We are doomed

The Republicans seem poised to win control of at least one house of Congress this election.  Several economists I trust (Paul Krugman, Mark Thoma, and Nouriel Roubini to name three) see this as a true economic disaster, and I can’t fault their arguments.  We are currently growing too slowly (here and here) to get back to normal employment in fewer than 5 years, and the only entity that can supply the stimulus needed to speed up this return — the US Government — will soon be paralyzed.  Republicans are motivated by what Roubini calls “voodoo economics, the economic equivalent of creationism”.  And, according to Sen. McConnell, “The single most important thing we [Republicans] want to achieve is for President Obama to be a one-term president.”  To me, this means that they will  intentionally drive the economy further into recession in order to discredit Obama as much as possible.  As Roubini says: “The result will soon be the worst of all worlds: neither short-term stimulus nor medium-term fiscal sustainability.”  We are doomed.

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