Republican Economic Mythology
September 19, 2011 at 11:15 AM
By MIKE BROWN
The column in the Sept. 11 Star Democrat by Nicholas Panuzio recites Republican economic mythology that must be answered with evidence and facts.
He cites economic expansion in the 1980s under President Reagan as evidence their agenda of cutting taxes, regulations and government has succeeded before, conveniently omitting mention of Reagan's seven tax increases and government expansion after he realized cutting taxes failed to stop runaway unemployment. He quadrupled our debt anyway.
George W. Bush tried this cutting mythology again, and again it failed. After slashing taxes and regulations, he doubled our debt, failed to create private sector jobs, and crashed our economy.
Panuzio claims stimulus has never worked, yet FDR's huge New Deal stimulus pulled us out of the Great Depression, reducing unemployment from 22.9% in 1932 to 9.7% by 1937. A brief downturn in 1937 caused by conservatives' premature austerity was reversed by massive federal spending stimulus of WWII, followed by decades of growth.
The CBO determined that President Obama's stimulus did work, turning our economy around and creating/saving two million jobs. The CBO also determined that the Affordable Care Act, rather than being job-killing, will have no appreciable effect on jobs.
Corporate CEOs, when speaking non-politically, will tell you that it's not "uncertainty" that's preventing them from hiring, but lack of demand; i.e., people with jobs and money to buy their stuff. Multiple surveys support this conclusion.
Believe in facts and evidence. Reject failed Republican "voodoo economics" and support Democrats' proven measures to create jobs while reducing our debt.
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