Posts tagged "Barack Obama"
Obama’s economic address last Thursday was seen as tough and firm because he finally called out Republicans in Congress. Progressives liked the new fortitude, and also the relatively large sums Obama would mobilize to jolt the economy back to vibrancy.
But there was nothing remotely radical (or even particularly liberal) about Obama’s ideas: tax cuts, many of them business-friendly, and new spending for such exotic projects as, well, schools and roads. As the president said, his proposals have all drawn Republican support in the past.
He was, however, talking about a Republican Party that existed before it was taken over by a new sensibility linking radical individualism with a loathing for government that would shock Hamilton, Clay, Lincoln and, for goodness’ sake, Robert Taft.
Thus the GOP sees the solution to the crisis in the measures its right wing has always favored: gutting regulation; keeping taxes on the affluent low; cutting government programs; and stopping Ben Bernanke and the Fed from doing anything to put the unemployed back to work that might risk the tiniest bit of inflation and thus dilute, even momentarily, the wealth of the already wealthy.