Politics

GOP Contenders: Fix U.S. Economy or Go the Way of Europe

GOP Contenders: Fix U.S. Economy or Go the Way of Europe

ROCHESTER, Mich. (The Blaze/AP) — United in agreement for once, Republican presidential rivals warned forcefully Wednesday night the United States could be doomed to the same sort of financial crisis that is afflicting Europe unless federal deficits are drastically cut and the economy somehow revived.

Though sexual harassment allegations facing Herman Cain have dominated the GOP campaign for more than a week, the debate in economically ailing Michigan focused almost entirely on financial worries and proposed solutions in the U.S.

The candidates generally stuck to practiced speech lines – with a late exception. In the middle of one answer, Texas Gov. Rick Perry found himself unable to recall the names of all three of the Cabinet-level agencies he wants to eliminate, even leaning over to Rep. Ron Paul for help at one point.

“The third agency of government I would do away with – the Education, the Commerce. And let’s see. I can’t. The third one I can’t. Oops,” he said, forgetting for a moment that he wants to abolish the Department of Energy.

On one specific issue that Congress must address soon, the candidates generally backed an extension of the Social Security payroll tax cut scheduled to expire at the end of the year. That was a rare moment of accord with President Barack Obama and many congressional Democrats, who have been warning that consumers could be hurt if the reduction is not renewed.

“I‘m not prepared to raise taxes on working Americans in the middle of a recession that’s this bad,” said former House Speaker Newt Gingrich, a sentiment quickly seconded by former Massachusetts Gov. Mitt Romney.

Perry disagreed, and Rep. Michelle Bachmann of Minnesota said she opposed the one-year reduction when it was approved late last year. She said it had so far “blown a hole of $100 billion in the Social Security trust fund.”

Asked about Europe’s financial troubles, the candidates seemed to speak with one voice in saying Italy and other European countries should rise or fall on their own without any American bailout. And several of the White House hopefuls warned that unless U.S. deficits are cut and the economy invigorated, America is headed for the same type of downward spiral.

“Europe is able to take care of their own problems. We don’t want to step in and bail out their banks and their economies,” former Massachusetts Gov. Mitt Romney said as he and GOP rivals met for the first time in three weeks in campaign debate.

Even so, he said the United States should continue contributing to organizations like the International Monetary Fund that are working to prevent a meltdown in troubled economies overseas.

Paul was more emphatic about the debt. “You have to let it liquidate. We took 40 years to build up this worldwide debt,” he added.

Cain said there wasn’t much the United States could do to directly to help Italy at present because the economy there is in such difficult shape. “We need to focus on the economy or we will fail,” he said, referring to the U.S. and calling for spending cuts, a strong dollar and measures to stimulate growth.

The Cain accusations did come up, though briefly.

“The American people deserve better than someone being tried in the court of public opinion due to unfounded accusations,” he said when the question came up early in the debate. “I value my character and my integrity more than anything else. And for every one person that comes forward with an unfair accusation there are probably, there are thousands who come forward and say none of that ever happened with Herman Cain.”

Romney, a former venture capitalist, was asked if he would keep Cain on the job as a CEO given the accusations. He responded, “Herman Cain is the person to respond to these questions. He just did.”

On another point, Cain felt it necessary to make a post-debate apology to House Democratic leader Nancy Pelosi, whom he had called “Princess Nancy” for sidetracking Republican legislation when she was speaker.

The announced topic for the evening was the economy, a subject that produced few if any early sparks among rivals who often spar energetically.

Perry, Gingrich, Bachmann and former Pennsylvania Sen. Rick Santorum joined Romney, Cain, Paul and Huntsman on stage at Oakland University in Michigan, a state where unemployment is 11.1 percent and well above the national 9 percent jobless rate.

The debate took place less than two months before Iowa’s kickoff caucuses, as the pace of campaign activity accelerates and public opinion polls suggest the race remains quite fluid. Romney and Cain currently share co-front-runner status in most surveys, with Perry and Gingrich roughly tied for third, within striking distance.

Not surprisingly, none of the contenders found much to like in Obama’s economic stewardship.

