And the fact is that Democrats are better for the economy than Republicans.
Is That About to Change?
President-elect Donald J. Trump’s proposals on tariffs, immigration, taxes and deregulation may have far-reaching and contradictory effects, adding uncertainty to forecasts."
Trump added trillions to the deficit the last time he was POTUS. What will he do this time? If he follows previous GOP patterns, he'll ruin President Biden's "envy of the world" economy.
1 comment:
Let's not forget that the US mostly hewed to a balanced budget in our pre Reagan days. But once Reagan became president, suddenly "deficits did not matter".
And the spigot was on.
That balanced budget Clinton got, and the associated deficit reduction, was only made possible by GOP deficit hawks making sure the Dems did not add spending and the Dems adding, with Bush the Elder raising taxes.
Those tax increases cost Bush a second term as the GOP abandoned him, mostly on that issue. Then as Clinton raised them more in his first budget, the GOP flatly stated that the Clinton budget would wreck the economy and voted against it en masse, 100%.
It was the start of parties voting as a block against the other party's budgets, bills and initiatives.
We now know of course that the GOP was 100% wrong and as evidence, our economy soared.
BTW... the record shows that the Reagan OMB Director, David Stockman knew the whole idea of "Supply side economics" upon which this idea that tax cuts stimulate the economy and pay for themselves, was bulls*#t. In fact he said so at the time and again years later in a sort of political confession.
But reality was of no use to the GOP both then, and now. Their plan has always been to produce large deficits, then claim a financial emergency, that they caused, so they can cut spending to end that emergency. And in so doing, end the government programs they do not like, and end entitlement programs like Social Security, Welfare and Medicare they see as robbing people of their money and freedoms.
What a bunch.
Just remember folks... before Reagan, we lived in a mostly balanced budget world, got there again with Clinton and lost that mode completely with GW Bush.
Why?
Post a Comment