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Conservative economic policies have failed

Graph from the Center on Budget and Policy Priorities

Dante Atkins at Daily Kos captures in a nutshell the essence of current Republican ideology, and demonstrates why it is an obvious failure:

Low tax rates. Profits for so-called “job creators.” Spending cuts. The three things that conservatives say are most necessary for achieving a healthy economy are all occurring at historic levels. If conservatives were right, there could be no way that the economic situation could be this bad on either side of the pond. But it is, and that leads to one inescapable logical conclusion: conservative economic policies are not good for job creation or the overall economy.

Yesterday I listened to a conservative on a radio talk show argue that we haven’t cut taxes deeply enough.

The Ryan plan and GOP policies overall put America more in debt and help balloon the deficit.

The evidence clearly shows that conservative policies have led to lost jobs, stagnant wages, a crappy economy and a lower standard of living.

I think there is a significant movement within conservative circles to create a plantation economy that benefits the wealthy.

No reading of tea leaves is necessary to reach this conclusion — it’s the logical end game of the central policies being pushed by the right.

-Chris

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June 14, 2011 - Posted by | Economics, Politics, Republicans

6 Comments »

  1. Good to have you back posting!

    And watching that debate last night – I started this new thing. If you replace “America” and “Americans” with “the top 1%”, everything suddenly makes sense.

    Tax cuts is good for.. the top 1%, spending cuts is good for.. the top 1%, cuts in education is good for … the top 1%, less military spending is bad for … the top1% and so on..

    Which – is what the GOP always (since Eisenhower) meant by “America” anyways.

    Comment by talkandpolitics | June 14, 2011 | Reply

    • Thanks! I am going to try to post when possible.

      Comment by wcward57 | June 14, 2011 | Reply

  2. Imagine, if you will, a 700lbs man who goes to the doctor feeling ill. His doctor tells him that losing weight, eating right, and exercising will make him feel better. This man leaves, then returns six months later. He has switched to diet coke, he walks 20 minutes a week, and he has lost 40lbs. Then, he asks the doctor why he still feels like crap. The answer should be obvious–he hasn’t done enough.

    The corporate tax rate in the U.S. is the second highest in the world. Unless the tax cuts proposed change this competitive positioning, they will be for nought. The U.S. (or any country) that wants to keep private enterprise from going overseas has to foster an environment that is not only friendly to business, but MORE friendly than the other places that business could go.

    You also said in your post that spending cuts are occurring at historic levels? Really? Both the deficit and the debt in the U.S. have increased more under Obama than under all previous Presidents combined. How can you make such a case?

    You may not agree with conservative economics, but at least represent them truthfully.

    Comment by John Gault | June 14, 2011 | Reply

    • Mr. Gault, you pretty much prove my point. There is a race to turn us into China or India. A small wealthy overclass with a huge population living in abject poverty.

      On your first point – that the US hasn’t done enough in terms of cutting taxes.
      1) Taxes are lower now than when Reagan was presdent. In fact, on average, taxes are lower than they have been for 60 years.
      2) When taxes were higher in the 1990s under Bill Clinton, unemployment was lower, the deficit was shrinking (we had a huge surplus).
      Given the above, what evidence do you have that cutting taxes on the very wealthy has EVER produced a growing economy?

      Your second point on the corporate tax rate.
      1) I quote blogger firedoglake: The best way to judge the efficiency of the corporate tax code is to look at results, and in the US, corporate tax topped out at 1.3% of GDP last year. Most industrialized countries collect DOUBLE that, around 2.5% of GDP. The corporate tax rate is a useless parameter in the face of these numbers.
      2) 55% of corporations paid ZERO in taxes.
      3) Corporations are earning RECORD profits.
      If, given the above they want to take jobs overseas, they should be considered foreign companies, and expect the same tarrifs as other foreigners. The should also be surcharged for using our taxpayer funded infrastructure.

      Point three. You state that under Obama the deficit and debt has increased more than all previous presidents combined.
      1) Poppycock. Over 2/3 of the DEBT was amassed by Reagan and both Bushes (which amounts to more than all other presidents combined, including Obama).
      2) Deficits. Please look at the chart on this page. Pay attention to the years at the bottom.
      3) Spending cuts. I quote Adkins on this. Obama has called for $4 TRILLION in spending cuts over the next 12 years. Please show the larger spending cuts from previous administrations that put the lie to this.
      4) You intimate that I do not truthfully represent conservative economics. Be very specific. What did I get wrong?

      Corporations PAY less in taxes as a percentage than I do. That is a fact.

      Comment by wcward57 | June 14, 2011 | Reply

    • BTW, the idea that Obama has amassed more debt than all previous presidents combined has been promulgated by – SURPRISE! Sarah Palin and Fox News.

      Politifact says: FALSE

      http://www.politifact.com/truth-o-meter/statements/2011/jun/01/sarah-palin/sarah-palin-says-obama-has-accumulated-more-debt-p/

      Comment by wcward57 | June 22, 2011 | Reply

      • Funny – I took her to mean more than Reagan and Bush – since all the debt are from them. When Reagan started there was almost none – and jolly times.

        But the dark ages are amassing, with superstition and rejection of knowledge.

        And things are too quiet these days. Some new financial crises are bound to break out. Maybe in September/October as they use to, maybe sooner.

        Comment by talkandpolitics | June 22, 2011


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