Biggest Threat to World's Biggest Economy? Republican "Cranks and Crazies"

It took an Australian to state the obvious but Aussie treasurer and deputy prime minister, Wayne Swan, sees Republicans as the greatest threat to America's economy.

"Let's be blunt and acknowledge the biggest threat to the world's biggest economy are the cranks and crazies that have taken over the Republican party."

"Despite President Obama's goodwill and strong efforts, the national interest was held hostage by the rise of the extreme Tea Party wing of the Republican party," he said.

Nobel laureate economist, Paul Krugman, added his own observations about Republicans today, noting that the remarks that landed Mitt Romney in such controversy were mainstream Republican sentiments.

...the fact is that the modern Republican Party just doesn’t have much respect for people who work for other people, no matter how faithfully and well they do their jobs. All the party’s affection is reserved for “job creators,” a k a employers and investors. Leading figures in the party find it hard even to pretend to have any regard for ordinary working families — who, it goes without saying, make up the vast majority of Americans.

Am I exaggerating? Consider the Twitter message sent out by Eric Cantor, the Republican House majority leader, on Labor Day — a holiday that specifically celebrates America’s workers. Here’s what it said, in its entirety: “Today, we celebrate those who have taken a risk, worked hard, built a business and earned their own success.” Yes, on a day set aside to honor workers, all Mr. Cantor could bring himself to do was praise their bosses.

Lest you think that this was just a personal slip, consider Mr. Romney’s acceptance speech at the Republican National Convention. What did he have to say about American workers? Actually, nothing: the words “worker” or “workers” never passed his lips. This was in strong contrast to President Obama’s convention speech a week later, which put a lot of emphasis on workers — especially, of course, but not only, workers who benefited from the auto bailout.

Needless to say, the G.O.P.’s disdain for workers goes deeper than rhetoric. It’s deeply embedded in the party’s policy priorities. Mr. Romney’s remarks spoke to a widespread belief on the right that taxes on working Americans are, if anything, too low. Indeed, The Wall Street Journal famously described low-income workers whose wages fall below the income-tax threshold as “lucky duckies.” .