Category Archives: Economy

Stop Blaming Bush?

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On today’s edition of The Diane Rehm Show on NPR, a conservative asked the question, “Can we all admit that this is no longer George W. Bush’s economy?” It’s a fair question. We are, after all, about to begin the sixth year of the Obama administration. So I, for one, am more than willing to concede the point. Even though Bush’s policies crashed the economy, slashing federal revenue through tax cuts for the wealthy and leaving us mired in two unfunded wars with annual deficits in excess of $1 trillion along with massive unemployment, this is no longer Bush’s economy.

It is now quite clearly President Obama’s.

So let’s review what has happened over the past five years. To begin, President Obama signed a stimulus plan that helped stem the bleeding. He gave loans to GM and Chrysler to save the US auto industry and tens of thousands of jobs. He withdrew troops from Iraq and has promised to withdraw our troops from Afghanistan this year. He lifted American spirits by giving the order to kill or capture Osama bin Laden. He expanded health care access to millions more Americans and stemmed out-of-control inflation of health care costs.

Under President Obama, we have seen a consistent rise in GDP (Gross Domestic Product) and the stock markets. At the same time, we have seen a substantial drop in umemployment despite substantial cuts to the number of employees at all levels of government. Finally, under President Obama, we have seen the most rapid drop in the federal deficit in modern history!

And most of this has been accomplished despite a recalcitrant GOP-led House that would have us believe that the way to deal with a struggling economy is to cut federal spending and revenues. Counter to the advice of most every economist, the Teapublicans in Congress have voted against bills that would create jobs, bills that would rebuild infrastructure while interest rates are at historic lows, and programs that stimulate the economy while helping those who most need it.

So, yes indeed. This is President Obama’s economy. And it would be even better if the GOP would get out of the way!

Paying It Forward.

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Renewing the Emergency Unemployment Compensation bill would add $25.2 billion to the current federal budget. Right wing politicians and media outlets tell us that we can’t afford such “giveaways” unless they are offset by other spending cuts. Oddly, they have no such requirements for subsidies to defense contractors, the oil industry, the financial industry, big Pharma, corporate agriculture and other large interests.

But for a program that will prevent 1.3 million people from falling into the abyss? Teapublicans believe that cost needs to be offset!

Certainly saving $25.2 billion sounds good. But, in government, saving money always comes at a cost. In this case, it’s not difficult to imagine the human cost of taking away the only source of income for 1.3 million people…people who have been unemployed for six months or longer. People who are discriminated against by employers who think there must be something wrong with someone who has been unemployed for so long.

And there are other costs.

As journalist Bill Moyers reports, “Harvard economist Lawrence Katz estimates that the expiration of benefits for the long-term unemployed is costing the economy $1 billion per week.” Others estimate the cost to our economy at $400 million a week. Whichever figure is correct, that means the cost of extended unemployment benefits is already offset by what the program contributes to the economy.

Economists confirm that money spent on such programs goes directly into the economy. After all, what else are the long-term unemployed going to do with the money? Save it? Obviously, they spend it. They use it to pay for food, gasoline, utilities and other necessities. It’s not enough to allow them to live comfortably. But it helps. And that money stimulates other portions of the economy. It contributes to sales taxes. It contributes to the profits of local businesses which, in turn, pay income taxes on the money. As a result, the money finds its way back into federal, state and local governments as revenues.

It’s a win-win. It’s taxpayers paying it forward to help their struggling neighbors. Anyone who would say otherwise is cruel and heartless.

Oh wait! I just described today’s GOP.

Stone Cold GOP.

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I can think of no better way to describe Teapublicans’ failure to extend benefits for the 1.3 million long-term unemployed. After all, these are people who, through no fault of their own, are hanging on by their fingernails. Instead of offering them a hand, Teapublicans seem unwilling to give them anything but some nail clippers.

Nevertheless, Democrats have refused to give up on the unemployed. Not only have they called for an extension of benefits, they have pushed numerous bills that would result in job creation. In response, Teapublicans not only refused to act. They demanded more cuts which, according to most economists, would result in even more unemployed. Worse, as the benefits were expiring, Teapublicans took to the airwaves to blame the victims for their plight and to call them moochers!

By contrast, Democratic Senator Chris Murphy spent a day with the homeless in order to better understand their situation. His “guide” was a homeless man who had overcome a difficult childhood with a drug-addicted father. Having worked many years in sales, he lost his job and his home. He now spends his days looking for work and just trying to survive.