Perry said the next president should systematically judge all of the government regulations enacted since Obama took office on a standard of whether they created jobs. Any that failed should be repealed, he said.

Bachmann sharply criticized Fannie Mae and Freddie Mac. She said the latter had recently given multimillion-dollar bonuses to executives even though it was seeking a new federal bailout.

Gingrich, who last held public office more than a decade ago, bristled when asked what advice his company had given Freddie Mac for a $300,000 fee. “Advice on precisely what they didn’t do,” he shot back – stop backing mortgages to applicants who aren’t credit-worthy.

The government rescued mortgage giants Fannie Mae and Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions.

The cost to taxpayers so far has been about $169 billion, the most expensive bailout of the financial crisis.

There was only scant mention of the Michigan auto industry, which benefited in 2008 and 2009 from a federal bailout that both President George W. Bush and Obama backed.

All eight Republicans on the debate stage say they wouldn’t have offered government assistance.

Not so Obama, who stood outside a factory not far from the debate site recently and said government bailouts of General Motors and Chrysler were a success that saved thousands of American jobs.

Comments (49)

  • VA_DUDE
    Posted on November 10, 2011 at 4:05pm

    Cain held steady as usual, just wish he’d stop answering almost every question with 9-9-9. Newt scored some points in this debate and is gaining momentum. Michelle came across flat again. Perry did good until the brain fart. Santorum scares me. Huntsman is a RINO, Romney is a bigger RINO. Ron Paul know what he’s talking about and has real solutions. Go RP 2012

    Report Post »  
  • Clan-Forbes
    Posted on November 10, 2011 at 1:27pm

    I agree with KTSAYZ!!! The whole effort to ignore Ron Paul count him out as unelectable is the sheep following sheep again!!!! The 2 party system doesn’t work, and Paul is the closest to a third….

    Report Post »  
    • lukerw
      Posted on November 10, 2011 at 2:29pm

      The Traditional Institutions do work… but the people that get elected Do NOT! There is nothing Wrong with our Economic System… the problem is: The Government is too Large, requires too much Revenue, and is too involved in the Economic System!

      Report Post » lukerw  
    • bruce_baker
      Posted on November 11, 2011 at 4:34pm

      Right! I voted for McCain in 2008. That‘s the last time I’ll ever vote for a RINO. If McCain had won, we‘d be halfway as far down the slope we’ve gone, and there would not be a TEA Party or millions of Americans woken up to the fact that socialism is evil.

      Unfortunately, that still leaves millions and millions that are still in the post-hypnotic stupor induced by the Public Education Monopoly. I’m afraid it will take 4 more years of applied socialism and the complete financial meltdown of America to finally wake THEM up. I just hope the American people have the character to recover afterwards.

      In spite of the MSM’s campaign to bury him, Ron Paul’s message is getting out. That’s better than 2008, when I never even heard of him. Since he’s the only one who stands for Constitutional government, he’s getting MY vote, if I have to write it in. When you’re opposing evil, compromise is not a solution, as we found out in WW II.
      Nazi = National Socialist.
      Democrat (in 2011) = Democratic Socialist = Communist.

      Report Post » bruce_baker  
  • Delta_River_Folk
    Posted on November 10, 2011 at 8:10am

    POLL:
    It frustrates me to listen to politicians that have no regard for the Constitution. Most are content with our current tax system run by the Federal Government and just try to twick it.

    Am I the only one who believes that to get America back on track then we must:

    (1) Restore States’ Power by REPELLING the AMENDMENTS passed in the 1910’s that allowed the Fed Gov to tax citizens directly and stopped the States from appointing Senators,

    (2) CREATE A NEW TAX SYSTEM where States collect 100% of taxes and then forwards a percentage of that money to the Fed Gov. Percentage is based on State’s population,

    (3) REDUCE THE FED GOV’S SPENDING to include only military defense, foreign relations, and responsibilities initially outlined in the Constitution then individual States would take over all other spending.

