Republicans Need a Timeout – Economics

Dem Rep Bear big mcdanielregister.com

“Republicans are the root of all evil.” – me

We have a Republican president right now and the economy looks pretty healthy but I think this will end up being like those people who look out and see a nice day and decide that there is no such thing as climate change. A good economic moment does not always prove to be a long-lasting trend. Even if this economic growth moment does continue, which is “devoutly to be wished,” I am not sure that it proves Republicans are good for our economy. This growth began under President Obama and it is a global, not a national tendency.

There are forces at work in current Republican policy that could, in fact, be disastrous to our economy. Here are some reasons why Republicans need an economic timeout. First of all, in America we have the passage of that ridiculous tax “reform” bill. It is not like the wealth inequality in America is hidden. We all know it exists. There are books, and charts, and news articles showing us, quite graphically, about the 1% and the 99%. The 1% hold an inordinate proportion of America’s economic wealth, leaving the 99% to struggle to hold on to middle class status. So what do we do? We pass a bill that sends even more of America’s wealth to that 1%. We make that gift permanent. We send a pittance to the middle class, so they will not make an outcry, but we allow the Republican Congress to make that token contribution temporary. (As they face the 2018 election Republicans are having second thoughts and are seeking to make middle class tax cuts permanent.)

wealth inequality sm wikipedia

from Wikipedia

We let Congress try their “trickle-down” nonsense economics one more time because we really have no choice. The Republicans love trickle-down and they are in charge of our government and its purse strings. We watch Congress give corporations huge tax cuts and perks. We hear them assure us that these companies will share their newly purchased wealth with us. (They bought this wealth with giant-sized contributions to Republican campaigns.) But because corporations must share their wealth with their stockholders and use it to fund business expansion and to line the pockets of their owners and CEOs, there is little left to actually trickle-down to workers. (Sadly the whole idea of trickle-down economics now has echoes of those “golden showers” that Republicans have introduced into our daily conversation through their president, Trump. It’s an accidental analogy but strangely parallel in moral tone.)

Trump has boasted about the number of executive actions he has taken to overturn regulations on business, on banks, and regulations on pollutants which contribute to climate change. He calls this “winning”. The House of Representatives has worked diligently to deregulate business and banks and to change laws about drilling for fossil fuels. Republicans insist that if we regulate business, business will flee to a nation without regulations. Many of our businesses have migrated to other nations without regulations so this looks like an accurate analysis of the situation. But eventually these nations will begin to pass regulations. Workers, as their economic position improves, will require it. World opprobrium to a lack of safety and rights for workers will require it. Capitalism is a useful economic construct, but only if it is harnessed for the public good. Capitalists are human beings and human beings have a dual nature. Every enterprise that can contribute to the public good can also be bent by our more nefarious human motives to contribute to the selfish desires of individuals with power. Without regulation Capitalism has no conscience; its only goal is profit. In the short term we may be “winning”, but in the long term we may be “screwed”.

Money is useful but no human society should be only about economics, about stockpiling money, about being the richest society. Rich societies call forth the anger of poorer societies and this envy leads to revolutions and war. Societies are about governing people, keeping cultural forces in balance so that the society can survive and remain stable. Societies have to take human rights and needs into consideration. If rights are not shared by those who are governed by a society then that society will eventually die out or be overthrown. The Republican Party seems to be in favor of wealth inequality as an oddly-rationalized principle. They seem to have decided that people have money because they are, in truth, superior to most citizens and even, they contend, favored by God. (Yikes! Shades of the Divine Right of Kings.) Because these people are “elites” (creators) in every way they should be treated with deference, they should be offered privileges as tokens to keep them happy and perhaps to keep them from going elsewhere.

Every time we have removed regulations that rein in Capitalism some brilliant but twisted money savant has come up with a way to step beyond the lines of investment common sense and invent some money-spewing scheme that eventually explodes in our faces and delivers us into economic recession or depression. Herbert Hoover, Republican, bears the blame for the Great Depression. If we look to the administrations before his because the roots of an economic downturn are often found in the previous administration we find Warren Harding, Republican, in office from 1921-23 and Calvin Coolidge, a Republican in office from 1923-1929. Before our most recent Great Recession we find the Republicans once again in office in the person of George W Bush. The housing boom had been much discussed in the media but because of Republican laissez faire business attitudes no one stepped in to investigate or regulate. This one, when it exploded, even involved the banking business, traditionally opposed to risky ventures, but so in need of economic drama that good sense left the building. And now the Republicans are also removing restraints Obama put on banks that crossed over into what was basically thievery. We are told in the media that some of the same risky practices that burst the last economic bubble are lining pockets once again and we can again look to the mortgage market.

Republicans tout their own prowess as economists. So while they always push policies of Conservative economic practices, while they rattle on about debt and deficits, and balanced budgets and tightening our belts, they always contend that the belts that need to be tightened are the belts of the neediest members of our society. They always advocate cutting the safety nets for groups that not financially able to take economic risks such as the poor and seniors, the disabled and the sick. Those programs are actually all that stands against a total abdication of the American soul. Without them, if we do not protect our weakest members, we are not a society, we are just an economy and a war machine. And not even a good economy, since inequality will get even more pronounced if we refuse to exercise human empathy. And then we will join the roster of failed societies and realize the Republican dream will not take us anywhere good.

Force Republicans to take a timeout. They are not helping America. They are racist and they subscribe to bad economic policies. Elect Democrats in 2018 and keep on electing them until Republicans get a grip on reality.

 

 

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