Such stories are not uncommon.

Very few of the homeless are lazy layabouts. Many are addicted or mentally ill. And many others are ordinary people who worked hard, played by the rules and found themselves in financial trouble after losing their jobs or encountering medical problems that they couldn’t afford…often despite having insurance.

For example, one of my friends contracted throat cancer resulting in laryngectomy (removal of the voice box) and causing him to lose his job as a telemarketer. That, in turn, caused him to lose his home. An Army veteran, he was too proud to accept offers to stay in friends’ homes. Instead, he survived by showering and changing clothes at the YMCA, using computers at the public library to apply for jobs, reading, visiting the offices of friends, and riding the buses at night. (The bus became his bedroom.) Once a month, he treated himself to a room at a inexpensive motel. His only source of income was a small (very small) check for a military disability. He wasn’t even eligible for SSI.

My friend despised the stench, noise and prostelityzing of church-sponsored shelters. He thought homeless camps were dangerous. So he lived this way for more than a year before he finally received additional disability compensation from the VA.

Tell me, Teapublicans, exactly what made my friend a moocher? What made him so undeserving in your minds that you would deny him, and people like him, unemployment benefits or other forms of help? What would you have him do? He couldn’t ask for job interviews over the phone. He had no phone, anyway. He couldn’t apply in person. As a black man with no ability to speak, most of those he encountered turned away from him. If he handed them a note, they assumed he was trying to rob them!

Aside from his few friends, the only people who would engage him were children. They were fascinated with his stoma (the hole where his larynx used to be) and with the electrolarnyx (the electronic wand that can be used to produce a robotic-like voice).

My friend’s story was worse than most (he has since passed away), but the point is the same. Most of the people who are now without unemployment benefits have similar stories. And Teapublicans seem to think they are disposable.

Cutting Through The GOP’s Economic Talking Points.

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Almost from the first day President Obama took office, conservatives have howled about his economic policies. They blamed him for growing the national debt. They blamed him for record deficits. They created the Tea Party to protest taxes, even though they were at historic lows.They labeled Obama a socialist for saving the auto industry. They called him a fascist and a communist for signing the Affordable Care Act. And they campaigned on the need for government budget cuts in 2010 and 2012.

Democrats countered that the growing debt and deficits were the result of President George W. Bush’s policies. For his part, President Obama refused to place blame on the previous administration. Instead, he pointed to the irresponsible behavior of Wall Street and the resulting economic crash. And though he has cut the deficit faster than any previous president, he has repeatedly stated that unemployment is still too high and the economy too fragile for more draconian cuts.

So what’s the reality? Who’s right?

Bob Deitrick, a principal of Polaris Financial Partners, and Lew Goldfarb, a business attorney, conducted an exhaustive study of US presidencies from 1929 to 2009. That particular time period was selected because each party controlled the White House for exactly 40 years during that time. What Deitrick and Goldfarb found was that Democratic presidents have been better for the economy than Republicans! Their findings were published in the book Bulls, Bears and the Ballot Box.

Interestingly, the administration that ranked highest was the JFK/LBJ administration. (The authors combined the two due to Kennedy’s assassination.) In descending order, the next five were Clinton, FDR, Eisenhower, Truman and Reagan.

The book did not cover Obama’s performance since he had not been in office long enough to make judgments. Yet when Deitrick discussed more recent data in a Forbes interview, he declared, “By all measures, President Obama has outperformed every modern president.” That’s because Obama has reduced the deficit from 10 percent of GDP (Gross Domestic Product) at the end of the Bush presidency to just 4 percent today! This is more the result of growth than budget cuts. It’s the result of Obama’s stimulus plan combined with his decision to save the auto industry. And as the economy continues to grow, the deficit is expected to be just 2 percent of GDP by 2015.

Obviously, presidents who refuse to cut taxes for the wealthy and who refuse to start unnecessary wars are good for the economy.

Still, President Obama is facing a particularly troubling economic reality – that of income inequality. As a report by the nonpartisan Congressional Budget Office has shown, from 1979 to 2007, the share of income for the top fifth of our population has grown 10 percent. During the same period, all other households saw their share of income decline by 2-3 percent.

This can be fixed. But it will likely take more than a Democrat in the White House. It will take a Democrat-controlled Congress.

