Eugene Robinson: The Economy Is Bad Enough

[marmar]

from truthdig:



The Economy Is Bad Enough

Posted on Jun 27, 2011
By Eugene Robinson


There is no good reason for negotiations on the budget and the debt ceiling to be deadlocked, because the solution is obvious: First, do no harm.

The Hippocratic injunction should be something befuddled economists and warring politicians can agree on. With the nation struggling to recover from a devastating recession, unemployment stuck at crisis levels, financial markets spooked by the possibility of European defaults and consumers disinclined to consume, it makes no earthly sense to suck money out of the economy.

Democrats are right that this is a terrible moment for spending cuts. Republicans are right that this is an awful moment for tax increases. The only reasonable thing to do is kick the can down the road—but in a purposeful, intelligent way.

As a practical matter, this means Republicans must swallow an increase in the debt ceiling and Democrats must accept painful spending curbs that kick in when the economy is off its sickbed. It means conservatives have to be patient in bringing expenditures down and progressives have to be patient in returning tax rates—even for the wealthy—to what many of us consider appropriate levels. ..............(more)

The complete piece is at: http://www.truthdig.com/report/item/the_economy_is_bad_enough_20110627/

[izquierdista]

1. Drive on the rim just a little bit further?

I have to say that Gene is not writing in a purposeful and intelligent way. There is no reason to be patient in "returning tax rates to appropriate levels", since it was the inverse of that, the Bush tax cuts, that caused the large part of the problem in the first place.

Maybe the Hippocratic injunction should be "first do some harm to those that caused the problem".

[RKP5637]

3. Exactly! If the Bush tax cuts worked so damn well, why did the mess start and

why do we wallow in this mess. Tax cuts for the really monied make for more global investments for them. Why do people assume if one has lots of money that they want to hire people. Sure, the money will be put into investments, but those investments don't necessarily result in jobs.

And there is no guarantee the jobs will be in this country. This country will not see a significant gain in jobs until our labor rate is competitive with the lowest common denominator of global wages, and at that point many Americans will be living just about or in poverty.

[mazzarro]

2. Ohhhhhh! This is another way out for Obama to cave in to rethugs

again on rescinding the Bush take cut for the wealthy! Damn - we are going to be screwed again on this issue.

[Bluenorthwest]

4. Robinson: Extend Tax Cuts for the top 2%

Eugene has lost all credibility, pushing for the tax cuts that killed us to be extended.