When the GOP talks about economics, they harken to the Reagan years and tax cuts. Methinks they should look long and hard about history that goes further back.
While the Great Depression was in effect, President Hoover (GOP) believed cutting the taxes and spending was necessary to save money. Meanwhile, the depression grew to monumental proportions. It wasn’t until FDR began a spending spree with the CCC and WWII which created millions of jobs that the economy pulled itself out of the depths.
While George Bush (GOP) followed Ronald Reagan, the cut taxes mentality was in full force and the economy worsened to the largest recession the US had seen since the depression – and the deficit grew to monumental proportions. Then Clinton became president and spending increased. As it did, the economy flourished and, by the end of his term, the economy had a surplus and Wall Street was soaring.
GW Bush (GOP) followed with tax cuts again – only increased spending to pay for two wars. The economy tanked into what is now the largest recession since the Great Depression.
Obama is attempting to increase spending and taxes to fix the economy again. The GOP is fighting to cut more taxes – again. They somehow believe 8 years of tanking an economy should be fixed in two.
Perhaps they’ll never learn.