    Report Post »  
  • grannygrottbags
    Posted on November 10, 2011 at 6:52am

    Well, Glenn was right…do you want the bad news or…the bad news?, to me, once the words have been spoken and, loud and clear, its a done fact.
    European debt crisis spiralling out of controlReports that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup ( Wednesday 9 November 2011 21.16 GMT ) Reports emerging from Brussels said that Germany and France had begun preliminary talks on a break-up of the eurozone, amid fears that Italy would be too big to rescue……

    Report Post »  
    • grannygrottbags
      Posted on November 10, 2011 at 7:01am

      ….if you think we don’t know what it all means, take a look at some of the ‘comments’ section…some of them are colourfull.

      Report Post »  
  • marybethelizabeth
    Posted on November 10, 2011 at 4:17am

    An austerity plan for the United states has already been enacted. There is a bipartisan Congressional Joint Committee on Deficit Reduction currently considering whether or not to increase it’s severity.
    It’s already here.

    Report Post » marybethelizabeth  
  • KTsayz
    Posted on November 10, 2011 at 1:38am

    Ron Paul was excellent tonight. I love how all the other candidates were watching him, getting shcooled in the process.
    Poor Perry couldn’t remeber his three cuts while Paul has 5 cuts. Love how Perry seems to be copying Pauls’ economic plan; just shows how great it is!
    Newt is such a shyster. Like Obowmao, he knows how to talk the talk, and just like Obowmao, Newt is as progressive as they come.
    Read the TeaParty org’s vetting of Newt and you will be sure to stay clear of him.

    http://teapartyorg.ning.com/profiles/blog/show?id=4301673%3ABlogPost%3A29891&commentId=4301673%3AComment%3A498073&xg_source=activity

    Report Post »  
    • dnewton
      Posted on November 10, 2011 at 6:23pm

      I think Ron Paul would precipitate a war in the Middle East by failing to support Israel. Obama is failing to support Israel and it looks like Ron Paul would make it even worse. Israel has nuclear weapons. If attacked and unable to count on foreign support, Israel would have to light on off. Other than that Ron Paul is the only one who has a perfect view of the problem with the Fed and the problem with government interference in price fixing. A major fraction of the money created by the government is counterfeit as is the counterfeit demand that the government creates for solar projects trains, wind mills, ethanol and education.

      Report Post »  
  • Daddymac10
    Posted on November 10, 2011 at 1:21am

    Ron Paul looks really old and frail, Romney looked like a flip-flopping empty suit, Perry disqualified himself with the gaff, Cain’s ideas are shallow …he can’t answer a question without mentioning 999, Bachmann and Gingrich looked the most presidential..

    Report Post » Daddymac10  
    • pamela kay
      Posted on November 10, 2011 at 1:39am

      I pretty much agree but at least they looked united as a party, FINALLY! It is still a little early to tell who I will support. It has to be someone that has the ability to beat either Obama or Hillary in 2012. Surely they can pull their ideas together and come up with a plan that will appeal to Americans. How they handle themselves from here on out will show the power or lack of of the Republican party. They can not come off as weak or uncertain. this country is in trouble and we need strong leadership. Our opponets are organized and polished. People are easily brainwashed with their tactics, we have to get in the game and come up with some fresh techniques that will stand up against the progressive machine. We have to gain respect and trust and prove to the people that our party wants to save this country from socialism and remain “The Land of the Free”

      Report Post » pamela kay  
    • colt1860
      Posted on November 10, 2011 at 6:21am

      Thomas Jefferson once said, ‘We should never judge a president by his age, only by his works.’ And ever since he told me that, I stopped worrying. – Ronald Reagan

      Bachmann can’t answer a question without interjecting her personal life into the matter. Newt, well he has his own double standards. And, how can you trust a guy that shook hands with the devil? Politically wise.

