Are the Republicans trying to hurt the economy for political reason ?

· Political Economy
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Question by Vesaversa1: Are the Republicans trying to hurt the economy for political reason ?
Yesterday, ABC News leaked a confidential report from investment bank Goldman Sachs warning that the spending cuts proposed by the Republicans to take effect this year would slow the economy by 2 percent of Gross Domestic Product. It also found that even compromise cuts of $ 25 billion would cut growth by 1 percent.

This report would not be surprising if it came from the progressive Economic Policy Institute (EPI) or even someone at the Brookings Institution. Instead it comes from Wall Street which is, after all the principal base of the GOP.

Of course, their conclusions are not surprising. Virtually everyone with an ounce of economic literacy understands that cutting federal spending right now , just as the economy is clawing its way out of the worst recession in 60 years will cost hundreds of thousands of jobs.According to Goldman Sachs, if the Republicans have their way, most of that growth would be wiped out and we would be perilously close to a double-dip recession.So isn’t it It’s time to stop treating proposals for immediate cuts in spending as “reasonable” policy alternatives?

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call me Al- Where i don’t agree with your analogy , i do appreciated your adult response to my Post..

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Answer by Sam
The word news should never follow abc !!

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  1. Little Red Hen 2.0

    Goldman Sachs? Really? Didn’t they lose credibility when we bailed them out, then they jumped in bed with Obama?

  2. mrjonessr41

    YES

  3. Ralph T

    Both parties are hurting the economy on purpose no matter what they claim.
    2012 is the year the NWO is supposed to start taking power (global government).
    The global economy is in a mess and the U.S. Constitution is almost gone.

  4. Crow

    The principal base of the GOP? Are you saying that Wall St. is running the GOP? Are suggesting that the Tea Party Patriots that protest for these very issues is in fact a front group funded by billionaires? That is outrageous! Why would a group of middle class white old guys want to protest for a group of extremely wealthy white old guys? Why would the GOP far right base want to support something that would hurt their families well being?
    (SNARK)

  5. JOE

    Seems like their supporters at their town hall meetings think so

  6. Peace through blinding force

    Goldman Sachs is OWNED by the Obama for President campaign.
    Consider their ACTUAL claim – the very same thing all Democrats ACTUALLY believe: I can make you better off by taking MORE of your money and using it to bid AGAINST you for things you need.
    If you don’t see HOW that is a perfectly accurate representation of the Democrat claim then you don’t know ANYTHING AT ALL about “government spending” and should stop commenting about it – and for the love of God you should NEVER vote.

  7. call me Al

    I don’t think the GOP is trying to hurt the economy, but it won’t lose sleep if it’s hurt as collateral damage while carrying out its self-perceived mission of recklessly cutting spending while targeting tax cuts only for the wealthy.

    I agree with the report’s conclusions that Republican cuts would slow or even stop the recovery because multiplier effect seed funds would stop. If this story is true, you have to give Goldman props for honesty, albeit only internally.

    I’m not convinced the Ryan plan will be adopted even in spirit. The cuts to Republican interests will have to be restored (behind the scenes, of course) and the Dems may even grow a pair and stand up for a few things. In the end, I think what passes will be still be called the “Ryan plan”. But it’s “modifications” will make it closely resemble the FY2011 budget Congress finally passed this month.

    BTW, It’s very serious to charge a political party with deliberately undermining the national economy for political gain. Serious enough for the GOP to repeatedly make against Dems.

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