The investment community was surprised by the strength of the most recently announced jobs report. According to the Department of Labor, the American economy produced 257,000 jobs in January, ending the best three month period for job growth in 17 years according to an article on BloombergBusiness. In addition, wages increased at a pace bigger than any period since 2008. Republicans, chagrined once again by news of continued improvement on the economic front, seek solace in the 0.1% uptick in an unemployment number that last month they swore was a fraud.
I for one am quite bemused over why we as American voters keep putting republicans into office if the economy truly ranks among our top priorities. The track record of failure for republican trickle-down economics is nothing short of epic. Further, nearly everything they have said in their efforts to stymie the policies of the Obama Administration have been wrong at a level that approaches comical. The quotes below represent the tip of the proverbial iceberg in terms of how consistently wrong republicans have been in their rhetoric.
“My focus is to create a red-state model that allows the Republican ticket to say, ‘See, we’ve got a different way, and it works.’ ”
- Kansas Governor Sam Brownback
Yes, you've certainly got a different way, governor, but to say that "it works" is a lie.
"If you would like to have a national American energy policy, never again bow to a Saudi king and pay $2.50 a gallon, Newt Gingrich will be your candidate. If you want $10 a gallon gasoline, an anti-energy secretary, and in weakness requiring us to depend on foreigners for our energy, Barack Obama should be your candidate.”
- Newt Gingrich
“[Obamacare] will ruin the best health care system in the world. It will bankrupt our nation, and it will ruin our economy!”
- John Boehner
"...stagflation is almost a certainty."
- Rick Santelli, October 2010
"[Obamacare is] the single greatest impediment to the stock market going higher."
- Jim Cramer, March 18, 2010
"Obama's Radicalism Is Killing the Dow...It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy."
- Michael Boskin, Adviser to President George W. Bush (March, 2009)
"If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won't go overnight, but its demise will be virtually guaranteed."
- Mitt Romney
"With the stimulus package the government is proposing, I think the depression will last longer, and the unproductive government will continue to grow at the expense of the private sector....If the government spends that kind of money in stimulus, it will have dire consequences....If you have a stimulus package, fiscal deficits go up, and eventually you end up with higher interest rates and inflation."
- Investment "guru" Marc Faber
"There is nothing more insidious that a country can do to its citizens than debase its currency."
- Paul Ryan (R-WI)
“[Another round of monetary stimulus] could exacerbate current problems or further harm the U.S. economy...Such steps may erode the already-weakened U.S. dollar or promote more borrowing by overleveraged consumers. To date, we have seen no evidence that further monetary stimulus will create jobs or provide a sustainable path towards economic recovery.”
- Congressmen John Boehner & Eric Cantor, Senators Mitch McConnell & John Kyl
"the disaster that follows [the auto bailout] is predictable."
- Trent Franks (R-AZ)
“Tax increases will so weaken the economy that jobs will be killed, revenue will go down, and the deficit, instead of decreasing, will increase. I believe that that will, in fact, kill the current recovery and put us back in a recession.”
- Newt Gingrich, 1993
With such a track record of fecklessness, mendacity and error, I can't imagine why in the world anyone in their right mind would listen to and take seriously anything that any republican says about the economy.