Dispelling the Myth

June 18, 2009
By kost

The results are in and its time that they are released to the public. Over the past 58 years, “The politics of Democratic presidents have produced more employment and output growth, benefiting poor and middle-class families” while “Republican presidents have tended to focus more on containing inflation, which has negligible effects on real income growth near the bottom of the income distribution but substantial effects at the top.”  In addition, the average unemployment rate has averaged almost 2 percentage points less and GNP growth has increased over 1 percentage point more over the same 58 years under Democratic presidents compared to Republican ones. These findings are according to Princeton Economist Larry Bartels (a self proclaimed politically neutral observer who last voted for Regan) from his most recent analysis on the political economy which can be found in his new book Unequal Democracy.

 

More research by Bartels’s colleague Paul Krugman (a self proclaimed “progressive” whose ideals align with the current Democratic party but more so with the socioeconomic policies of FDR)  indicates that since 1973 the top .01% of American’s have seen their incomes increase five times while the median inflation adjusted income of “working class” American’s has not statistically changed by any observable amount despite the fact that the average worker’s productivity has increased by 50%. This means that there has been absolutely no money trickling down from the rich to the poor over the past 40 plus years which proves beyond any reasonable doubt that supply side economics is a myth that was sold to wealthy businessmen who read slanted op-eds in the Wall Street Journal that appealed to their own biases and funded campaigns who in turn implemented policies benefiting their backers.   

 

These facts are important today because it is likely – if not inevitable – that the economy will continue to slide for at least the entirety of President Obama’s first year in office, however it must be kept in mind that these failings are not due to his policies but the failed republican economic policies during the Bush Administration. So it is crucial that the majority of the American people continue to push for current democratic efforts to reinstate a stable welfare state and eliminate the tax breaks for the top 1% of Americans.

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