I know I’m not supposed to do this.
Modern economic history is now said to begin on Jan. 20, 2009, the day that Barack Obama took the oath of office as president, and nothing that occurred prior to that date is supposed to be mentioned in polite company. In fact, anybody who dares to look back more than 18 months is deemed guilty of “dredging up the past,” which has become a thought crime of the highest order.
Well, to hell with that.
“There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well.
Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999 — and the number is sure to have declined further during a difficult 2009. The Aughts were the first decade of falling median incomes since figures were first compiled in the 1960s.
And the net worth of American households — the value of their houses, retirement funds and other assets minus debts — has also declined when adjusted for inflation, compared with sharp gains in every previous decade since data were initially collected in the 1950s.”
I know that’s quite a shock to many of you. Bringing back such deeply repressed memories can be very, very traumatic. But I want you to gather yourself because we’re now at the important part. Try to remember: What was the primary economic strategy during that decade that we are now supposed to block from our memory banks and pretend never happened?
Two words, seven letters. The first word begins with T…
Who said “tax cuts?” Very good. I see it’s all coming back to you now.
And what is the GOP’s primary economic strategy for the next decade, their sole prescription for restoring lost jobs, income, hope and opportunity (all of which began disappearing Jan. 20, 2009)?
That’s right, more tax cuts. As John Boehner told us the other day, “We’ve seen over the last 30 years that lower marginal tax rates have led to a growing economy, more employment and more people paying taxes.”
Is that really what we’ve seen, class?