Avoiding another Great Depression is way less important than winning the next election.
Robert Reich says Congressional Republicans are playing politics with the economic crisis. Rush Limbaugh has said he wants the stimulus package and bank rescues to fail so Republicans can win the next election. Robert Reich:
Republicans don't want their fingerprints on the stimulus bill or the next bank bailout because they plan to make the midterm election of 2010 a national referendum on Barack Obama's handling of the economy. They know that by then the economy will still appear sufficiently weak that they can dub the entire Obama effort a failure -- even if the economy would have been far worse without it, even if the economy is beginning to turn around. They'll say "he wanted more government spending, and we said no, but we didn't have the votes. Elect us and we'll turn the economy around by cutting taxes and getting government out of the private sector."
Obama believes Republicans will eventually embrace bipartisanship. I hope he's right but I fear he's wrong. They want to take back Congress the way Newt Gingrich retook the House (and helped Republicans retake the Senate) in 1994 -- with hellfire and brimstone. Once in control of Congress, they'll be able to block Obama's big inititiaves on health care and the environment, stop any Supreme Court nominees, and set up their own candidate for the White House in 2012.
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