Good News/Bad News For 2014 And Beyond.

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For the New Year, I thought it appropriate to list a few of the accomplishments from 2013. First the good news:

1 – Millions more Americans now have health insurance thanks to Obamacare. More than 2 million have signed up on the federal and state exchanges, tens of millions more will benefit from Medicaid expansion.

2 – US demand for electricity dropped in 2013. Some utilities reported a decrease in residential demand by as much as 9 percent and up to 5.9 percent overall. This is likely the result of conservation measures, such as CFL and LED light bulbs, new green construction techniques, and growth of solar and wind energy. Imagine what would happen if we ever took conservation and alternative energy seriously.

3 – The US continues to shift electricity production away from coal-burning power plants. Just this week, Arizona Public Service Co. closed three 1960s era coal-fired generators in the Four Corners region near Farmington, New Mexico. These old generators were among the nation’s dirtiest.

4 – According to the Census Bureau, the US population is growing at the slowest rate since the Great Depression – just 0.72 percent. Even if it’s the result of the Great Recession, it’s definitely good news. There will be fewer demands on our natural resources and our infrastructure. Of course, large corporations think this is terrible news since there will be more competition for customers and (gasp) workers.

Now the bad news:

According to a new study published in Nature: The International Journal of Science and reported by HuffPost, climate change could pose more significant problems than previously thought. Climate sensitivity models show that global temperatures could rise as much as 7.2 degrees Fahrenheit by 2100! The result of such an increase could be worse than the extreme storms and rising sea levels already predicted. It could be catastrophic.

Happy New Year, everyone! Be sure to stock up on sun block.

The Conservative War Against Labor.

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In the years following the Great Depression, labor unions were popular and thriving. The Wagner Act of 1935, also known as the National Labor Relations Act, guaranteed workers the right to collective bargaining and the right to strike. As a result, union workers, particularly those in mining and manufacturing, experienced dramatic gains in salaries and benefits, along with safer working conditions.

Corporations didn’t give up these things without a fight. But public sentiment was temporarily on the side of workers and World War II demanded unity between corporations and unions.

The end of World War II and the beginning of the Cold War gave corporations a new opportunity to undermine unions with the rise of Sen. Joseph McCarthy (R-WI) and his House Un-American Affairs Committee (HUAC). Likely emboldened by President Truman’s loyalty program intended to discredit Democratic rival Henry Wallace (former V.P. to FDR, nuclear disarmament advocate and pro-labor candidate) prior to the 1948 presidential election, McCarthy launched a witch hunt in search of communist sympathizers. News of the Soviet Union’s growing nuclear capability spawned a national paranoia that allowed McCarthy to portray labor unions as a communist front .

By the time McCarthy’s lies and un-Constitutional tactics were exposed, hundreds of Americans had been imprisoned, thousands more had lost their jobs and tens of thousands had been investigated. The victims included those who had supported Wallace, civil rights leaders, union leaders…even the unions’ rank and file.

The unraveling of the HUAC may have posed another setback for corporations and the wealthy, but McCarthy’s accusations left many suspicious of organized labor, even as labor unions continued to help build the middle class. Finally, in the 1980’s, anti-union forces suceeded in electing a president sympathetic to their cause – Ronald Reagan. When the Professional Air Traffic Controllers Organization (PATCO) went on strike, violating a law banning strikes by government workers, Reagan fired all 11,345 members who failed to return to work.

Reflecting on the event, former Federal Reserve Chairman Alan Greenspan commented, “His [Reagan’s] action gave weight to the legal right of private employers, previously not fully exercised, to use their own discretion to both hire and discharge workers.”

The war against unions resumed in earnest.

Corporations began sending jobs offshore in search of labor willing to work for low wages and without benefits such as health insurance, disability insurance and unemployment insurance. The export of jobs also eliminated the need for worker pensions. (In the years since Reagan’s election, more than 85,000 defined benefit pension funds have been eliminated.) Many of the jobs that can’t be exported, like those at Walmart and McDonald’s, now pay so little that their employees require public assistance. And with fewer workers eligible to pay dues, many labor unions have been weakened.

Meanwhile, management compensation has soared. The savings on labor costs has resulted in million dollar annual salaries and bonuses for executives.

