Betrayal must be its own reward
Well, after looking at today’s jobs report, it looks like liberals won’t have to make the hard choice about whether to support the President’s re-election. Because if he pushes for substantial cuts in federal spending, the resulting additional jobs loss will doom him to one term, regardless what we do.
And Republicans know that. That’s why they are “hardening” their stance on taxes. The intelligent among them know that taxes have nothing to do with jobs (unless the marginal rate is substantially greater than it is now). Nor does a deficit prevent hiring. What does prevent hiring is the absence of demand. And that is what they are pushing for.
If Obama agrees to spending cuts (and his Neo-Liberal drivel suggests that he has convinced himself of it) as well as permanent gutting of Social Security and Medicare, he will have handed to the Republicans a gift that none of them could have even dreamed of two years ago. They have hated Social Security and all social net programs for more than half a century. These things make labor more expensive, and their masters want labor cheap and capital dear. The only higher goal of Republicans has been to reduce the taxes on the wealthy. It looks like they are about to get both things. And in the process prolong the downturn so that they will win the White House next year. If they accomplish these things, Obama will surpass the George W. Bush in the list of all time worst Presidents, giving heavy competition to Herbert Hoover and James Buchanan. Mitt Romney or Michele Bachman will preside over a much reduced republic, but that’s the price Republicans are willing to pay to control the rest of us. And during their administration it will become even more reduced.
In retirement the President should probably not be expecting the Nobel Prize in Economics.