      Report Post »  
    • jujubeebee
      Posted on November 10, 2011 at 6:48am

      Newt is who I want but will vote for any of them over Obama. I was never keen on Romney but he the needle moved for me last night a tiny bit his way. Bachmann did well. I threw Perry out with the instate tuition issue and felt he was not sharp enough. He proved me right for sure! I love listening to Ron Paul on the economics but he is not the complete package for me and I don’t think he can win. I never actually counted Huntsman as a contender. Santorum cannot get the nomination and looks like he is trying to hard when he talks about himself. I loved it when Cain said “princess Nancy” and love his personality. I think he is being railroaded with the charges but I am not sold on his solutions. I like Newt and don’t care what stuff people bring up on here about him.
      The three who did the best at last night’s debate were Newt, Bachmann and Romney in my view. Every one is better than Obama and we need someone who can debate Obama, win over the independents and for me it is either Newt or Romney. I love the Tea Party but we still have Harry Reid and they are responsible for it!

      Report Post »  
    • ofarrell
      Posted on November 10, 2011 at 3:36pm

      Old means “wise”…. so I agree with you. It would be refreshing to have someone “wise” in the White House :)

      Report Post »  
    • bruce_baker
      Posted on November 11, 2011 at 4:42pm

      Like Ron Paul, George Washington wasn’t pretty. Like Ron Paul, George Washington always told the truth.

      Character and values are much more important to me than looks.

      Report Post » bruce_baker  
  • jmiller_42
    Posted on November 10, 2011 at 1:12am

    Ron Paul is the only one with a plan that is built around cutting spending. It would still be tough to find enough to cut, but his plan would balance the budget by the third year. Name a candidate that has even a quarter of the cuts that this true conservative calls for? Name one other candidate that wants to get rid of ALL forms of income tax? Name one other that has put out a plan that would balance the budget within the 4 years of their presidency? There is only one, and he is Ron Paul. All others are just posers. DO YOUR RESEARCH PEOPLE!! Google, youtube, twitter, even the candidates own sites are a good place to start.

    Report Post » jmiller_42  
    • KTsayz
      Posted on November 10, 2011 at 1:44am

      Totally agree! Ron Paul understands economics better than any of them.

      Report Post »  
    • ofarrell
      Posted on November 10, 2011 at 4:56am

      Agreed, we don‘t need a business man as the govt doesn’t create jobs… we need an economics man to build the environment for a free market with it’s bi-product resulting in jobs. I can’t believe the Tea Party has let conservatives down by not distinguishing between the two.

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    • Will4Freedom
      Posted on November 10, 2011 at 7:42am

      I agree. President Paul with a ‘true’ conservative Congress/Senate would be fantastic for the country. There will be some rumblings from the “leaches”, but our country will begin the healing process.

      Report Post »  
  • Founding Father2
    Posted on November 10, 2011 at 12:38am

    Here is the whole debate if you missed it: http://www.thedailycandidate.com/video/2011/nov/gop_debate_full.html

    Report Post »  
  • Ghandi was a Republican
    Posted on November 10, 2011 at 12:38am

    We would not be in this mess if obama did not liquidate TARP turning it into a bailout. He forced it on the banks and there is no fund – the whole purpose of TARP in the first place. It was never needed for anything other than a stabilizing credit fund. The banks didn’t need it, didn’t want it, but were forced to take it (to be later demonized for it). The purpose was to calm fears about credit lines and margins, simply by being there.
    Obama’s economy is the reason Europe is imploding in an ongoing recession.. Just as soros planned..

    Report Post » Ghandi was a Republican  
    • dnewton
      Posted on November 10, 2011 at 6:42pm

      Banks are too big, but once they get too big, they are too big to fail and the government feels obligated to bail them out. The original excuse for this was that the banks were like a utility system that was fundamental to the survival of all other businesses. I was shocked to hear Republicans suggest that the solution to this problem was more regulation, inferring regulation of the size of a bank, after spending an evening castigating the government for too much regulation. We have been treating this situation like when a bank goes bust, all of the assets are lost. Those mismanaged assets are simply reallocated to other financial institutions. Even the employees will eventually be reallocated to other institutions too. Breaking up the banks will probably be like breaking up Ma Bell into smaller phone companies. Over time they emerge as large entities again because of the economies of scale that can be gained.

      Report Post »  
  • Cosmos102
    Posted on November 10, 2011 at 12:35am

    Step One: Fire Obama.

    Report Post » Cosmos102  
  • chicago76
    Posted on November 10, 2011 at 12:15am

    I do not believe any but Paul about the bailouts.

