1. John McCain gave a really good analysis of the Libyan war, but then said that "it's been proven" that spending does not work to fix the economy. When Norah
O'Donnell pointed out that economists have agreed the stimulus saved jobs he responded that "Saying it could have been worse is not much comfort to my constituents." I'm not sure I buy this argument. I've been in catastrophic accidents and been happy when someone told me although I broke my hip I will walk again, and when they outlined how much worse it could have been I was very thankful. Also, telling someone they have cancer and you're recommending chemotherapy is also not very comforting, but it's the truth, and if it's the best treatment that's probably what should be said.
2. Senator McCain went on to outline a plan that is now being touted by the Republicans to bring, by his estimate, $1 trillion from offshore accounts through a tax holiday and a lowering of rates. This problem has two issues with reality.
A) This same tactic was tried in 2004 without the desired results in job creation.
B) There is already $1.08 trillion stockpiled by the top 50 companies in the United States not being invested. Will getting another trillion somehow be the magical investment tipping point?
3. Ed Gillespie, former Chair of the Republican National Committee, made a point I heard Karl Rove and a few others repeat: Barack Obama supported Freddie Mac and Fannie Mae. What is most interesting to me is that Mr. Gillespie said that George W. Bush had 52 months of uninterrupted growth in the market, then pointed out that the growth was largely driven by the housing bubble that he blamed on Senator Barack Obama who took office 4 years into George W. Bush's 8 years. I do like that somehow George W. Bush gets credit for the good part of the bubble though. I personally think the bubble bursting should have been a wake up call to America that we need to take the money out of our politics and not be afraid of reasonable regulation on businesses, but I still have yet to hear anyone advocate that.
4. Ed also phrased the vacation issue in the Republican narrative of constant right wing persecution. He claimed that this would go on a website entitled something like "CouldGeorgeBushGetAwayWithThis.com" because the previous President could never have gone on vacation like this. What I don't understand is that he did get away with this. George W. Bush took 180 days of vacation at this point in his Presidency facing what I believe to be no fewer challenges than the current President, compared to Obama's 61.
5. Only a few people pointed out the European nature of our current economic downturn. Democrats spent most of the time buying time for President Obama to put together some kind of a plan, but I'm not sure that any plan will work because it's going to depend on a bailout of corporate tax haven Ireland and others to shore up the Euro. Not many mentioned this, and I'm not sure how we can affect this without spending more money, which no one wants to do. I guess this is where Democrats are trying to give comfort to their constituents by not saying "Look, the market turn is beyond our control."
6. Rick Santorum of google fame spoke to something I believe in which is the need to get manufacturing going in America again. He cited the corporate tax rate being needed to drop to zero to get companies producing again. I'm not sure I follow his reasoning because it is headquarters that determine where you are taxed, and congress has attempted to shore up the system to ensure corporations kick in their fair share of money for the protections the US affords them worldwide, but they continue to exploit loopholes. The cost of labor is a key driver, and I would argue that a more equitable fair trade system like that of the European Union and less like our agreements with China, CAFTA, and NAFTA would benefit us much more in the manufacturing sector, as well as investments that promote high end manufacturing.
That's it for now. Democrats did horrible as they basically just bided their time and pointed out that Rick Perry is the natural outgrowth of this article about the Tea Party.
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