Republicans’ Failure to Resolve Fiscal Cliff Could Produce Another Economic Catastrophe

Just four years after Republican ineptitude, malfeasance and blind dedication to its failed supply-side ideology led to the worst economic collapse since the Great Depression — and just 18 months after tea party obstruction led to the United States’ first-ever credit downgrade — the GOP is ready to do it again.

From the Rachel Maddow Show on MSNBC last night:

RACHEL MADDOW: Look at the chart Jared Bernstein [former economic adviser to Vice Pres. Biden and now a Senior Fellow at the Center on Budget and Policy Priorities] put together today.

You know they just revised the number for economic growth for the country for the last quarter. They just revised it today. And it was a good revision. It was a revision upwards. So the third quarter, this last quarter this year, we were growing at a rate of 3.1 percent. It’s up almost two points from the quarter before.

If they don’t get their act together, this is what the Congressional Budget Office says is going to happen to the economic growth rate this quarter. Two percent. And look what happens next quarter, the first three months of next year. That’s bad. Maybe … we can endure that and we’ll come back stronger than ever. But that’s bad. That is an economic catastrophe that will hurt a lot of Americans for a long time.

And maybe you want to bear that brunt. but maybe that happening accidentally because of so much chaos on one side that they can’t tell which way’s up, which way’s down and who’s on their own side is not the way to get that. This is like being wheeled in for heart surgery and looking up and seeing that it is actually Edward Scissorhands leaning over you in a mask and scrubs ready for [the surgery] on which your life depends.

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