If your doctor gave you a prescription to improve your health, and it made you deathly ill, would you follow said doctor’s orders to take ever-increasing dosages?
Of course you wouldn’t. You’d label the doctor either an incompetent quack or an unscrupulous shill for the pharmaceutical company; you’d stop taking medicine that was killing you, and you’d seek alternative treatment.
It’s all so obvious: you believe that something will be beneficial, so you give it a try, but once your experience proves that your faith was misplaced — you dummy up. You learn from your mistake and move forward a wiser person.
So, why is it that what seems so obvious in a healthcare scenario, and would also apply without exception if dealing with a mechanic, a lawyer, a contractor, or pretty much anyone else, somehow winds up being lost entirely in the world of politics?
More to the point: how is it possible, after experiencing the catastrophic results of conservative economic policy, that there’s a single American (who’s not either a Republican politician or some other member of the Top 1%) still willing to give the GOP Rx for the economy another nanosecond of consideration?
When King Solomon said that “there is nothing new under the sun,” he couldn’t possibly have done a better job at describing GOP economic policy. From the plans being offered by the illustrious ranks of Republican presidential candidates to those recently articulated by House Majority Leader, Eric Cantor, their prescription is nothing but more of the same poison that crashed the American economy, blew unemployment up to historic levels, and fueled concentration of wealth not seen since the Great Depression.
The GOP Rx for the economy is ever-static and never works. Whether you’re talking decades ago or focused on today, it always consists of the same triple threat to the American people: cut taxes for the wealthy, deregulate, and privatize government along with the commons. They wrap their rhetoric up in a flag, label their plan as “job creating,” and somehow manage to sell the same warmed-over economic Vioxx time and again.
The truth of the matter is that we’ve already tried every element of the Republican plan, all to the detriment of the vast majority of Americans.
According to the GOP, we must lower taxes on the wealthy (a.k.a. the “job creators”) in order to address unemployment. Of course, tax rates today are at record lows with the total income tax burden at its lowest point since 1950 — a fact that begs the question, “Why don’t we already have the jobs?”
Well, the answer is that lowering taxes on the wealthy doesn’t create jobs. It never has and never will, yet whenever the opportunity arises, the GOP snake oil dealers come out of the woodwork offering the same poisonous tonic. Bush did it in 2001, promising 800,000 jobs from his Economic Growth and Tax Relief Reconciliation Act, but the $1.6 trillion tax cut, that gave fully half of the savings to the Top 1%, didn’t actually create any jobs. In fact, following the cuts, we lost 2.7 million jobs by May of 2003.
In contrast, Bill Clinton had the unmitigated gall to raise taxes on the rich, which if GOP prognosticators were right should have been a death knell for job creation. But instead of the Republican predictions of an apocalypse, of a market collapse and dire straits for the economy, we entered into the most prosperous peacetime economy in American history. BLS records show that 22.7 million jobs were created under President Clinton and a paltry 1.08 million under George W. Bush. It seems pretty obvious which president had the better prescription for the American economy.
Once all of the hype is pushed aside, it’s plain to see that tax cuts for the rich have little to do with job creation and instead achieve only the one thing that the average person might expect — they make the rich even richer. They lead to the banana republic style distribution of wealth that now has the U.S. ranking 98th amongst 136 nations measured by the Gini index of income inequality — worse than Iran — worse than freaking China! But what can you expect when our top 1% now holds more financial wealth than the bottom 95% of the population?
So, maybe the GOP is wrong about tax cuts but right about deregulation. Maybe present calls to repeal Dodd-Frank to “free up Wall St.” are just the prescription for prosperity we need. Maybe there is validity in Michelle Bachmann’s claim that financial reform is “killing the banking industry.” And maybe Sarah Palin will actually run for president, there really is an Easter Bunny, and the GOP truly does give a fat flying flip about working Americans.
The deregulation story is actually scarier than the tax cut myth. It was deregulation that gave birth to the derivative market, allowed unfettered access to credit default swaps, tore down the barrier between investment and commercial banking, and created the Wall St. casino that bled the middle class for 30% of their combined wealth and sent unemployment to levels not seen since the last tax cutting, deregulating, military spending GOP buffoon, Ronald Reagan, sent the rate over 10%.
It was George W. Bush’s dismantling of the regulatory structure that gave us the housing bubble and subsequent economic collapse, allowed the Massey Mine disaster to kill 29 people, and laid the ground work of incompetence that led to the BP oil spill.
Republican style deregulation strips government of its power to carry out it moral mission to protect the people and replaces it with a charade of profit-focused companies pretending to police themselves. It assigns henhouse security to the fox by binding and gagging the farmer. It leads to companies monitoring safety requirements, as it did at Big Branch and in the Gulf, and leaves drug testing to the pharmaceutical companies, as was the case with Merck and their Vioxx pain reliever that caused tens of thousands of heart attacks and strokes, and killed nearly 3,500 Americans.
There are no doubt regulations that do place an unnecessary burden on businesses, and they should be addressed, but they are in the minority. Most regulations serve a vital purpose to protect the citizenry from those who would exploit people and planet in order to add to their bottom line.
Government regulation is as necessary as our system of criminal and civil law. It ensures the safety of our food, infrastructure, medicine, energy, transportation system, consumer products, water supply, and workplace — without regulation we cannot have a functional society. Regulatory reform may indeed be essential, but it must be accomplished intelligently and without compromise that sacrifices the moral mission in exchange for the profit motive. Such reform cannot be achieved through GOP “starve the beast” tactics, where funding for the FDA, SEC, FAA or FEMA and OSHA are indiscriminately cut, nor will it happen through attacks on unions, the NRLB or the EPA as proposed by Eric “Corporate Shill” Cantor and his ignorant mob of Tea Party ideologues.
The Republican plan for America is simple: starve government of necessary funding, cripple government by axing regulations, and turn whatever’s left of government over to private enterprise to milk for profits. They ignore the reality that our economy is stalled because of lack of demand stemming from concentration of wealth not seen since the Great Depression. They ignore science, clutching onto the desperate notion that 98% of climate scientists are wrong about global warming in order to justify their loyal support of fossil fuels. And they ignore the selfish drain on the economy presented by the Wall St. casino and fat-cat government contractors who provide services at rates averaging 183% of the costs to simply hire federal workers.
Sadly, none of this matters to the GOP. When facts get in their way, they just invent another marketing phrase, regurgitate more of their distorted talking points, and spin their poison in populist labels like “liberty” and “freedom.” But in spite of their flag waving and lip service for working Americans, the truth of the GOP is that their core mantra remains “government is the problem,” and they will stop at nothing to deliver on their self-fulfilling prophesy.
Make no mistake about it, the GOP Rx is effective. The problem is that the America it’s intended to serve is comprised of only the top 1 to 2% of Americans. The strength of our nation depends upon both a strong democracy and a healthy capitalist economy. Sadly, the Republican Party is willing to trample the rights of the People and decimate that democracy in order to feed the greed of the economic elite.
Americans need to wake up before it’s too late. They need to smell the burning apple pie, and realize that the parasitic capitalist machine is killing its host. Republicans may still talk about jobs and small business, but it should be obvious to the most casual observer that high unemployment and the lower wages it brings are nirvana for GOP strategists, and real small business is anathema for their vision of an American corporatocracy.
The GOP Rx for our economy deserves a grade of “D” for “Death” of the American Dream. And any working American who subscribes to their prescription and believes that the policies that are destroying the middle class will somehow magically start producing a different result deserves a great big “F” for “Fucking Insane!”