Joined: Sat May 29, 2004 11:46 pm
|Now Is No Time for Phony ThriftBy Joe Conason
As the government contemplates spending very large sums of money, it is reassuring to know that somebody still worries about waste. Or it would be reassuring, if only that somebody were not Mitch McConnell, the Senate minority leader, who promises that he and his fellow Republicans will “protect taxpayers against the rush to spend their money.”
This loud pledge of thrift and transparency by the GOP leadership might be more persuasive coming from people who had displayed such inclinations anytime before last year’s election. But these are the same politicians who squandered astronomical amounts when they controlled the federal budget.
And today, at a moment when economists of all stripes agree that we must spend big and spend fast to forestall a depression, the timing of the Republican conversion is as dubious as its credibility. To delay the stimulus spending proposed by President-elect Obama for the sake of partisan posturing is to risk disaster.
The Republicans’ sudden reversion to the solemn frugality of their forebears would be amusing were it not so dangerous. Having established a record over the past decade or so as the wildest wastrels in the nation’s history, they now present themselves as strait-laced accountants who simply cannot abide a misspent dime.
Consider McConnell, chosen again by his fellow Republican senators to oversee policy and politics for their shrunken caucus. Last year, he barely achieved re-election in Kentucky—and won only after a barrage of television ads touting his mastery of the congressional pork barrel. He flew frantically from one town to another, boasting that he had brought home more than $500 million in federal discretionary funds during the past fiscal year alone, largely for projects that other states and cities must finance locally
.Mitch M's wife, Elaine L. Chao, was Bush's Secretary of Labor, and she won't be missed!From a comment at the source:
). FEDERAL SPENDING: since 1960 Republicans increased Federal Spending by 71% more than have Democrats
2). FEDERAL DEBT: since 1960 Republicans have increased the National debt by 100% more per year than have Democrats.
3). GROSS DOMESTIC PRODUCT: since 1921, adjusted for inflation, Democrats outproduce Republicans by 43% . Starting in 1940 the Democratic advantage is 23% better.
4). REAL PER CAPITA INCOME: since 1960 Democrats have outperformed Republicans by 30%. (This is perhaps the most important economic statistic of all)
5). INFLATION: since 1960, Democrats outperform Republicans 3.13% to 3.89%
6). UNEMPLOYMENT: since 1960 it decreases in an average Democratic year by 0.3% to 5.33%, and increases in average Republican year by 1.1% to 6.38%.
7). JOB CREATION: from 1945 to 2003, Democrats produced 174,200 jobs per month, Republicans have only produced 60,600 per month. Every time a Democrat succeeds a Republican, job creation soars. Every time a Republican succeeds a Democrat job creation plummets. NO EXCEPTIONS!
. DOW JONES AVERAGE: since 1921 the DOW has increased by 52% more under Democratic administrations
9). THE BOND MARKET: since 1940 the value of 10 year Treasury bonds rose 1.2% under Democrats and fell 0.5% under Republicans
SOURCES-Bureau of Labor Statistics, Economic Policy Institute, Christian Science Monitor, AThe Los Angles Times -Michael Kingsley-
"Behind every great fortune lies a great crime."
Honore de Balzac
"Democrats work to help people who need help.
That other party, they work for people who don't need help.
That's all there is to it."
~Harry S. Truman