GOP Talking Down The Economy
As President Obama expresses optimism that the economy will rebound next year, Republicans say, “not so fast.” The Sunday shows offered prime examples of the differences in outlook.
“I think we are absolutely taking the right policies,” said Christina D. Romer, chairwoman of the White House Council of Economic Advisers, during an appearance on CNN’s “State of the Union,” one of two stops she made on the talk-show circuit. “I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by next year.”
But Republican senators Judd Gregg of New Hampshire and Richard Shelby of Alabama claim Obama’s policies will create $2.3 trillion more in deficits than the White House’s budget projects over the next ten years.
“The practical implications of this is bankruptcy for the United States,” said Mr. Gregg, who also appeared on CNN. “There’s no other way around it. If we maintain the proposals which are in this budget over the 10-year period the budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued.
Mr. Shelby, speaking on “Fox News Sunday,” said Mr. Obama was going to have to scale back his budget in light of the new estimates: “He’s going to have to. We’re on a – on the fast road to financial destruction, and I see a 20 billion – a $20 trillion deficit in the few years to come,” he said.
It’s curious to note, in light of current circumstances, how many times were Democrats were accused during the Bush years of “talking down the economy” for political gain. Rex Nutting at Marketwatch wrote of “Democrats Talking Down the Economy” in 2004. Also in 2004, the conservative American Enterprise Institute said “a booming economy is the worst nightmare for [John] Kerry and his pals in the press.” George Soros was called “The Man Who Cries Wolf” by the Wall Street Journal for daring to suggest that a market “superbubble” was collapsing.
Even now, Obama is being accused by conservatives of talking down the economy, and fear-mongering when he is doing exactly the opposite. And when he expresses optimism, he’s criticized for that, too. So, Bama Bashers, make up your minds. Is fear-mongering or is he delusional for being optimistic? And, while you’re at it, take the advice you gave John Kerry and Barack Obama during their presidential campaigns: Stop talking down the economy.Click here for reuse options!
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