Frightened by joblessness, “the American people” rewarded the party that not only opposed the stimulus but also blocked the extension of unemployment benefits. Alarmed by a ballooning national debt, they rewarded the party that not only transformed budget surpluses into budget deficits but also proposes to inflate the debt by hundreds of billions with a permanent tax cut for the least needy two per cent. Frustrated by what they see as inaction, they rewarded the party that not only fought every effort to mitigate the crisis but also forced the watering down of whatever it couldn’t block.
Another part of the problem, it must be said, is public ignorance.
An illuminating Bloomberg poll, taken a week before the election, found that some two-thirds of likely voters believed that, under Obama and the Democrats, middle-class taxes have gone up, the economy has shrunk, and the billions lent to banks under the Troubled Asset Relief Program, are gone never to be recovered. One might add to that list the public’s apparent conviction that illegal immigration is skyrocketing and that the health-care law will drive the deficit higher.
Reality tells a different story.
For ninety-five per cent of us, taxes are actually lower, cut by around four hundred dollars a year for individuals and twice that for families. (The stimulus provided other tax cuts for people of modest means, including a break for college tuition.)
The economy has been growing, however feebly, for five straight quarters. Most of the TARP loans have been repaid and the rest soon will be, plus a modest profit for the Treasury. And the number of illegal immigrants fell by close to a million last year, thanks in part to more energetic border enforcement. The health-care law, the nonpartisan Congressional Budget Office says, will bring the deficit down.
By Hendrick Hertzberg
Excerpted from The NewYorker.
