This month the number of jobless Americans has increased from 9.5% to 9.6%. 54,000 jobs were lost last month. However, the loss of jobs can be attributed to government cuts of temporary census workers. Private businesses, on the other hand, added 67,000 new jobs to the economy. President Obama expressed frustration with the Republican party for blocking small business aid legislation that would help increase bank loans to private businesses. This legislation would also provide tax cuts to small businesses that bought new equipment and hired unemployed workers.
Republicans combated Presidents Obama's announcement saying that $30 billion dollar legislation was too costly and Obama's "Recovery Summer" ended where it started with little economic improvement. Republicans argue that Obama's actions have had little economic improvement while adding to national debt.
Obama later stated that the economy is moving in a positive direction. He added, "...We just have to speed it up."
This article sums up the current state of US political dialogue on the economy: Republicans worry about the deficit and growing debt, while Democrats place a higher emphasis on stimulative measures to jump-start the economy. At this point, my response is "yawn". While I recognize the validity of concerns over rising US debt, it is frustrating to see this type of bill blocked by congressional Republicans because it addresses many of their primary talking points, especially tax cuts for small businesses. It is almost as if the exchanges between Republicans and Democrats have become more important than the content of those exchanges. Republicans must say "no" to Democratic initiatives and vice-versa. It makes me wonder whether the American system is showing a weakness in regards to making good, far-sighted decisions, and whether there is a disconnect between sound economic decisions and our political culture.
ReplyDeleteI agree. It seems that the Republicans and the Democrats are blocking each other's legislation simply to make a point. They are more concerned with the interest of their party and their "values" than the welfare of the American people. If there continues to be disconnect between the parties, who knows how long it will take for legislation to be passed and changes to be made? Can we really afford to wait out this recession while the Republicans and Democrats argue?
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