Going All-In With a Losing Hand (or: Eric Cantor Tells Us How to Spank the Economy)

August 22nd, 2011

Inspired by How to spank the economy (Eric Cantor, The Washington Post8/22/11).

 

“In lieu of more wasteful stimulus spending, we should go all-in on ways to invigorate growth. The Congressional Budget Office has found that for every one-tenth of 1 percent of additional economic growth, the budget deficit is narrowed by nearly $300 billion. Economic growth will help reduce the deficit and get people back to work. That is why this fall the Republican Party will pursue a legislative agenda that boosts economic growth through reducing the regulatory and tax burden.” – House Majority Leader Eric Cantor (R-VA)

 

Eric, I’m glad you cited the CBO study,

Since it proves our debt and unemployment are thanks to your and my good buddy.

 

If one-tenth of a percent growth means $300 billion,

Continued Bush-level growth gaps would cost us $34 trillion.

 

That’s because the negative 6.3% growth George Bush left us

Not only of millions of jobs did bereft us.

 

As you point out, it also increased our deficits much more,

Compared to the 5.0% growth Bush enjoyed when he walked in the door.

 

(Talk about “over-the-top”—

That’s an 11.3 percentage point drop!)

 

And as you and the CBO so correctly reported,

The trillions lost were thanks to policies that you yourself supported.

 

Plus, that’s on top of the trillions for your tax cuts and unfunded wars,

Which produced the deficits and debt which the GOP now deplores.

 

I’m glad you finally admit Repubs caused our ballooning debt

(That’s usually something your side somehow seems to forget).

 

But now that you’ve finally put economic growth and jobs back on your platter,

How do you propose to deal with the matter?

 

The Republican Recession was caused in large part by financial deregulation,

So tell me, Eric, what’s your prescription to help the Nation?

 

The national debt crisis was caused by your tax cuts and the Repub recession,

So what do you propose to correct that minor indiscretion?

 

You answer that we should now deregulate and cut taxes more

(I guess if you get back in power, you’ll also propose another big war).

 

You want to “go all-in” on the Bush policies that got us where we are now.

And that’s going to work better this time how?

 

Eric, as everyone knows who’s ever played poker,

You don’t go all-in when your hand’s so mediocre.

***

Here’s your theme music, The Gambler by Kenny Rogers.

How about some economic policy ideas that might actually work? Click here to read some of mine, and sign this petition to tell the President and Congress that America needs jobs and economic growth. An d sorry Eric, but your “plan” will provide neither.

 

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