Republican Model For Growth Has Been Tried, And Failed
Republicans harp on the need to cut spending and lower deficits even in a struggling economy. For evidence they point across the Atlantic to Great Britain and Germany. Nicholas Kristof points out that those examples don’t really show what Republicans think they show:
If there were still doubt about this, we’ve had a lovely natural experiment in the last few years, as the Republicans in previous years were happy to point out. All industrialized countries experienced similar slowdowns, and the United States under Obama chose a massive stimulus while Germany and Britain chose Republican-endorsed austerity.
Neither approach worked brilliantly. Obama’s initial economic stimulus created at least 1.4 million jobs, according to the nonpartisan Congressional Budget Office. But that wasn’t enough, and it was partly negated by austerity in state and local governments.
Still, America’s economy is now the fastest growing among major countries in the West, and Britain’s is shrinking. Which would you prefer?
I’d prefer economic growth and that’s why I’d prefer the Democrats win in two weeks.