Republican leaders in Congress (and presidential candidates) say business growth will lead our country to economic recovery if government would just get out of the way. Take a look at a few recent Columbian headlines: “Former CEO guilty on all 14 counts in $3B fraud case” and “Proposal asks mortgage lenders to verify income.” These headlines follow a report that Washington Mutual rewarded employees for granting home loans to people who weren’t financially qualified, escalating interest rates for qualified buyers and avoiding losses by selling the worst loans to other investors.
It’s popular to blame unemployment checks, government salaries, Social Security, Medicare and Medicaid spending as the source of our bleak economy. But the Great Recession is the result of deceptive and often illegal lending practices and the rippling effect of the havoc washing over other industries. The rich are spared by the Republicans’ insistence on never-ending tax breaks for the wealthy and deregulation for businesses.
If tax breaks and deregulation are key to financial stability, ask your Republican politicians how the economy could have collapsed in 2008. Listen closely if it’s because your employer spent too much on your wages, insurance or retirement or for a safe workplace.
Jamie Hurly
Vancouver
