Quote (Giannis @ Oct 16 2020 10:36am)
For 30 years, Republicans have been bad for the economy.
— George H. W. Bush’s term in office ended in recession.
— The economy boomed under Bill Clinton.
— George W. Bush started his term with an ordinary recession and ended with a huge one.
— The economy grew back steadily under Barack Obama.
— The Obama boom slowed during the first part of Donald’s Trump term.
And of course we’re in economic catastrophe now.
Not coincidentally, standard Republican claims have not held true.
— Deficits have not led to inflation.
— Corporations have not reinvested tax windfalls in their businesses.
— Economic growth has not “trickled down” to the rest of the population.
— Stock market gains have not been coupled to the rest of the economy.
Most fundamentally, Republicans wrongly claim that “making more money available for investment” does in fact cause significantly more investment. (This is how they justify tax cuts for corporations, tax cuts for rich people, removal of regulations, and the like.) But in reality, if that was ever true, it’s been false for decades. Giving corporations more money just increases their dividends, stock buybacks, and/or executive pay, much more than it does their productive business spending. Cutting corporate taxes or lowering regulatory compliance costs, while great for earnings and hence stock prices, does little for the overall economy.
So when Republicans let infrastructure crumble – because they fear that paying workers to fix it would “crowd out” private investment — they’re wrong. When Republicans suppress the wages of our poorest workers — who would surely spend most of that new income and thus stimulate the economy — they’re wrong. And when Republicans resist investing in the education, child care and health care that makes our workers more effective or freer to work, they’re even more in the wrong.
That’s all horrid enough, but Trump-style Republicans add a terrible new error: They oppose immigration. Immigrants are our hardest workers at our worst jobs. Immigrants provide energy and leadership for our greatest entrepreneurial successes. And immigrants comprise many of the engineers and other skilled workers who help our hottest job creating businesses grow. Many of our most productive people are immigrants … and the rest are descended from immigrants of the past.
this is because people dont know what it is to be conservative anymore and there is socialism for the rich but capitalism for the poor.
socialize corporate losses but privatize profits.