Halperin: Why not in the first year, if you're elected - why not in 2013, go all the way and propose the kind of budget with spending restraints, that you'd like to see after four years in office? Why not do it more quickly?
Romney: Well because, if you take a trillion dollars for instance, out of the first year of the federal budget, that would shrink GDP over 5%. That is by definition throwing us into recession or depression. So I'm not going to do that, of course.
Now, as it readily admits, the blog's knowledge of economics is limited to the blog's first law of economics -- Fck The Deficit. People Got No Jobs. People Got No Money -- and it also believes that most professional economists arrive at their conclusions by reading the entrails of doves and cutting up goats on a rock, so it may be wrong here but didn't Romney, in saying that, pretty much blow up the entire rationale for over 30 years of Republican economics right there? Cutting government spending will throw us into a recession or depression? No Christmas cards from the Ryan household this year, Willard.
Which would be stunning, shocking, and amazing, if not for the GOP Senators in Washington:
Sen. Harry Reid’s refusal to “back off” looming cuts to the Pentagon won’t just harm the nation’s security, Republicans say. It could plunge the fragile U.S. economy back into a recession next year. GOP defense hawks struck back at the Senate majority leader Thursday for insisting he won’t stave off or delay $600 billion in automatic defense cuts unless Republicans budge on new revenues.
Or, as Jon Kyl puts it:
“The whole point here is to try to get some economic growth, job creation, to get out of this recession,” Kyl told POLITICO. “Why would we risk going backward with policy that even CBO says would be the wrong prescription right now?”Now, yes, these are cuts the Republicans insisted on in the Budget Control Act last August. But then, foolish consistency is the hobgoblin of small minds.