OECD cuts US growth rate, warns of possible recession

GOP economics are coming together to build the perfect storm. Not so surprisingly the easy credit system that the financial market wanted and the GOP delivered has turned out to be a major problem and is dragging down the economy. Add to that the brilliant GOP plan to cut taxes during a war plus the black hole of spending in Iraq (including heavy payouts to GOP-friendly businesses) and you have just about all you need for a soft economy. While Greenspan never saw this coming, plenty of others did but were swept aside because everyone had houses and money was falling from the sky.

The OECD is suggesting bank rate cuts though any action today is likely much too late. We needed leadership a few years ago when common sense should have prevailed over the hysteria of a growing real estate market, but since when have we seen common sense from either Greenspan or the GOP Congress who helped build this financial mess? If the economy does go into recession, wait until we hear the excuses and the blame game from the GOP who will refuse, again, to accept any responsibility for their failed economic policies.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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