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Refusing To Acknowledge The Failure Of Conservative Economics, GOP Tries To Stop IMF Loan To Greece
Earlier this month, the Worldwide Monetary Fund (IMF) and members of the European Union agreed to a $145 billion (€110 billion) rescue package deal for Greece, which has long been gripped by economic turmoil and social unrest. Simply because america could be the largest contributor to your IMF, this had led Republicans in Congress to operate wild with statements that American taxpayers are bailing out Greece. The GOP has even drafted legislation in an try to compel Treasury Secretary Tim Geithner to forestall the IMF from subsequent by means of on its mortgage delivers.
Over the last two days,Windows 7 X64, a sequence of Republicans — including House Republican Conference Chairman Mike Pence (R-IN) and Conference Vice Chairwoman Cathy McMorris Rodgers (R-WA) — have gone towards the House floor and onto television to condemn the IMF loans in the name of taxpayer protection. Watch a compilation:
First off, the IMF extends loans — not simply lump payments — using a line of credit extended by, among others,Genuine Office 2010, the U.S., for which the U.S. receives repayment. To date, no IMF borrower has defaulted on its obligations, so the odds that the U.S. actually loses money are very small. Having a severely weakened European Union — which, counted as a single economy,Office 2010 Pro Key, may be the United States’ largest trading partner — would be far worse than extending these loans. Why do we even have the IMF,Windows 7 Activation, if not for this express purpose?
Plus, these Republicans refuse to acknowledge that the current mess in Europe is a glaring example of your failure of conservative economics. As my colleague Max Bergmann pointed out, the fiscal response for the financial crisis in Europe has been limited, largely thanks towards the economically conservative leadership of Germany, while the European Central Bank “has resisted injecting any life into the broader European economy.” Thus, a problem that should have been headed off was allowed to fester and has now exploded.
Had policymakers in the U.S. followed the fiscal advice of Congressional Republicans — which involved implementing spending freezes of various degrees — the recession would only have been exacerbated and we would be looking much more like Greece. Instead, thanks to the financial stimulus package deal, the economy is very slowly starting to turn around. To his credit, before this year Geithner was urging the IMF to make a mortgage to Greece, which would have come with a much smaller $40 billion price tag. But Europe dithered, and now finds itself short of options.
Fortunately,Windows 7 Download, the Obama administration doesn’t seem to be taking the GOP’s response seriously at all. Both President Obama and Vice President Joe Biden have offered their support to Europe’s fiscal response. After a meeting with Spanish Prime Minister Jose Luis Rodriguez Zapatero, Biden said that “we agreed on the importance of a resolute European action to strengthen the European economy and to build confidence in the markets. And I conveyed the support from the United states of america of America toward those efforts.”