    Report Post »  
    • restorehope
      Posted on November 10, 2011 at 12:20am

      What’s done is done. Sure it’s fine to punish the ones that were involved, but it’s more important to make sure it never happens again. Burnt once, twice shy.

      Report Post »  
    • Ghandi was a Republican
      Posted on November 10, 2011 at 12:51am

      There is no one on that stage that would have done what obama did. What obama was unimaginable – IF YOU REMEMBER! Nobody else would have liquidated the tarp FUND, rendering it worthless!
      Nobody up there would have bailed out the Unions and forced bankruptcy on GM – stealing retirement accounts and shareholders assets in the process. OBAMA DID THESE ! Ir was unimaginable what he did. He created this crisis that was a speedbump compared to 9/11. With TARP intact later returned – and without Obama’s $6 TRILLION borrow and spend – and his destabilizing Foreign policy debacles (Iran, NK, and the rise of the muslim brotherhood, and giving away out missile shield to Russia for nothing) we would be talking about what to do with the surpluses!

      Report Post » Ghandi was a Republican  
  • chicago76
    Posted on November 10, 2011 at 12:10am

    There is no hope in politicians. There is only hope in God, family, and neighbors. Look to each other not politicians. Realistically there is not much they can do about what is coming.

    Report Post »  
    • restorehope
      Posted on November 10, 2011 at 12:16am

      Agree with you, but there is something a politician can do. He can step out of the way and let a determined patriot fix the problem.

      Report Post »  
    • ZAP
      Posted on November 10, 2011 at 1:11am

      It will be a greaT DAY to see actual justice

      Report Post » ZAP  
    • Sandra
      Posted on November 10, 2011 at 7:22am

      In my best (Chant Voice), AAAMEN, AAAMEN, AAMEN AMEN AMEN.

      Report Post » Sandra  
  • chicago76
    Posted on November 10, 2011 at 12:08am

    Ideas are fine but the courage and toughness, both mentally and physically, to turn those ideas into reality is something else. I tend to think of politicians as the person who hears the word and likes it but goes back to his way of life afterwards and forgets about it.

    Report Post »  
  • Tretka
    Posted on November 10, 2011 at 12:05am

    Wow, I am glad I wandered to this story. Thank goodness these words came out on national TV. When I started saying this in the 90′s people would stare at me. A lot of us follow certain information streams closely-but just about everyone I know-including conservatives, have no idea what is truly going on. They tend to be short sighted in what they think is happening to us. While I am doing the best I can to prepare our life at my house, I still feel sort of like I am in the middle of an ostrich farm daily.

    EVERYTHING that has been going on and everything that is happening now is to destroy our Republic. Period. Know it and stand up for true liberty.

    Report Post » Tretka  
  • dontbotherme
    Posted on November 9, 2011 at 11:55pm

    Tonight‘s debate has shown that it’s time for a few of the contenders to drop out. I think Gingrich handled himself quite well. I love the fact that the moderator was booed for asking Cain the inappropriate questions about the recent allegations against him. He handled it in an honorable & forthright manner. Romney refused to be dragged into the ugliness by the female moderator. They were both stately gentlemen pertaining to this. Each of the candidates did well (except for Perry & Huntsman) & knew what they were talking about & where they stand on the issues. I enjoyed watching this debate. The choices (in my mind) are narrowing down to the best candidates.

    Report Post »  
  • Vegas Ed
    Posted on November 9, 2011 at 11:48pm

    This debate was on the economy. Only credible candidates are Romney and Cain, but Cain is getting pounded, and Perry just looked plain horrible.

    Report Post »  
    • CatB
      Posted on November 9, 2011 at 11:54pm

      More reason than ever to support Cain .. he scares both the GOP establishment and the Dems!

      Don’t let the B* stards win!

      http://www.cbsatlanta.com/story/16002149/investigator-herman-cain-innocent-of-sexual-advances?utm_source=dlvr.it&utm_medium=twitter#.TrsW-U60PnY.facebook

      Not to mention that Axelrods fingerprints are all over these accusations .. check out Human Events and read Ann Coulters column — she lays it all out!

