to even mention George W. Bush in such discussions. Bush is He Who Must Not Be Named. But at other times?

But let me answer the question two ways, Sink:

First, you might as well ask why it doesn’t go back to 1940. Or 1890. The answer would be the same: Because the chart is supposed to depict what has happened to jobs during this recession and recovery.

Second, just for kicks, let’s go back and take a look at the employment numbers anyway, just to humor our friend Sink:

Total number of private sector jobs in January, 2001: 111,631,000
Total number of private sector jobs in January, 2009: 110,985,000

That’s right. Over the eight years in which George W. Bush was president, this country LOST private-sector jobs. If you want me to put that in a chart, I could probably do so. But I don’t think it would look any prettier than it does in simple numbers.

rightwing troll

April 25th, 2012
12:01 pm

” If Obama shows leadership on the debt, I would vote for him in a second. But he won’t. So let’s keep trying someone new.”

Define “leadership” please?

Like proposing compromise to get us where we need to go? Or like doubling down on failed and disproved policies that got us here?

We can’t cut our way out of this.

stands for decibels

April 25th, 2012
12:02 pm

ok, Gordon @ 11.46, mine was more of a collective “you;” while I find it interesting that I’m hearing a LOT more about these trillions-with-a-T debt numbers since Obama took office, I recognize that plenty of people have worried over the debt for many years, over several administrations. That said…

I don’t approve of Republican debt, and I don’t approve of Democratic debt. It is the largest problem facing us by a factor of 10.

LargEST? factor of 10? I do think you severely overstate the problem.

Mere accumulated debt is not in and of itself problematic. We don’t need to pay it down, necessarily (remember the squawking from the Federal Reserve when it was suggested maybe we could use the projected tax surpluses for just that? I think it would be a “like to do” sort of thing, not a “need to do” deal) – we do, however, have to be in a position so that we’re not caught off guard by crippling debt service every year, and obviously the longer we run deficits, the more possible that becomes.

But that’s not the immediate problem. Our immediate problem is weak job growth. IMHO, we have to spend more money; we can’t cut our way back to prosperity, not with such a weak recovery.

USinUK

April 25th, 2012
12:02 pm

I second dB’s 11:54

getalife

April 25th, 2012
12:03 pm

Failed ideology but the cons will never admit it.

You just gave to laugh at them.

mm

April 25th, 2012
12:03 pm

And the cons keep saying we’re going to end up like Europe. Yes, we are if we let the GOP back in control.

rightwing troll

April 25th, 2012
12:04 pm

It would seem that the more money we give to our “job creating” friends, the more they hoard and the more they have to spend to buy the next election, but not many jobs “created”.

USMC

April 25th, 2012
12:04 pm

“British deploy GOP’s economic plan, return to recession”–Jay Bookman

North Korea and Cuba deploy Obama’s/DemocRat’s economic plan, still in depression! :-)

(By the way, the DemocRat’s economic plan destroyed the Union of Soviet Socialist Republic and and many other countries in Eastern Europe)

getalife

April 25th, 2012
12:04 pm

JamVet

April 25th, 2012
12:04 pm

That’s right. Over the eight years in which George W. Bush was president, this country LOST private-sector jobs. If you want me to put that in a chart, I could probably do so. But I don’t think it would look any prettier than it does in simple numbers.

Bring back George!!! Bring back George!!! Bring back George!!!

Brosephus™

April 25th, 2012
12:05 pm

Gordon @ 11:49

I merely stated what’s fact about what DC insiders really acknowledge about the debt. If I really wanted to inject politics into the debate, I would have added the fact that those Republicans co-signed that bill all the while crying about raising the debt limit. That aided our credit rating loss, if you don’t remember.

I don’t assume anybody loves any party. I was merely stating that your $20T figure was basically meaningless since even the most fiscal conservative in DC have acknowledged that it will exceed that amount.

getalife

April 25th, 2012
12:06 pm

usmc,

That con knee jerk reaction is sad but hilarious.

Misty Fyed

April 25th, 2012
12:06 pm

Again an incomplete picture. England still has a queen for goodness sake. Apples and Oranges.

And calling our actions a success is a bit premature. Whatever growth we have was purchased with 5 trillion in debt…so far…We are simply passing the buck to another generation.

Jay

April 25th, 2012
12:06 pm

As to the deficit and debt, of course we have to address it. As I’ve said repeatedly, we have to both cut spending and raise taxes to bring our debt under control.

The question is when. Do we take those steps now with a very fragile economy? Or do we nurse the economy back to health and then take those steps? The British have tied the first strategy, and have discovered that it is making both their economy AND their deficit even worse.

Think of the economy as a patient brought into the emergency room with serious life-threatening injuries. Let’s say, just to be poetic, that a house collapsed on him.

As it happens, the patient also has cancer. Do you treat the life-threatening wounds AND immediately begin chemotherapy and radiation, knowing that in his weakened condition those treatments might kill him?

Or do you nurse him back to strength and give him time to heal those wounds before you inject him with the chemo and radiation?

rightwing troll

April 25th, 2012
12:06 pm

“North Korea and Cuba deploy Obama’s/DemocRat’s economic plan, still in depression! ”

Very clever, you clearly are a tribute to all those in uniform…

Anyway, details and facts please?

