Will A Republican Do Better?

Mitt Romney - photo by World Affairs Council of Philadelphia

There is no question the economy is shaky at best. The unemployment picture is still ugly and there isn’t much hope that it will improve soon. For anybody considering voting Republican in 2012 do you really believe any of the “ideas” you’ve heard from the candidates will make a difference? 

I put “ideas” in quotes because what you hear from the GOP field is more of the same failed economic policy that has resulted in the greatest income inequality since the great depression. It also resulted in the economic crash of 2008 and the continued stagnant economy and low job growth.

Unfortunately President Obama has been unsuccessful in deploying robust Democratic and liberal ideas on how to fix the economy. The stimulus turned out to be much too small for the hole the was dug. It worked to stabilize the economy but it wasn’t near enough to create the job growth needed to get back to 5% unemployment. President Obama has also been unsuccessful when it comes to the reforms and regulations needed in the financial industry to avoid another 2008 in the future. And last, Obama has been unsuccessful in reigning in corporations that send jobs overseas.

Having stated the above you might be asking why anybody should vote to re-elect President Obama. But I ask a different question…

Would a Republican president do better?

The issues where Obama has been unsuccessful are things a Republican president  would never have considered in the first place. We know that a Republican president would not spend more to get the economy going. I’ve written several times before about the need for government to spend to increase economic activity. In a bad economy consumers and companies cut back on spending. Only government has the dexterity and the influence to both spend and make a difference.

Yes, we have a huge deficit and massive long-term debt. But a bad economy is a bad time to become fiscally conservative. When the economy turns around and is robust, then we can talk about reducing spending, balancing the budget and paying down our long-term debt. Now is not that time.

A Republican president would simply advocate less regulation and less taxes. Is less regulation and less taxes the solution this economy needs?

No. Regulation will not help to reign in companies that ship jobs overseas. And if you give those same companies tax breaks there is no incentive to stop shipping those jobs overseas. Making a profit is the goal of a for-profit company. It is the job of the people running a for-profit company to produce bigger and bigger profits for their shareholders. If they can produce bigger profits by taking a tax break while simultaneously shipping jobs overseas to save money, what is to stop them? Less regulation?

Less regulation and less taxes is what is on the menu if a Republican wins in 2012. If a Republican wins you can also expect no improvement in the economy and you can also expect greater income inequality.

No, a Republican will not do better.

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Economy

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