The Tea Party's campaign to permanently disable the US government inflicted a massive toll on the US economy, according to a series of recent reports. Let's start with consumer confidence:U.S. consumer confidence fell sharply in October as Americans reacted to the Congressional impasse over the debt ceiling and 16-day partial government shutdown earlier this month, according to a survey released Tuesday by The Conference Board. The independent research firm reported the index fell more than expected to 71.2 from 80.2 in September. Economists surveyed by Bloomberg expected an October figure of 75. Those expecting business conditions to improve over the next six months fell to 16 percent from 20.6 percent. The drop in confidence was the biggest decline since August 2011, when lawmakers were also battling to reach a budget deal and threatening a government shutdown.
Consumer confidence plays a key role in macroeconomic performance as a loss of confidence leads to less spending on everything from Halloween to tourism which in turn chills jobs growth and constricts employment opportunities.
The loss in jobs was manifest today in the latest payroll report, as reported by economist Mark Zandi:
The government shutdown and debt limit brinksmanship hurt the already softening job market in October. Average monthly growth has fallen below 150,000. Any further weakening would signal rising unemployment. The weaker job growth is evident across most industries and company sizes.
As recently as April, the economy was creating 224,000 jobs per month. Essentially, the Tea Party leadership is now tossing over 75,000 American families under the bus for no apparent reason. Job growth already suffered from the sequestration cuts demanded by the Tea Party in 2011--by as much as a million jobs per year.
The bottom line is that the Tea Party leadership inflicted massive economic damage on the US economy through its constant flirtation with default. According to a USA Today survey of 41 top economists the tab is likely to amount to $27 billion over the next six months--from the most recent budget battle alone.
I am slowly coming to the conclusion that many Tea Party leaders hate America through their actions regardless of their words. Mainstream GOP voices increasingly recognize the damage the Tea Party is inflicting. As longtime GOP supporter and Home Depot founder Ken Langone asked a GOP House member: "What the hell did you guys gain by shutting the government down other than to get a black eye for all of us?" The response from House Republican Policy Committee Chairman James Lankford of Oklahoma: "I would agree. We got a black eye on it. The problem that we have is we overreached."
As I was viewing the coverage in TV-Land during this Ted Cruz reality show, I was struck by how the Ruling Class set out to destroy anyone who might choose a different route within the political realm. I may not of agreed with the T-Party antics, but they were elected representatives.
ReplyDeleteJust imagine how the "Occupy Movement" would be treated if they were to elect members into the congress?
calm
I think one solid solution would be to give the working class an opportunity to lower their consumer debt levels. That is why I started the Debt Neutrality Petition on Change dot org. Check it out and if you agree please sign the petition. Check out the comments that have been left by petition signers. Even a debt collector signed the petition.
Deletewww.change.org/petitions/congress-create-debt-neutrality-rights-for-paying-down-credit-cards-student-loans
"The loss in jobs was manifest today in the latest payroll report ... the economy was creating 224,000 jobs per month. Essentially, the Tea Party leadership is now tossing over 75,000 American families under the bus for no apparent reason."
ReplyDelete"Forget the shutdown: Job creation surged in October despite dimmed expectations from the impasse in Washington. There were a net 204,000 new jobs created for the month ..."
http://www.cnbc.com/id/101182289
Never let the facts get in the way of a good leftist rant.
"The bottom line is that the Tea Party leadership inflicted massive economic damage on the US economy through its constant flirtation with default."
ReplyDeleteBefore writing something like this you should learn how the government actually works. There was never any danger of "default" since the law requires that payments on our debt, including interest, be given first priority. And where is the evidence of "massive economic damage" to the economy?
The American people are starting to realize what a destructive farce Obamacare is, and now even Democrats are calling for delaying it's implementation or changing it substantially. So, I guess that the Tea Party was right. And if that is so, then it was Barack Obama and the Democrats who out of "hate" for the country put our economy at risk so as to protect a program that they now admit is terribly flawed.
Would you like a cold steak for that black eye?
"When House Republicans last month were willing to shut down the government unless ObamaCare was defunded, they were called “extremists” and likened to terrorists; when Democrats were willing to shut down the government unless ObamaCare was funded, they were called “moderates.” Unable to discredit capitalism by open argument, the smearers resort to subterfuge. They induce the public to associate pro-capitalists—like Tea Partiers– with the perpetrators of such evils as racist lynchings or Islamic jihadism simply by declaring them all “extremists.” -- Peter Schwartz, Forbes
ReplyDeletehttp://www.forbes.com/sites/realspin/2013/11/11/why-is-the-tea-party-extremist-but-democratic-support-for-big-government-moderate/
“Putting things in perspective: March 21st 2010 to October 1 2013 is 3 years, 6 months, 10 days. December 7, 1941 to May 8, 1945 is 3 years, 5 months, 1 day. What this means is that in the time we were attacked at Pearl Harbor to the day Germany surrendered is not enough time for this progressive federal government to build a working webpage.”
ReplyDeletehttp://michellemalkin.com/2013/11/09/the-healthcare-gov-mess-in-historical-perspective/
Competence.