Republican Economics

From what I can tell, Republicans answer to improving the economy has three basic tenants: 1) tax reform, 2) spending cuts, 3) deregulation.   In theory, they say this will unleash the chains that are slowing economic growth.

Let's take a closer look.

Tax Reform - In Republican parlance, this means tax cuts, more specifically tax cuts for the rich.  It doesn't matter that tax cuts to the rich have not worked in the past, it's part of their DNA and it's easy to sell.  In reality, going back to the huge tax cuts of Ronald Reagan, all they have done is explode the debt and increase income inequality.  There is evidence upon evidence upon evidence proving the fallacy that tax cuts to the rich will trickle down to everyone else yet they keep peddling this non-sense.  Fact is, Bill Clinton raised taxes and the economy improved, Barack Obama raised taxes and the economy improved, California & Minnesota raised taxes and their states thrived.  Do we really need more tax cuts for the rich?

Spending Cuts - Republicans love talking about the debt and the deficit, they especially love blaming them on Democrats and their free spending ways.  Fact is, the debt exploded under Ronald Reagan and George W Bush, and went down under Bill Clinton.  While the debt has increased under Barack Obama, the deficit has decreased dramatically.  I know it's easy to blame Obama for the current debt, but that's lazy thinking, he inherited a mess (including 2 unfunded wars) and has faced unprecedented obstruction in his attempt to address those issues.  Back to spending cuts, all you have to do is look to Europe to see how all of their austerity measures have failed to improved the economies of the countries there.  You don't cut spending to stimulate the economy, you increase spending, you get money flowing.  Infrastructure spending is a great example, don't think for a second that an infrastructure spending bill wouldn't have created thousands of jobs and stimulated growth (at low interest rates to boot).

Deregulation - Republicans like to argue that U.S. businesses are overburdened by undue regulations that stymie growth and innovation.  That may be true but unfortunately an economy without regulation is also an economy ripe for abuse.  Didn't we learn anything from the recent economic calamity?   You can directly trace the recent recession (near depression) to the deregulation of the financial industry.  Lack of regulation allowed Duke Energy to contaminate the drinking water in North Carolina.  Lack of regulation allows oil companies to leak oil near everywhere.  Do you really want to live in a world where there are no checks and balances on the food we eat or the water we drink?   Deregulation benefits nobody but the conglomerates that propose them.

So in conclusion, please keep the above in mind if you are voting Republican due to economic issues.  Also, keep note that the economy historically has done better under a Democratic administrations.