With money comes influence allowing corporations and industries to successfully lobby Congress for subsidies, tax write-offs and lower tax rates. In addition, many corporations have been allowed to avoid taxes by creating Post Office box “headquarters” in off-shore tax havens. The resulting drop in tax revenue led to increased deficits and greater debt. But, rather than rewrite the corporate tax code and raise taxes on those who could afford it, conservatives have seized the opportunity to cut social programs. They not only cut food stamps. They have targeted Medicaid, Medicare and Social Security, as well.

Not surprisingly, conservatives have also taken aim at the labor unions which represent government workers, such as teachers, firefighters and police. In particular, they want to eliminate government pensions. The argument is that, if private workers don’t have pensions and benefits, why should government workers? If successful, conservatives will have turned the clock back to the gilded age; the days prior to labor unions; the days of extreme wealth and extreme poverty.

Some say that we already have two Americas. I would argue three.

One is the America of the one percent; those who make lots of money and pay little to no income tax; those who can buy influence by donating to political campaigns and build new businesses with government subsidies financed with the taxes paid by others.

The second is the America of hard work, limited upward mobility and shrinking investments. In this America, you work ever longer hours in order to meet the corporate demands of increased productivity. Each year, you are forced to do more with less. For you, retirement may be little more than a dream. And for your children, college will become a financial burden they may never be able to repay.

The third America is one in which people work for so little money they can’t afford many of the necessities of life. According to the Working Poor Families Project, one in three American families are now among the working poor. One in six Americans and one in four children don’t know where the next meal is coming from, or even if there will be a next meal. In this America, more than 630,000 are chronically homeless and 3.5 million will experience homelessness in a given year. For many of these people, there is little hope that their circumstances will change. They not only lack political influence, many face new laws and obstacles intended to discourage them from voting.

Both President Obama and Pope Francis have recently called economic inequality the biggest problem we face. But President Obama can’t reduce inequality in America by himself. We will need a Congress that represents all Americans. We will need a sympathetic and unified citizenry. And we will need organized labor.

(As a footnote, I should make it clear that, having become part of middle management almost immediately following college graduation, I was ineligible for union membership. But, like most Americans, I was able to take advantage of the improved working conditions, salaries and benefits negotiated by labor unions.)

Why We Can Never Return To The Nostalgic Post-War US Of The Baby Boomers.

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The Baby Boomers who comprise the majority of the Tea Party movement fondly recall the world of their youth; a world of cheap gasoline, muscle cars, rock ‘n roll, full employment and US world dominance. They want that world back. And they are convinced that the only thing standing between them and the world of their youth is a liberal, out-of-control government that wastes their money on freeloaders.

I have bad news for them. That world no longer exists. And it’s never coming back.

You see, following World War II, we were one of the few countries that had not suffered significant destruction. While much of Germany, Japan, Italy, France, Belgium, Poland, Great Britain and the Soviet Union had been flattened, the US was essentially unscathed. That led to unprecedented industrial production and wealth for the US. We produced an astounding 50 percent of the world’s goods and services…goods needed to rebuild much of the world. We held two-thirds of the world’s gold. And Americans were looking to the future by investing in education and infrastructure through increased tax rates.

For those in the US, life was good. Really good!

Now contrast that situation with today’s economy. Instead of making the materials to rebuild other nations, we must now compete with them. Instead of exporting manufactured goods, we have been exporting middle class jobs. Taxes are near 60-year lows, reducing revenues and forcing our government to borrow money in order to maintain our crumbling infrastructure. We are recovering from the worst economic conditions since the Great Depression and two unfunded wars. And, according to Teapublicans, it’s all the fault of President Obama and the Democratic-controlled Senate.

Say what?

The nostalgic world of the fifties and sixties was not the norm and never could be. Moreover, Americans got fat (literally) and lazy. We also got greedy. Instead of investing in our future, we cut taxes. Instead of maintaining our manufacturing base, our corporations became engaged in a race to the bottom looking for impoverished populations they could exploit in order to lower their labor costs. Instead of forcing multinational corporations to pay the true cost of energy and transportation, politicians enabled the export of jobs through government subsidies. And instead of promoting hard work and the American Dream, we eliminated estate taxes allowing the wealthy to create dynasties leading to unprecedented income disparity.

Truth is, today’s situation is the result of decades of bad political decisions…most originating during the Reagan administration. Doubling down on those policies, as the Tea Party demands, will not help. Instead of taking us back to the days of Leave It To Beaver, they’re more likely to take us back to the days of Oliver Twist and Scrooge.

