GOP Busted

January 29, 2009

This homemade Obama sign in a yard not far from my house seems more appropriate now than during the campaign. Without the new president’s leadership, the economy would indeed end up busted.

Like anyone, I don’t like the prospect of Himalaya-like deficits. But nearly every economist whom I’ve seen quoted says the only way to jump start the economy is through extraordinary government spending. Otherwise, the deficits will seem mild compared to the fiscal ruin we’d face.

The Republican Party’s posture is curious given the public’s soaring support for Obama personally and substantial backing for his approach to fixing the economy. Maybe the House Republicans who voted unanimously yesterday against the stimulus plan haven’t seen new Gallup research showing support for the GOP tanking across the country. Only five states are now seen as solidly Republican, and they account for two percent of the country’s population.

It’s also curious that Republican lawmakers have suddenly embraced fiscal conservatism after six years of kowtowing to George W. Bush’s runaway spending that far exceeded tax revenues. They seem to be making a big gamble: hope that the economy stays crippled so they can blame it on the Democrats. As if everyone would magically forget how we came to be in this fix.