When “No” is not an answer

I thought things would be different. I thought the GOP had gotten the message from the electorate that a policy based on inertia is not a policy. I thought certain GOP leaders said they realized that they cannot be a party of naysayers and instead must offer constructive proposals. So what happens when perhaps the most crucial legislation of this era is debated? The GOP retreats en masse into a voluble sign of "no". Instead of proposals we get the tired call for additional tax cuts; instead of stimulus ideas we get the "no spend" ideology. Of course, the latter position is ironic given the record spend by the Bush II administration. I think we all agree that the economy needs to be stimulated in some way. Tax cuts alone are not the answer as the failed Bush II efforts showed. War is not the answer as the Iraq occupancy has only mired us in monumental debt for very little return. So then what? Adam Smith's invisible hand? The hand seemed to be asleep as the banking system imploded. That was free market capitalism purportedly in its most pure form; no regulation; incentives for entrepreneurs to forge value and wealth. But the model did not factor in exogenous factors such as greed nor did it address intrinsic flaws in the model, i.e., how does the market value something that is impossible to value, and still is impossible to value – the mortgage derivatives. So we are left with two simple options – do nothing or government spend. We all agree that the banks cutback of lending is stagnating the economy; how then will these banks react if we do nothing and endure a spate of bankruptcies. Is further devaluation of their assets going to increase their willingness to lend? It is patently obvious that there is only one viable option – government spend. Yes, it is a monumental risk. But so is the threat of a depression. People do not want to be laid off; they do not want to wonder when their unemployment benefits will run out. They want jobs and the Obama administration is trying to provide that while at the same time addressing crucial infrastructure needs. It is not as if this money is being thrown down a drain; it will be invested in roads and fiber; it will be invested in the American working class. GOP Governors, supporters of the need for stimulus, get it. They know their states will be bankrupt if no action is taken. There is no risk to inaction, just a guarantee of more regression. Inaction is a policy devoid of ideas and hope. Yes, the Obama Administration is rolling the dice, but it provides the best set of odds for our country.