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Archive for the ‘Economy’ Category

There is an article HERE that explains the causes for the current economic crisis.

Yeah, I know it’s from DailyKos, not exactly a nonpartisan website, and exactly the kind I am loathe to link to here. But the essence of the article is true, and being framed in a partisan way doesn’t change that. It illustrates a couple of things; it shows why the kind of unregulated capitalism as favored by ‘conservatives’ necessarily creates tremendous economic problems over time – as it did the last time the government was in the pocket of a wealthy elite, in the last decades of the 19th century and the first decades of the 20th. The result, you’ll recall, was a little problem called the Great Depression.

It also shows us a small part of a larger truth; Reaganesque ‘trickle-down’ economics is bad for America, because it doesn’t work, and it’s been demonstrated to not work not once but several times. The current economic crisis is the result of 28 years of trickle-down economic policy, which Bill Clinton did not oppose but which was championed by conservatism.

Conservatism is a bankrupt ideology, economically and morally. Now it stands a chance to bankrupt America as well. But make no mistake; this is not solely the Republican Party’s fault, as much as the Republican Party has been the driving force behind it. Democrats who failed to oppose deregulation (which is most of them) are just as much to blame. They’ve allowed their own party to be pushed farther to the right across the board, but especially in economic matters, and to adopt conservative thinking in that arena because conservatives have been so very successful at popularizing them.

Most Democrats who buy into conservative economic ideology probably do so, it seems to me, for that very reason; because a propaganda industry has been relentlessly pushing it for decades. They bought it because they think it works. But it doesn’t, and when truth, fact and good sense are subordinate to ideology, this is the result: ordinary Americans and the middle class foot the bill to bail out multibillion-dollar companies who exist to make money for the already wealthy.

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