The Republican Party is showing that it will go to any lengths to win an election. They are actually holding the country’s economy hostage to defeat President Obama this November, their leaders having stated repeatedly that the latter is their top priority. They have blocked most of his agenda. They have blocked his appointments to the Fed that they have not had a quorum with which to take action. During the last year congressional Republicans have repeatedly, with considerable hostility, warned Fed Chairman Bernanke against intevening. They have colossal gall.
Further, they have crated uncertainties which have stalled growth. First was the debate over health. When Obamacare was passed, albeit without a public option, and the uncertainty appeared to be over, a group of Republican state Attorneys General filed a lawsuit claiming the legislation was unconstitutional. This suit kept the uncertainty and forestalled hiring, thereby winning the 2010 election for the GOP.
After the election, the GOP was delivered presents by the rise in demand in China which fueled a rise in oil prices, and then by the debt crisis in Europe. Increase in oil production by OPEC have lowered oil prices. Efforts to save the Euro have tempered anxiety over the European economy.
The specter of another debt limit crisis has the uncertainty back at full bloom, however. The Republicans are displaying their usual intransigence. They refuse to consider a revenue increase, (can’t anger Grover, can we?) but the GOP-controlled house passed a tax cut bill for the rich which, by some accounts, would raise taxes on those in the lowest tax brackets. They still insist on budget cuts which would hurt the economy. They are holding the debt limit deadline over this country like a Sword of Damocles which is bringing the fragile economy to a halt, all in the name of defeating Obama. He must terrify them.
We cannot allow one party to sabotage our economy. We can also not allow the President to be turned out of office because of an economic situation that is frankly not his fault. We must do everything in our power to stop this. Write to your congress people and senators. Pressure Republicans to relent, spur Democrats to action. Make conservative Democrats act like Democrats. We must turn this deplorable situation around.