Austerity is taking hold of our nation
by Thom Hartmann
June 27, 2013
The Republican sequester is wreaking havoc on our economy. Yesterday, the Bureau of Economic Analysis announced a huge revision to previous estimates of economic growth. Initially, the BEA estimated our economy grew by 2.5 percent during the first three months of this year. Now they say our GDP only increased by 1.8 percent. The original growth estimate was already too low to provide much relief to our struggling economy, but the revised number shows we're now reversing our modest recovery.
It was Republicans who demanded huge spending cuts, and who pushed destructive austerity measures on our nation. However, that hasn't stopped the GOP from blaming President Obama for the decline in economic growth. House Speaker John Boehner is using the revised growth rate to criticize the President's economic policy, and to advocate for the GOP's plan to implement even more extreme austerity. Despite the fact that similar spending cuts have destroyed economies in the European nations of Spain, Greece, and Italy, Republicans refuse to accept that we can't cut our way to prosperity.
Millions of Americans are feeling the pain of cuts to healthcare, education, housing, and more, and they are angry that the GOP continues to play political games while our economy suffers. Americans want Republicans to spend less time on so-called scandals, and more time repairing the damage that their austerity measures have inflicted on our nation.
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