Before the Republican voter mandate of fiscal austerity, in the House of Representatives only by the way, let’s not forget what the Republicans are inheriting from the last two years of Democratic rule:
NY Times: Eighteen months after the recession officially ended, the government’s latest measures to bolster the economy have led many forecasters and policy makers to express new optimism that the recovery will gain substantial momentum in 2011. Economists in universities and on Wall Street have raised their growth projections for next year. Retail sales, industrial production and factory orders are on the upswing, and new claims for unemployment benefits are trending downward.
Despite persistently high unemployment, consumer confidence is improving. Large corporations are reporting healthy profits, and the Dow Jones industrial average reached a two-year high this week … economists are increasingly upbeat about the outlook, saying that while the economy in 2011 will not be strong enough to drive unemployment down significantly, it should put the United States on its soundest footing since the financial crisis started an economic tailspin three years ago.
Phillip L. Swagel, who was the Treasury Department’s chief economist during the administration of George W. Bush said, “The recovery in 2011 will be strong enough for us to see sustained job creation that will finally give Americans a tangible sense of an improving economy.”
Of course just knowing a Republican was anywhere near-by boosted consumer confidence and helped in the nation’s recovery, even before the GOP takes control of the House.
Rep. Kevin Brady of Texas, the top Republican on the Joint Economic Committee of Congress, said he believed his party’s gains in the midterm elections had bolstered consumer and business confidence, arguing that Republicans have advocated fiscal discipline and opposed onerous regulations and tax increases.
You remember how well Republican advocacy of fiscal discipline and onerous regulations worked leading up to the 2008 Great Recession don’t you? Especially the de-regulation part of the Wall Street crash. You don’t remember? Well I guess it’s time to put the Republicans back in charge then.
Keep in mind what one Republican in Wisconsin said recently when asked what will happen if all the proposed tax cuts didn’t work. Will they admit the policy was wrong and reverse the cuts?
Without hesitating, the conservative lawmaker had an answer; cut spending even more.