Last night’s debate was memorable for Rick Perry’s gaffe (see sidebar), but it also said a lot about how woefully unprepared the Republican candidates are to deal with the economy. The first question of the night showed this: The candidates were asked how they would protect the U.S. economy from the crisis in Europe. Not only did they not have a plan, but they were unwilling to admit that in today’s global economy, the collapse of the world’s seventh largest economy, Italy’s, could trigger another global banking crisis. Their second remarkable oversight was the housing crisis. None of the candidates had a solution to the housing crisis except to rail against Fannie Mae and Freddie Mac. Romney opposed aid to homeowners trying to keep their homes and flat out denied that falling home prices, foreclosures, and underwater homeowners had anything to do with the overall economy, an unbelievable stance when most economists think that the underperforming housing sector is directly related to several aspects of our stagnant economy, from lost construction jobs to low consumer demand. It’s a painful reminder that no one in the GOP field takes seriously the economic pain of most Americans.
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