Before President Obama was even sworn into office, our economy and housing markets completely imploded. The economic collapse was labeled the Great Recession the worst economy since the Great Depression. After the Bush-endorsed bank bailout, President Obama rescued our automotive industry and requested a stimulus bill to get our economy moving again. In requesting the stimulus bill, he said he hoped it would reduce unemployment, holding it to 8 percent or less. Yet despite the stimulus, unemployment soared to more than 9 percent and Republicans denounced the stimulus as an expensive failure.
On the surface, it would seem Republicans were right. However, it is now obvious that President Obama was fighting against a stacked deck the result of inaccurate reporting. More than two years after Obama took office, the Congressional Budget Office released data showing that the original collapse was far worse than originally reported. More recently, the National Realtors Association admitted that sales of existing homes have been overstated.
The new data means that the stimulus bill was far from a failure. Rather it was woefully inadequate. Had Congressional Republicans agreed to the original, larger stimulus, we might have seen the economy rebound by now with greatly reduced unemployment. Instead, Republicans fought for a smaller stimulus, and many fought for no stimulus at all!
Moreover, Republicans have blocked every attempt to improve the economy. They have blocked increased regulation of the financial industry to prevent future meltdowns. They have blocked any and every attempt to force the wealthy to pay their fair share of taxes. They have blocked every attempt to remove anachronistic tax deductions for oil companies. They have blocked attempts to remove tax incentives for corporations that ship jobs overseas. They have invoked the filibuster a record number of times. They have blocked a record number of judicial and department nominees.
Teapublicans have done everything possible to make President Obama a one-term president, regardless of the harm they cause to the economy and the nation in the process. All of this has become abundantly clear.
The only remaining questions are whether or not American voters are smart enough to recognize the backstabbing for what it is. And whether or not they will make Teapublicans pay.