No Jobs Bill, and No Ideas
NYT editorial
It was all predicted, but the unanimous decision by Senate Republicans on Tuesday to filibuster and thus kill President Obama’s jobs bill was still a breathtaking act of economic vandalism. There are 14 million people out of work, wages are falling, poverty is rising, and a second recession may be blowing in, but not a single Republican would even allow debate on a sound plan to cut middle-class taxes and increase public-works spending.
The bill the Republicans shot down is not a panacea, but independent economists say it would have a significant and swift effect on the current stagnation. Macroeconomic Advisers, whose forecasts are often used by the Federal Reserve, said it could raise economic growth by 1.25 percentage points and create 1.3 million jobs in 2012. Moody’s Analytics estimated new growth at 2 percentage points and 1.9 million jobs. Those economists say that Republican ideas for increasing growth would have no measurable effects in the next year.
The Republicans offer no actual economic plans, only tired slogans about cutting regulations and spending, and ending health care reform. The party seems content to run out the clock on Mr. Obama’s term while doing very little. On Tuesday, Mr. Obama’s campaign manager, Jim Messina, accused Republicans of trying to “suffocate the economy” in hopes that the pain would work to their political advantage. They are doing little to refute that charge.
Their lack of serious ideas was on full display in both the Senate and the presidential debate on Tuesday night in New Hampshire. The debate was ostensibly about the economy, but when the freshest and most-talked-about idea is Herman Cain’s ridiculous “9-9-9” tax plan, it is clear that the economy they were debating is not the one Americans are forced to live in. Mr. Cain — whose rise in the polls says everything you need to know about the amateur-hour decline of his party — wants to replace all federal taxes with a 9 percent levy on corporate income, personal income and sales. As Bruce Bartlett, an economist who has worked in Republican administrations, recently wrote in The Times, it is a formula designed to cut taxes for the rich and increase them for the poor, raising the deficit and doing nothing for growth.
(More here.)
It was all predicted, but the unanimous decision by Senate Republicans on Tuesday to filibuster and thus kill President Obama’s jobs bill was still a breathtaking act of economic vandalism. There are 14 million people out of work, wages are falling, poverty is rising, and a second recession may be blowing in, but not a single Republican would even allow debate on a sound plan to cut middle-class taxes and increase public-works spending.
The bill the Republicans shot down is not a panacea, but independent economists say it would have a significant and swift effect on the current stagnation. Macroeconomic Advisers, whose forecasts are often used by the Federal Reserve, said it could raise economic growth by 1.25 percentage points and create 1.3 million jobs in 2012. Moody’s Analytics estimated new growth at 2 percentage points and 1.9 million jobs. Those economists say that Republican ideas for increasing growth would have no measurable effects in the next year.
The Republicans offer no actual economic plans, only tired slogans about cutting regulations and spending, and ending health care reform. The party seems content to run out the clock on Mr. Obama’s term while doing very little. On Tuesday, Mr. Obama’s campaign manager, Jim Messina, accused Republicans of trying to “suffocate the economy” in hopes that the pain would work to their political advantage. They are doing little to refute that charge.
Their lack of serious ideas was on full display in both the Senate and the presidential debate on Tuesday night in New Hampshire. The debate was ostensibly about the economy, but when the freshest and most-talked-about idea is Herman Cain’s ridiculous “9-9-9” tax plan, it is clear that the economy they were debating is not the one Americans are forced to live in. Mr. Cain — whose rise in the polls says everything you need to know about the amateur-hour decline of his party — wants to replace all federal taxes with a 9 percent levy on corporate income, personal income and sales. As Bruce Bartlett, an economist who has worked in Republican administrations, recently wrote in The Times, it is a formula designed to cut taxes for the rich and increase them for the poor, raising the deficit and doing nothing for growth.
(More here.)
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