Conservatives Take Aim At Government Labor Unions.

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This year, conservatives are gathering lumps of coal for most Americans’ Christmas stockings. We can soon expect to see multi-million dollar assaults on many of the nation’s remaining social institutions and programs. At the federal level, conservatives in Congress are seeking to cut another $4 billion to 40 billion from the Supplemental Nutritional Assistance Program (SNAP), better known as food stamps. They are also targeting Social Security, Medicare, Medicaid, and unemployment insurance. And they are fighting attempts to increase the minimum wage despite the fact that large corporations have raked in record profits since the beginning of the Great Recession, and that wage growth is our main impediment to economic growth.

Conservatives are facing a severe time crunch in order to accomplish these goals. You see, the economy is finally showing signs of real growth. That means more Americans are working and paying taxes, thereby reducing the drain on social programs and lowering the deficit. As the deficit disappears so, too, does the conservatives’ primary argument for slashing social programs and cutting spending.

If conservatives are going to force more austerity and “personal responsibility” on poor Americans, squash labor unions, slash corporate taxes and head off a growing environmental movement, they have to do it now while the deficit is still inflated due to the effects of the Great Recession.

That’s why, as The Guardian reported, the State Policy Network funded by the Koch brothers is coordinating an all-out assault on government and social institutions in 34 states beginning early next year. The focus is on cutting pensions and wages for government workers, cutting budgets for public schools through voucher programs, and combatting attempts to reduce greenhouse gases. But, undoubtedly, the primary goal of the campaign is to rid the country of labor unions, particularly those in the public sector.

Of course, virtually none of their goals are actually good for our country. They are, however, great for large corporations, their executives and their investors.

None of this should come as a surprise to anyone. Conservatives have been fighting organized labor since the 1800’s. Labor unions grew in the 1930’s following the Great Depression when workers realized that the economic collapse was caused by the rich and their insatiable appetites for more wealth. But labor unions have been under attack ever since. The attacks accelerated during the Reagan administration leading to a decline in union membership, the elimination of more than 85,000 pension plans since 1980, and the export of hundreds of thousands of American jobs. As more high-paying labor jobs were sent offshore, union membership further declined. At the same time, large corporations like Walmart fought to block the unionization of their workers. As a result, union membership declined 11.3 percent in 2012 alone. Simultaneously, corporate profits have soared. But that largess has not been shared with workers.

There is, however, one sector of our economy in which labor unions are alive and well. The percentage of union membership among government workers is now 5 times higher than for workers in private companies. Given their contempt for unions and government, that figure makes public sector unions a tantalizing target for people like the Koch brothers. Their control of workers and the disassembling of government won’t be complete until labor unions no longer exist, corporate taxes are eliminated and the federal government is reduced to the Department of Defense. (After all, somebody has to defend them from those who would like to claim part of their wealth.)

Want to learn more about the attacks on American workers? I highly recommend The Betrayal of the American Dream by Barlett and Steele.

The Tao Of Politics.

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I am not a Taoist. Nevertheless, I have learned that the philosophy of Taoism has much to offer. The Taoist concept of Yin and Yang holds that nothing is ever entirely black or white; hard or soft; good or bad. Taoism teaches that good people can do bad things. It also teaches that those we consider bad can, on occasion, do good things.

This is particularly true as it pertains to politics.

For example, I know many who are otherwise caring, loving people who would deny food, shelter, health care and other human necessities to the unfortunate simply because their Republican Party preaches personal responsibility. They have become convinced that the poor are merely taking advantage of those of us who have been successful. They want to believe that the majority of the poor are lazy. Such thinking allows them to look the other way when they see someone who is in desperate need of help.

They cannot conceive that someone can work hard and still struggle to feed their families because they are underpaid by large, greedy corporations. They falsely believe that minimum wage jobs are entry level jobs that are the first step up the economic ladder. In past times, that may have been true. But in today’s economy, with many of our high-paying jobs now shipped offshore, for many people, the economic ladder has been pushed aside by greedy corporate executives.

Many Republicans refuse to accept that the American Dream no longer exists for many people; that the US is not the land of opportunity it once was; that no amount of hard work can pull many of the unfortunate out of poverty; that the US now has less upward mobility than most of the rest of the industrialized world.

