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Yes, it is.
It's going to be terrible....just as Paul Krugman states.
In fact, future historians will probably look back at the 2010 election as a catastrophe for America, one that condemned the nation to years of political chaos and economic weakness.
That's how terrible.
Krugman, one of the few "experts" who warned of the coming mortgage meltdown before it hit, is warning again.....this time over the consequences of tomorrow's national midterm election.
Before we analyze more of Krugman's warning.....here are my predictions on tomorrow's election: Republicans will retake the House. Democrats will hold the Senate. The election will give Republicans 225-235 seats in the House where a majority is 218, while decreasing the Democratic advantage in the Senate to somewhere around 52-48. 60 votes are needed to do anything in the Senate.
In Ohio......while Rob Portman, the Bushian retread, will take Voinovich's Senate seat....I predict Governor Strickland will hold on to his job, defeating the Lehman Brothers entry, John Kasich, by the slimmest of margins.
Back to Krugman....
Right now we very much need active policies on the part of the federal government to get us out of our economic trap.
But we won’t get those policies if Republicans control the House. In fact, if they get their way, we’ll get the worst of both worlds: They’ll refuse to do anything to boost the economy now, claiming to be worried about the deficit, while simultaneously increasing long-run deficits with irresponsible tax cuts — cuts they have already announced won’t have to be offset with spending cuts.
In light of what Republicans will undoubtedly do when they take the House....Krugman gives out advice....
Be afraid. Be very afraid.
Sometimes, we actually should be afraid of election results. For example, we should have been more afraid in 2000 when Scalia and Co. gave the presidency to a dunce and incurious slacker who pretended he was a cowboy from Texas. The cowboy pretender came very close to bringing the entire national structure down upon us. Less than 2 years after the White House door hit W's ass on his way out......the nation is still reeling.
Sometimes, we actually should be afraid of election results.
The "political chaos" which Krugman says we'll be condemned to years of.....when Republicans retake the House.....is derived partially from the unambiguous statement by Mitch McConnell (R-KY)....
“The single most important thing we want to achieve is for President Obama to be a one-term president.”
Droopy Dog Mitch went on to mitigate his statement a bit.....saying Republicans just might be willing to deal if Obama did his own version of a "Clintonian back flip." In other words....unless Obama is willing to become a Republican......McConnell and his henchmen are going to destroy his presidency....."single most important thing we want to achieve."
Fiddling while Rome burns to the ground.
The influence of the Neo-Confederacy will not leave any room for Republican compromise...and so our economic quagmire will continue and probably worsen. High unemployment will become a permanent feature of our economy. I doubt very much whether a new Tea Party controlled House will permit the debt ceiling to be raised early next year.....most likely ending in a government shutdown.
Other than opening new weekly investigations into Barack Obama, Congress will do nothing legislatively.....and what they actually do legislatively will only be for the purpose of embarassing or trapping President Obama.
And while this is all going on......the other industrialized nations will be extending their advantages over the U.S. Change occurs quickly in our modern age. Governments need to be nimble and efficient or the nations they represent will suffer the consequences. Currently, for example, the U.S. trails several other industrialized countries in alternative energies. Two years (at least) of House thumb twiddling in order to destroy a Democratic President will only be two more years in which other nations can distance themselves further from what has become a backward-America.
30 years of deregulated, supply economics, 30 years marked by the biggest wealth and income disparity gaps in American history, have led us to the brink of economic disaster. After only 18 months of trying to put the American pieces back together again, the electorate, I'm told an angry one, wants to get government regulation out of business and the supply economy bubbled up again.
Krugman understated the situation.
We should be scared to death of tomorrow's results.