As President Obama helps the world avoid a catastrophic collapse of the global economy, the Guardian reports that R. Glenn Hubbard — a senior adviser to the Romney campaign — did his best to sabotage the fragile progress being made by the President and European leaders. Mr. Hubbard offered a German-language diatribe in Germany’s leading business newspaper. From the Guardian piece:
In an op-ed in Handelsblatt, Germany’s leading business newspaper, R Glenn Hubbard, the dean of the Columbia Business School, said Obama’s strategy was “unwise” and revealed “ignorance of the causes of the crisis and of a growth trend in the future.”
It received a rebuke from White House officials who said airing the criticism in an overseas media outlet broke with political convention and undermined American foreign policy.
In the piece, Hubbard said it was a mistake for the US to encourage Germany to “stand up financially weak governments and banks in the eurozone”.
“Unfortunately, the advice of the US government regarding solutions to the crisis is misleading. For Europe and especially for Germany,” Hubbard wrote, according to a New York Times translation of the article from the Handelsblatt.
The photo, showing Mr. Hubbard in a meeting with the advisory board of George W. Bush, succinctly captures all I need to know about Mr. Hubbard — he, and the Romney campaign, now seek to impose their failed dogma on the world, relying on the same economic advisers that nearly destroyed the US economy in 2008.
The European nations know that the “austerity” measures advocated by this delusional dogma will destroy the world’s economy, just as similar measures destroyed the US economy of 1937 and the Japanese economy of the 1990s. The banking systems of Greece and Spain teeter on the edge of collapse.
None of this matters to the Romney campaign — they are so desperate to destroy the presidency of Barack Obama that they now attempt to throw the entire global economy under the bus rather than risk the political challenge presented by successful resolution of the European crisis. Just as in climate change, the GOP approach to the current economic crisis is to dive into delusions.
“Austerity” is not going rescue the EU, just as “austerity” is not going to help the US economy. To the contrary, anybody who understands history will understand that government support of the economy — in Europe and the US — is the key to restoring the sustainable prosperity we all seek.
The economic policies advocated by Mitt Romney would have destroyed GM. The economic policy implemented by Barack Obama saved it. The economic policies advocated by Mitt Romney will destroy the European banking systems and the EU. The economic policy encouraged by Barack Obama will save it. This is the bitter pill that Mitt Romney and his campaign cannot swallow.
This brazenly delusional and flagrantly political attack on President Obama — in a foreign language and in a leading foreign newspaper — in the midst of a delicate, fragile, and enormously important diplomatic crisis is despicable. Mr. Romney and all Americans should be ashamed and appalled.