Here’s an interesting point from Mark Doms, chief economist at the Commerce Department. The Commerce Department’s economists seem to consistently underrate the severity of recessions:
I wonder why that is? But there seems to be a lesson here for macroeconomic stabilization policy, namely that when your data is indicative of a recession the risks ought to be seen as weighted to the downside. You need to err on the side of “going big” with your interest rate cuts and whatever else.
Under the leadership of House Speaker John Boehner (R-OH) and House Majority Whip Eric Cantor (R-VA), the Republicans continue to precipitate a stalemate over the debt ceiling and a possible economic crisis. As ThinkProgress’ Zaid Jilani and Travis Waldron have reported, not only did the Republican leadership vote multiple times for clean debt ceiling hikes under more favorable political circumstances, but no less than 98 currently serving House GOP members did so as well.
Between a vote in 2004, and another in 2002, many of these Republicans took to the floor of the House to defend a debt ceiling hike as not only necessary, but as a basic matter of responsibility and good governance. ThinkProgress has compiled the video.
Watch it:
Powered by NewsWhip
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
About ThinkProgress | Contact Us | Donate
