Letter: Romney has it backward
In Mitt Romney’s fundraiser speech to the state Republican Party, he said, “If anyone even needed proof that liberal economics don’t work, these last five years are it.” (Sunday Monitor Viewpoints, Aug. 11). He is dead wrong. It is Republican economics that don’t work. They cause recessions. Democratic economics cure them.
The Great Depression of the 1930s followed Republican Presidents Warren G. Harding, Calvin Coolidge and Herbert Hoover. Democrats Franklin Roosevelt and Harry Truman brought us out. Since then we have had mild recessions that have been eased by Democrats. President Bill Clinton left office with a surplus in 2001.
What followed was the great recession that we are trying to work our way out of now.
In the past five years we have been slowly working our way up, even though the GOP has fought most of the ideas that have traditionally worked.
Liberal economics (to use Romney’s designation) focuses on empowering the middle class and helping others to move up above the poverty line; and America has always been most strong and economically solid when the middle class is on the rise.
Republican economics favors wealthy individuals and corporations, arguing that the wealth “trickles down” with more jobs. One hundred-plus years of economic history gives the lie to that piece of nonsense.
I urge readers to look at three recent books.
James Gilligan’s Why Some Politicians Are More Dangerous than Others (2011) uses Bureau of Labor Statistics to come to his conclusions from a very different starting point.
Daron Acemoglu and James A. Robinson (2012) argue in Why Nations Fail that it is political and economic policies that make the difference.
Finally, Hedrick Smith’s Who Stole the American Dream (2012) places the blame on the very people, policies and ideas that Romney embraces.
DONALD B. HINMAN