In hindsight the country emerged from the debt-ceiling hostage situation of 2010 relatively unscathed given the potential consequences of GOP intransigence, but victory did not come without victims.
All signs point to 2012 as being the first year of a genuine economic recovery, however new data shows this recovery would have sparked 5 or 6 months ago had the Republicans not taken the entire country hostage and issued ransom demands.
Brian Beutler of Talking Points Memo elaborates.
Last week’s surprisingly positive jobs report overshadowed another bit of good news for the economy: last November showed the biggest growth in consumer credit in 10 years. Typically that’s a sign that consumer confidence is up, banks are willing to lend, and demand is on the rise.
If you look back at recent monthly data, though, you’ll see that this particular green shoot should have poked through the ground months ago, but was stymied by the GOP’s debt ceiling hostage drama.
The good news is, the Republicans won’t have another chance to sink the economy between now and the next election, and this is thanks in large part to President Obama’s willingness to bite the bullet so the rest of us don’t have to.
Because of the political consequences the president suffered during both the debt-ceiling debate and the signing of this year’s National Defense Authorization Act, both the government and the pentagon have been funded through the remainder of fiscal 2012.
However unwarranted or un-researched the criticism of the president has been, there’s no denying the severity of it, and President Obama made the right decisions in the best interest of the nation knowing he would face political repercussions within his own party.
Because that’s what real leaderships is. It’s not stomping your feet or giving the stink-eye. It’s making hard choices in the best interest of everyone.