Wednesday, March 30, 2011

Republican/Teabaggers continue their march to Recession

Because nothing says patriotism like badly damaging the economy to score a few chimerical political points.
An extended federal government shutdown could devastate the U.S. economy by dealing a blow to Americans' confidence, experts said Tuesday.

If lawmakers cannot reach agreement on a bill to fund the government by April 8, a broad array of federal programs will come to a halt. Although most shutdown plans remain classified, during the last major federal government shutdown in 1995, certain health services were shut down. Court cases were delayed. And federal workers were furloughed. This time around, some fear low-income families will miss crucial government payments. But there is another consequence that could make all of those challenges far worse: The economy could slip back into recession.

Already, Americans face a host of economic woes. The unemployment rate remains high. Home prices are still falling, aggravating a widespread foreclosure crisis. Oil prices are rising, pushing transportation costs steadily higher and tearing precious resources from the economy.

In this context, a prolonged federal shutdown would drain Americans' confidence in their government, hobbling spending, borrowing and investment -- and pushing the economy toward recession, said Mark Zandi, chief economist of Moody's Analytics.
Republicans are suffering such a severe case of Obama Derangement Syndrome that they would willingly do untold damage to the country they say they love (words are cheap) to try and hurt President Obama.



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