Skip to main content

Let's Not Forget Who Caused the Economic Crisis

  • Author:
  • Updated:

While Republicans are busy slamming President Obama for his handling of the economy, it might be a good idea to remember who got us into the giant mess in the first place and how far the country has come since the dark days of the Bush Administration. From Andrew Sullivan:

Given the legacy he inherited, what he has done is simply not enough to perform an economic or political or cultural miracle. That's the brutal truth and we have to face it. And if Americans thought they were voting for a savior, rather than a pragmatic president, they were deluding themselves.When the economy imploded in the fall of 2008, there was simply precious little room for fiscal maneuver after the largely Republican-led spending and borrowing spree of the previous decade. The stimulus prevented the world falling into an economic abyss - just - but it was never going to get us out of the ditch we're in.

Obama's new stimulus plan (the $50 billion in investments and tax breaks for small businesses) is woefully inadequate, but what are the Republicans offering in response? Not much, writes Sullivan:

The opposition has nothing substantive to offer to remedy this. If all they've got is keeping the Bush tax cuts for those earning over $250,000 a year, they really have got nothing. What they do have is cultural symbolism and the exhausted right-left tropes that were trotted out at the mercifully vacuous parade of God and Country on the Mall with Beck and Palin.

Yet it look like the Republicans are set to gain in the mid terms - a sickening reminder of the rigged political system that offers only a conservative party (the Democrats) and an insane borderline fascist party (the Republicans).