USMC

April 25th, 2012
12:06 pm

The DemocRat’s War on Women…

DemocRat Presidential contender John Edwards Called Rielle Hunter A ‘Crazy Slut’
http://www.huffingtonpost.com/2012/04/25/andrew-young-john-edwards-rielle-hunter_n_1451820.html#s73864&title=Love_At_First

They BOTH suck

April 25th, 2012
12:07 pm

Thulsa

If you are looking in………….. Post the Reagan numbers you love to post

No one can bring up Bush, but Reagan……. well that is another story………….

Post them TD

USMC

April 25th, 2012
12:07 pm

Comrade Obama’s WAR on SUCCESS is imploding…

Younger Voters Shift From Obama
http://www.huffingtonpost.com/2012/04/25/obama-young-voters_n_1451667.html

JamVet

April 25th, 2012
12:08 pm

From downstairs, I present for your enjoyment, the posterboy of the Georgia GOP…

kh
April 25th, 2012
11:50 am

As usual, some blacks complained, and the banks got sued for only fixing up their vacant homes in white areas, while the black areas remained with broken and boarded up windows, wiring, copper pipes, and appliances stolen. Why should the banks fix them up??? The blacks turned those areas into ghetto’s, as usual, then a few bright ones complain when the area looks bad. Why should the banks spend THOUSANDS of dollars on MANY homes, to put new stuff in? Just so they can steal it again?

USinUK

April 25th, 2012
12:08 pm

:lol:

one jerkwad calling someone names vs. the federal government and numerous states attacking women’s rights …

paaaaaaaaaaaaaaaaaaaaaaaaaaaathetic.

Mary Elizabeth

April 25th, 2012
12:08 pm

Tying in thoughts from the last thread to this thread, please read the following column, in full, by Paul Krugman. Perhaps Georgia’s legislators will finally cease the “cut, cut, cutting” of government programs here in Georgia, and start reinvesting in our state’s infrastructure, once again. That would be a saner and wiser plan for economic recovery in Georgia. See below excerpted words from Krugman’s New York Times’ editorial of February 19, 2012, entitled, “Pain Without Gain”:

“The point is that we could actually do a lot to help our economies simply by reversing the destructive austerity of the last two years. That’s true even in America, which has avoided full-fledged austerity at the federal level but has seen big spending and employment cuts at the state and local level. Remember all the fuss about whether there were enough ’shovel ready’ projects to make large-scale stimulus feasible? Well, never mind: all the federal government needs to do to give the economy a big boost is provide aid to lower-level governments, allowing these governments to rehire the hundreds of thousands of schoolteachers they have laid off and restart the building and maintenance projects they have canceled.

Look, I understand why influential people are reluctant to admit that policy ideas they thought reflected deep wisdom actually amounted to utter, destructive folly. But it’s time to put delusional beliefs about the virtues of austerity in a depressed economy behind us.”

http://www.nytimes.com/2012/02/20/opinion/krugman-pain-without-gain.html?ref=paulkrugman

getalife

April 25th, 2012
12:08 pm

Now deficits do matter to the cons proving cheney was dead wrong.

Right cons?

Doggone/GA

April 25th, 2012
12:09 pm

“I second dB’s 11:54″

Me too…but I strongly suspect he VASTLY underestimate the number of people who could have made the prediction!

Brosephus™

April 25th, 2012
12:09 pm

It would seem that the more money we give to our “job creating” friends, the more they hoard and the more they have to spend to buy the next election, but not many jobs “created”.

You are looking at it the wrong way. They create jobs at SuperPAC offices, K Street lobbying houses, campaign ad directors, cameramen, audio mixers, ….. There are jobs being created. They probably just won’t lead to full employment. :)

Steve

April 25th, 2012
12:09 pm

And is anyone else noticing that politics in Europe, due to the current economic crisis, is moving further to the left as their citizens are demanding that the rich pay more in taxes and to stop starving government via tax cuts? It’s the same thing going on here, but we’re just a little slower to get it.

USinUK

April 25th, 2012
12:10 pm

from usmc’s link

“But a new Harvard poll suggests the president may face a harder sales job with younger voters this time around. Obama led Romney by 12 points among those ages 18-24, according to the survey. Among those in the 25-29 age group, Obama held a 23-point advantage.”

ohnoes!!!!! Obama is STILL AHEAD ahead by nearly 25% of the vote!!!! panic at the disco!!!

JamVet

April 25th, 2012
12:10 pm

the federal government and numerous states attacking women’s rights …

What????

I’m sure you’re mistaken! NONE of that happened!

Unless you are referring to the hundreds and hundreds of bills designed to humiliate and control women, written by…………………………………………..Republican men..

Jefferson

April 25th, 2012
12:11 pm

Gomer you will always be a private, there is nowhere for you.

ty webb

April 25th, 2012
12:11 pm

“It would seem that the more money we give to our “job creating” friends,…”

and there it is, the “mind” of the left…not taking as much money away from someone equals “giving” them money…good grief!

getalife

April 25th, 2012
12:12 pm

I guess cameron is history with his murdoch problem.

cons can’t govern.

Period.

Kamchak ~ Thug from the Steppes

April 25th, 2012
12:13 pm

…not taking as much money away…

And there it is, the “mind” of the right.