The Myth of Republican Fiscal Responsibility

·        The nearly $1.2 trillion federal deficit is equal to 8.3 percent of U.S. GDP, the highest ratio since World War II.

     No matter what measure of the economy you look at, the numbers are bad:

·        “U.S. manufacturing activity decreased in December at its fastest pace in nearly 30 years.”-- The Washington Post, 1/3/09

·        Spending on big-ticket durable goods dropped 22%--the largest decline since 1987.

·        Investment in equipment and software felll 28%e-- the biggest drop in 50 years.

·        General Motors sales are down 49% from a year ago; Ford Motor sales down 39%; Chrysler down 55%; Toyota Motor down 32% in its U.S. sales; Honda Motor down 28%; and Nissan sales fell 30%.

     Despite this non-stop flood of bad economic news, the National Republican Congressional Committee (NRCC) has not lost its sense of humor. In late January, their website boasted:

·        “Thanks to Republican economic policies, the U.S. economy is robust and job creation is strong. Republican tax cuts are creating jobs and continuing to strengthen the economy...” (The website has since been “updated” to promote a discussion of how Nancy Pelosi and the Democrats are destroying the economy.)

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