Congressional Republicans have so far chosen to stand with millionaires instead of the middle class.
And despite the GOP’s debt ceiling debacle which unquestionably hurt our economy last year, Speaker Boehner is gearing up to do it again.
In a column for Bloomberg, Betsey Stevenson and Justin Wolfers, both professors at University of Pennsylvania’s Wharton School, described Speaker Boehner’s threat to rehash last year’s debt ceiling fight an “act of economic sabotage”:
John Boehner, the leader of the House Republicans, has promised yet another fight with the White House over the debt ceiling…
If this sounds familiar, it’s because we suffered through an identical performance last summer. Our analysis of that episode leads to a troubling conclusion: It almost derailed the recovery, and this time could be a lot worse…
…the data tell us that a debt-ceiling standoff is an act of economic sabotage… [5/29]
Stevenson and Wolfers also included these charts which underscore what happened to our economy during the GOP’s obstruction last year:
From the Financial Times:
Economists warn that the legislative uncertainty surrounding the debt ceiling could result in government gridlock that ultimately pushes the US back into recession. That risk threatens to cast a shadow over equities and other financial assets. [5/22]
Oregon Register Guard Editorial: Boehner’s bad idea
Are there any grown-up Republicans left in U.S. House of Representatives?
If there are, this would be an excellent time for them to stand up and denounce House Speaker John Boehner’s irresponsible promise of another showdown with the White House over the debt ceiling before the November election.
Aside from the economic collapse of the European Union or another terrorist attack on U.S. soil, it’s hard to imagine anything that would inflict greater damage on this country’s recovering economy…
Boehner’s timing leaves no doubt about his real agenda, which is not, as he claims, “to put the country on a sustainable fiscal path before a crisis ensues.” The speaker wants to force a crisis that forces more draconian cuts and gives the Republican tea-party contingent a victory before the election. Never mind that another round of debt-limit brinksmanship will cause further damage to the economy, and force irresponsible and unnecessary budget cuts that could be avoided through a balanced approach of new revenues and budget reductions.
House Republicans should tell Boehner that they do not want a repeat performance of last year’s debt-ceiling fiasco. [5/30]
Makes you wonder why the GOP is willing the put our country’s economic security at risk. It’s time to end the games and get to work now on behalf of the middle class.