Mark Sumner has a terrific column about the last thirty years. Couldn't agree more. Excerpts below.
The economy didn't just crash under a Republican president, it crashed under Republican policies. It crashed with low taxes. It crashed with deregulated markets. It crashed with huge restrictions on union activity. It crashed with massive cuts in environmental regulations. It crashed with lowered trade barriers. It crashed with big fat Pentagon spending.
They got what they wanted. They got CEOs with no limits on their wealth. They got banks with no limits on their "creativity." They got trade agreements that guaranteed manufacturing could be moved to the dirtiest, cheapest, most desperate source available. They got massive cuts in capital gains taxes and equally large boosts in the wealth they could pass along in estates. They got everything they said would make us all wealthy. They got record oil and gas drilling. They got record giveaways of public land. They got everything they said would create jobs. They got the middle class to shoulder more, more, more of the burden so that those beautiful job creators would be free to work their magic.
They can't say the economy crashed because taxes went up, because they didn't. They can't say that the economy crashed because there was a raft of new regulation, because there wasn't. They can't blame it on "union thugs" or Saul Alinsky or the guy who writes Happy Holidays cards at Hallmark. They can't blame it on a president who was elected when the world was already in free fall. Only, of course they do. They say it because they have no choice.
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