How Bad Must The Economy Get?

How bad must the economy get before Republicans in Congress get that we can’t afford to follow the same old failed policies and we can’t afford to sit around and twiddle and fiddle while more and more Americans are losing their jobs, savings and homes?

Growing up, I heard many stories about the Great Depression from my parents who lived through it. This is as bad as I have seen the economy in my lifetime, and as readers here know, I have been writing about the continual downturn in the economy since the early days of The Dem Daily.

The claim is out there now that Obama is losing the stimulus message war, but Nate Silver points out that is not exactly the case (h/t Maha).

Congress needs to take action, “action,” as President Obama points out in an OP/ED in the WaPo today, “that matches the urgency they feel in their daily lives — action that’s swift, bold and wise enough for us to climb out of this crisis.”

Obama goes on to say:

In recent days, there have been misguided criticisms of this plan that echo the failed theories that helped lead us into this crisis — the notion that tax cuts alone will solve all our problems; that we can meet our enormous tests with half-steps and piecemeal measures; that we can ignore fundamental challenges such as energy independence and the high cost of health care and still expect our economy and our country to thrive.

I reject these theories, and so did the American people when they went to the polls in November and voted resoundingly for change. They know that we have tried it those ways for too long. And because we have, our health-care costs still rise faster than inflation. Our dependence on foreign oil still threatens our economy and our security. Our children still study in schools that put them at a disadvantage. We’ve seen the tragic consequences when our bridges crumble and our levees fail.

Every day, our economy gets sicker — and the time for a remedy that puts Americans back to work, jump-starts our economy and invests in lasting growth is now.

It’s time for members of Congress to do away with the failed policies. It’s time for Republicans to listen to the needs of Americans and get the stimulus bill passed.  The longer we wait the worse things will get. How long can we afford to let jobless claims soar and watch retailers report dismal sales month after month? We can not afford for this recession to hit the irreversible mark.

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