GOP's manufactured debt crisis was all about killing jobs

The Republican-manufactured debt crisis and the subsequent compromise "budget control act" will kill jobs, more than 300,000 by some estimates. Of course, one could always look at the silver lining and remind us that an economic collapse generated by a tea party-provoked default would have killed 650,000 jobs.

But hidden within the debt deal's bowels are two additional serious job-killing problems. According to the Economic Policy Institute, the debt deal reflects Republican road blocks to extending the payroll tax holiday for another year, the biggest stimulative measure enacted so far this year. This ironic refusal to extend the tax holiday reflects two important things about GOP cynicism: 1) if it isn't a tax break for the rich, they don't care, and, 2) if it does anything to stimulate the economy now, they want to block it to ensure the worst economic hardships for working people going into the the 2012 election.

This refusal to extend the tax holiday could cost almost half million jobs and reduce GDP by $128 billion.

In addition, Republicans are holding unemployed workers hostage in their policies as well. They are refusing to extend unemployment benefits, preferring to accuse the jobless of being lazy. Inaction on unemployment benefits will reduce GDP by $70 billion and eliminate one-half million jobs.

Simply put, they are intent on driving down demand in order to hurt working families and create a new crisis just in time for 2012.

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  • Fixing Culpability:
    The Right is truly intend on destroying the economy before the 2012 elections. As Joel Wendland points out their intend is a conscious and willful attempt to sabotage the economy in a ruthless power grap that cares nothing about the effects on working people. They think they can succeed because they have the political organizations, political will, certainly money, and a potent propaganda machine to convince people to vote against their own interest. President Obama and the Democrats should be just as aggressive and vocal in educating the American people about what is happening and why the Right should be held culpable for destroying the economy.

    Posted by Nat Turner, 08/08/2011 8:45am (13 years ago)

  • Finally you got it right, thanks.

    Posted by Steve C., 08/05/2011 7:11pm (13 years ago)

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