Fact: The recovery was hindered by Republicans [View all]

[ProSense]

States of Depression

By PAUL KRUGMAN

The economic news is looking better lately. But after previous false starts — remember “green shoots”? — it would be foolish to assume that all is well. And in any case, it’s still a very slow economic recovery by historical standards.

There are several reasons for this slowness, with the most important being the overhang of household debt that is a legacy of the housing bubble. But one significant factor in our continuing economic weakness is the fact that government in America is doing exactly what both theory and history say it shouldn’t: slashing spending in the face of a depressed economy...if it weren’t for this destructive fiscal austerity, our unemployment rate would almost certainly be lower now than it was at a comparable stage of the “Morning in America” recovery during the Reagan era.

Notice that I said “government in America,” not “the federal government.” The federal government has been pursuing what amount to contractionary policies as the last vestiges of the Obama stimulus fade out, but the big cuts have come at the state and local level...We’re talking big numbers here. If government employment under Mr. Obama had grown at Reagan-era rates, 1.3 million more Americans would be working as schoolteachers, firefighters, police officers, etc., than are currently employed in such jobs.

And once you take the effects of public spending on private employment into account, a rough estimate is that the unemployment rate would be 1.5 percentage points lower than it is, or below 7 percent — significantly better than the Reagan economy at this stage.

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http://www.nytimes.com/2012/03/05/opinion/krugman-states-of-depression.html

This is why Republicans in Congress and State Governorships have been working hard to sabotage the recovery.


http://www.democraticunderground.com/1002322208

Four Facts About New Jersey’s Economy Chris Christie Won’t Talk About At The Republican Convention Tonight

By Pat Garofalo

<...>

However, the “New Jersey experience” under Christie has been anything but rosy. Here are some key economics stats to know before Christie hits the stage tonight:

– New Jersey ranked 47th in the nation in GDP growth in 2011. (Bureau of Economic Analysis)

– The Garden state’s unemployment rate of 9.8 percent is fourth highest in the nation, trailing only Nevada, California, and Rhode Island. (Bureau of Labor Statistics)

– New Jersey lost 12,000 jobs last month, the most in the country. (Bureau of Labor Statistics)

– The state ranked 44th in personal income growth in 2011. (Bureau of Economic Analysis)

Christie has focused on cutting taxes for millionaires (while blocking a millionaires’ surtax), slashing social spending, and opposing plans to help New Jersey’s workers. He’s cheered the firing of public sector workers and scuttled important infrastructure projects on false pretenses.

Finally, he’s handed out a record number of corporate handouts, while getting little for it in terms of job growth. And for this, he’s been rewarded with a huge speaking slot at the Republican convention, from which he will likely proclaim Republican economic ideology a stunning success.

http://thinkprogress.org/economy/2012/08/28/760501/christie-rnc-keynote/

Elizabeth Warren: We built it together (smacks down Chris Christie)
http://www.democraticunderground.com/10021227075

They Blocked that!

by jamess

When it comes to the GOP -- they didn't Build that.

Most times They Blocked that ...







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http://www.dailykos.com/story/2012/08/30/1126128/-They-Blocked-that