The Senate just cut off extension of jobless benefits (with the help of Senators Nelson, Lieberman, Snowe, and Collins), because the American people are supposedly very, very worried about deficit spending—- so say the Tea Party-Republicans, The Wall Street Journal, talking heads from Capitol Hill to the Beltway. This is the latest Conventional Wisdom, in other words, which means in reality no more than what the Republican High Command has decreed is to be A Big Issue for the November elections.
Well, the Conventional Wisdom is wrong.
A new poll by Gallup dated 17 June says that “Americans are most supportive of authorizing more economic stimulus spending.” The poll found that 60 percent of Americans say they favor “additional government spending to create jobs and stimulate the economy.”
Apparently the cacophony generated by the Petersen Foundation and the Republican minions of Wall Street/banksters about reducing the deficit is so far not resonating with the average voter, who appears to be more concerned with his own well being and ability to survive than with any possible future problems with the federal debt.
That says it all when it comes to deciding who benefits from imposing sudden, ruthless austerity in a time of economic troubles: the big rich investors; and who bears the pain: the average, middle class family. If we cut off federal stimulus now, to satisfy Big Money banks, we will kill the fragile recovery. Just what the Republicans ordered.