Republican 'crazies' threat to US economy

2012-09-21 09:03
Tea Party supporter Sandra Stuart prays before the start of the Tea Party Unity Rally at The River at Tampa Bay Church ahead of the Republican National Convention, in Tampa, Florida. (AFP, File)

Tea Party supporter Sandra Stuart prays before the start of the Tea Party Unity Rally at The River at Tampa Bay Church ahead of the Republican National Convention, in Tampa, Florida. (AFP, File)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

  • The Amateur
    A gripping read that reveals never before published details about the Obama administration's... Now R321.00
    buy now

Sydney - Australian Treasurer Wayne Swan on Friday attacked Tea Party supporters in the US Republican Party, saying "cranks and crazies" were a threat to the world's largest economy.

The Labour politician, who is also Australia's deputy prime minister, said markets were nervously watching hardline elements in Mitt Romney's Republican Party for signs they might block reasonable attempts to support growth.

"Let's be blunt and acknowledge that the biggest threat to the world's biggest economy are the cranks and crazies that have taken over a part of the Republican Party," he told a business breakfast in Sydney.

Swan noted the ideological deadlock between Republicans and Democrats in Washington a year ago, which led ratings firm Standard & Poor's to strip the United States of its top-level AAA rating after 70 years.

"Despite [President Barack] Obama's goodwill and strong efforts, the national interest there was held hostage by the rise of the extreme Tea Party wing of the Republican Party," he said.

"And there can be few things more alarming in public policy than a political movement which was genuinely prepared to see the government of the United States default on its obligations in order to score a political point."

Chinese economy 'like Bolt'

Swan said investors were keenly watching the tight electoral contest between Obama and Republican contender Romney given the "fiscal cliff" looming early in 2013, which he said was threatening to derail a moderate US recovery.

"With the world watching, it is imperative that the US Congress resolve an agreement to support growth in the short term," he said.

In his speech about the outlook for global growth, Swan also likened the Chinese economy to sprint star Usain Bolt, saying it was so far ahead it could afford to ease off.

Swan said that while China's economy had moderated, this partly reflected a deliberate move towards more sustainable growth, together with the impact of ongoing weakness in Europe on Chinese exports.

He said that China's GDP was now 40% larger than in 2008 so its growth rate could be 20% lower – 8% now versus 10% back then - for it to make the same contribution to global growth.

"It's like Usain Bolt easing off a bit at the end of the 100m because he's 10m in front and has already smashed the world record," he said.

Read more on:    barack obama  |  us  |  australia  |  us elections 2012
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 

Shilowa supports Vote No campaign

Former Gauteng premier Mbhazima Shilowa has come out in support of the Vote No! Campaign launched recently by former intelligence minister Ronnie Kasrils and former deputy health minister Nozizwe Madlala-Routledge, says a report.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters
 
Traffic
Lottery
 
  • Thursday Sir Lowry's Pass - 05:35 AM
    Road name: Old Sir Lowrys Pass Road
    TRAFFIC LIGHTS not working at Bezweni Road
  • Thursday Cape Town - 05:35 AM
    Road name: Buitengracht Street
    TRAFFIC LIGHTS not working at Waterkant Street
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

BlackBerry Curve 9360

The BlackBerry Curve 9360 smartphone comes preloaded with Blackberry OS7...

From R1595.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be good at organising events but they do take their toll on your energy levels. You may need some time out today just to...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.