David Brooks, Rx for the Republicans
Today in an op-ed piece in the Times David Brooks’ prescribes a course of action for the Republicans. The good news is that David’s prescription offers the no longer grand old party a life preserver. The bad news is that, in David’s view, the Republicans probably won’t take it.
What David says is sensible, reasonable, in fact, Obama-like. The President’s own inclination, if he weren’t so closely allied with lesser lights such as Nancy Pelosi, Harry Reid, and all the entrenched leaders of the rapidly growing non-productive areas of our national economy, might be to listen to David and follow the gist of his prescriptions.
In fact, with just a few stylistic and even fewer substantive alterations his prescription might have been no less appropriate for the Democrats. Anyway, here in summary form is what David says:
First, that the Republicans begin to take the current economic crisis seriously. For now they don’t, and instead spend their tax supported time taking pot shots at what Obama and the Democratic Congress are proposing.
There is no doubt that the present crisis is serious and demands, not pot shots, but well directed responses. According to Lawrence Lindsey stock market declines have destroyed, or are destroying $23 trillion in wealth. Auto production and auto sales are down by two-thirds since 2005. Investment in developing countries has dropped from $929 billion in 2007 to $165 billion this year, probably in part accounting for the 20 million Chinese migrant laborers who have recently lost their jobs.
Second, make no new spending commitments such as those that Obama is proposing for education, health care, and energy, at least until the present situation is under control, if not understood. Concentrate on the management of the crisis.
Present to the public a realistic appraisal of the health of capitalism. Make it clear, in spite of the apparent market weaknesses that we are now witnessing, that global capitalism is an innovative and progressive force, still necessary to pull the world and all its peoples forward.
Get out in front of the crisis, in particular come up with ideas to support the wealth-creating parts of the economy, rather than merely propping up the fading parts (read General Motors). Come up with a banking plan (David says, don’t let City Group fail) rather than just whining about what the Democrats are offering.
Finally, make it clear that that the present emergency has to be followed by an era of balance, deficit spending brought down, public debt, which could be 80 percent of G.D.P. by the time the present crisis is over, reduced.
