The problem is that Red States have laid off 700,000 teachers, social workers, cops, firefighters and bridge inspectors. This probably killed another two million more private sector jobs that would have produced supplies used by these government workers, or would have benefited from the workers’ spending. Trickle down from the top doesn’t work, but you can drain the economy from the bottom.
Amid much bluff and bluster, House Speaker Boner announced his plan to sink the economy by refusing to authorize any new government borrowing in September without a trillion in new cuts, and with no new taxes of course. If this were actually done, it would kill a minimum of 1.8 million jobs just in time for the election.
Fortunately it’s just noise, - the Treasury Dept. having seen this nonsense before has laid plans to keep the government operating until the new Congress is sworn in 2013. Even if Boner hangs onto his seat, he will likely be watching Speaker Pelosi swing the gavel.
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