Side-by-side with the taxes talking point from the Right comes the companion point that all that government regulation is holding business back from just bustin’ loose on the economy and creating zillions of jobs. If only Big Gummit would get out of the way.
Horsefeathers. First, let us recall that taxes – as has been discussed here many times – have never been lower on the wealthy and on corporations. Regulations have been eliminated, scaled back, or just plain ignored for much of the last decade. And we’ve had the worst job growth in decades, while ending the first decade of the 21st Century with the worst economic collapse since the Depression. Oddly, during the 90s, when taxes were somewhat higher (not as high as in the 80s, the decade the Right likes to characterize as the Golden Age of Reagan) and regulations enforced, we had the strongest sustained growth in our history, and we made a dent in both income inequality and poverty. No more.
But don’t believe me; hear it from Bruce Bartlett, a senior policy expert for both Reagan and Bush The Elder. He also writes this piece in Fiscal Times, about regulations and job growth, noting a chart about the causes of unemployment that has appeared here previously, as well.
No, guys, it ain’t taxes, it ain’t regulation, it was the looting of the economy by a few hustlers, most of whom will never be brought to book for what they did.