Tuesday, September 4, 2012

Observations on Tampa...

A few things I noticed from the RNC, before we get into the DNC this week.

1. There seems to be a definite trend toward protectionsim in the Republican party; both Sen. Rob Portman and Romney made strong allusions toward starting a trade war with China. Its important to remember that the Federal government can't tax or penalize Chinese producers, only American consumers.

2. It remains unclear what exactly the Obama Administration has done to supposedly hurt the economy in the eyes of Republicans. The Feds bailed out the auto-industry, which plays well in swing states like Michigan and Ohio. All the money given out to banks in TARP and successive give aways has been paid back with interest. The Bush taxcuts have been extended. Obama lifted the ban on offshore oil drilling put in place by Bush 41. So where is the impetus for this rhetoric about killing business initiative or driving gas prices higher?

Meanwhile, Obamacare doesn't go into effect until 2014, and the deficits we've run haven't driving up the cost of borrowing for investment; real interest rates, both short-term and long, remain at historic lows.

So at the end of the day, with regard to most Republican complaints, there's no "there" there.

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