The only surprise is that it happened so fast. The cacophony of right-wing talk about how we need to "cut spending" to create jobs reached a fever pitch in the debate over the deficit ceiling that culminated just days ago. Now the world economy is sending a stark message that makes such talk sound stupider and stupider by the minute. The "conventional wisdom" is getting whiplash.
As markets tumble and job reports show no growth, it is crystal clear to anyone with even a passing acquaintance with economics that Republican budget cutters are completely, utterly wrong. In fact they are 180 degrees off course. They are trying to do exactly the opposite of what the economy needs in order to grow and create jobs.
History will remember them the same way it views their ideological progenitors that in 1937 decided Roosevelt's New Deal had gone too far and needed "fiscal discipline." That led to a sharp end of the economic recovery and a renewed downward plunge into joblessness. We've seen this movie. It's a disaster film.
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