      TEA!

      Cain 2012

      Report Post »  
    • PoliticiansRCrooks
      Posted on November 10, 2011 at 12:29am

      Are you kidding me? Romney & Cain? We need to start thinking who can defeat Obama and it’s def not Romney. Thats like Tyson Vs a child in a debate

      Report Post » PoliticiansRCrooks  
    • PoliticiansRCrooks
      Posted on November 10, 2011 at 12:30am

      How can you say Tea! at the end of your discussion when you want Cain. I thought Tea Party was against being taxed? Well news flash.. Cain will tax you

      Report Post » PoliticiansRCrooks  
    • KTsayz
      Posted on November 10, 2011 at 1:25am

      Cain has no viable economic plan. He just keeps repeating those numbers – which he, thankfully, wasn’t allowed to say.
      I love how they‘re all starting to steal Ron Paul’s economic plan. Even stinky Newt. Why is it that when Ron Paul was calling for and audit of the Fed while Newt was speaker, Newt ignored him? Now all of a sudden, Newt is for it. Newt is a shifty CFR character who got NAFTA passed and would push the next NAFTA stage, the North American Union. Don’t trust Newt – EVER!

      Report Post »  
    • mastice
      Posted on November 10, 2011 at 2:31am

      @PoliticiansRCrooks

      Last I checked, the TEA party isn’t against taxes… they are against excessive taxes, regulations and government interference in our daily lives. No adult, and rational thinking person believes we can live in a completely ‘tax free’ society. If you want roads, bridges, national defense and basic public safety you need to collect some form of tax.

      I think you misunderstood what the TEA party is all about friend. :o)

      Report Post » mastice  
    • colt1860
      Posted on November 10, 2011 at 6:26am

      @mastice I’m pretty sure the TAXED ENOUGH ALREADY Party was for lower taxes, no new taxes, not raising taxes, cutting spending, and not raising the debt ceiling. Cain’s plan has no chance to survive the onslaught from International Bankers and Global elites. These Marxists hate our Constitution, not our taxes. Only a strict adherence to the federal Constitution can help us survive this impending world wide economic crisis.

      Report Post »  
  • restorehope
    Posted on November 9, 2011 at 11:41pm

    It is just plain common sense that America should avoid following European countries off the cliff. Sadly, common sense does not seem to be a trait found in the current administration. They are enamored with internationalism and global governance. I ask you, who in their right minds would like to be like Europe who is being flushed down the loo by their socialist policies.

    Report Post »  
  • Dougral Supports Israel
    Posted on November 9, 2011 at 11:30pm

    If you look at the math we are in big trouble. We are spending about $1.70 for every buck raised in taxes. Nobody wants to cut spending and raising that much revenue is impossible. I fail to see how we can go for 5 more years at this rate without a major “adjustment”.

    Report Post »  
    • Ookspay
      Posted on November 9, 2011 at 11:43pm

      Yes Dougral big trouble ingoddamndeedee. I say we default on all of our debts except private bond holders. Tell the fed, china and all the rest of them to take a flying leap at a rolling donut, remind them of our big weapons! That will mean no more lending thus no more borrowing, Fockem!

      Report Post » Ookspay  
    • restorehope
      Posted on November 9, 2011 at 11:50pm

      I agree. The situation reminds me of the ‘push-me pull-me’ animal in Dr. Doolittle. Whatever action is taken, whether it is to cut spending or raise taxes, just works against itself….and no noticable progress will ever be made. The only solution is smaller government that is not such a huge financial drain on the budget. How can we continue to blame and spank the banks when the US government has been just as irresponsible?

      Report Post »  
    • colt1860
      Posted on November 9, 2011 at 11:50pm

      CUT SPENDING! We can change the tax code all we want, but if we have hyper inflation and a worthless dollar, then it wont matter an iota how much we tax payers owe to the Government, because they will own us!

      The rich rules over the poor, and the borrower is servant to the lender. Proverbs 22:7

      SLAVES DON’T OWN PROPERTY!

      Report Post »  

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