As a result, many good Republicans cheered when the federal government cut $5 billion from the annual budget of SNAP (food stamps) – an amount equal to all of the charitable organizations in the nation (501c4 “charities” such as American Crossroads and FreedomWorks, not included). The same people who would gladly give food and money to a family member or neighbor are still clamoring to cut another $4-40 billion from SNAP at a time when 1 in 6 Americans and 1 in 4 American children are dealing with hunger.

These grinches are not bad people. They are simply uninformed or misinformed.

These champions of personal responsibility and faith are convinced that social safety nets are not only unnecessary. They believe that social programs are creating a culture of dependence. They believe that the minimum wage, labor unions and government regulation are threats to our economy.

They believe that subsidies and giveaways to large corporations are good. But that subsidies and giveaways to people are bad. Why? If it’s true that corporations are people, shouldn’t they both be treated equally? If a half dozen banks are considered too big to fail, shouldn’t group consisting of millions of poor Americans also be considered too big to fail?

Taoism teaches that all things are part of a greater whole – the great Tao – and that if you harm another, in reality you harm yourself. Caring Republicans would be wise to keep that in mind.

Impeach Obama?

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In the fantasy world of right wing crazies, the impeachment of President Obama is becoming a greater possibility. For example, Michele “Batsh*t Crazy” Bachmann recently told viewers of Fox News Channel that President Obama has “rewritten the Constitution to serve his own purposes.” First, I doubt that Bachmann has ever actually read the Constitution. Second, the “evidence” she used to support her claim is the Affordable Care Act (ACA)…a bill passed by Congress, signed by the president and upheld as constitutional by the conservative-dominated Supreme Court.

Some evidence.

Bachmann isn’t the only mental hospital escapee making such claims. At Tea Party rallies throughout the US, it’s common to see people holding “Impeach Obama” signs or verbally calling for the president’s impeachment. Even worse, numerous Teapublican congressmen have suggested that impeachment may soon be “necessary.” To justify their calls for impeachment, they point to manufactured “scandals” such as Benghazi.  But, unlike his predecessor who ignored numerous warnings prior to 9/11 and led our nation into war under false pretenses, President Obama has done absolutely nothing to warrant impeachment. And, just one year ago, voters had the ultimate opportunity to remove him from office.

It’s called an election.

Unfortunately for Teapublicans, they lost…badly. Nevertheless, Teapublicans continue to blame the president for their own failings. They ran up the debt with their wars and tax cuts and blamed it on Obama. They collapsed the economy and blamed Obama for unemployment. They created the debt crisis in 2011 and blamed Obama for the damage done. They have used the filibuster to nullify many of the president’s initiatives and to block many of his appointments and nominations.

They cry that Obama “refuses to defend our border” despite the fact that the Obama administration has doubled the size of the Border Patrol and invested billions in a border fence. They forced our government into sequestration then howled when the cuts resulted in long lines at airport screening. Most recently, they shut down our government then blamed Obama for parks and monuments being closed.

They continue to complain that Obama was foreign born (he was not) though their most vociferous whiner and presidential wannabe, Ted Cruz, was born in Canada. They attacked Obama for attending a “radical” black Christian church yet claim he’s a Muslim (as if that’s something bad). They howl about the start-up issues with the ACA website despite the fact that they have done everything in their power to sabotage it. They not only withheld much of the funding needed for its creation, Teapublican-controlled states refused to implement their own health insurance exchanges, forcing millions more Americans to log onto www.HealthCare.gov to find health care coverage.

Now Teapublicans are back home holding town halls and giving speeches about the evils of Obamacare. They are also inviting people to bring their “horror stories” about Obamacare. One can only imagine that they will spend their last 8 working days of 2013 reading these anecdotal, and likely false, stories into the congressional record and voting to repeal the law for the 48th time. And don’t be surprised if, next year, Rep. Darrell Issa, Rep. Paul Gosar and others use these stories as the basis for impeachment.

Knowing that impeachment is doomed to fail unless they gain control of the Senate, Teapublican congressmen are also continuing their attempts to destroy the Obama presidency by refusing to negotiate a budget and refusing to raise the debt ceiling which would force the US treasury into default. Never mind that such a move would have severe and long-lasting consequences for the world economy and our nation’s ability to borrow. It might even cause the world to replace the dollar as the world’s prime currency. But in the minds of many Teapublicans, such realities are dwarfed by their dislike for President Obama.

Teapublican hatred has no bounds.