Paragraph of the Day (Reaganomics Edition)

“Economic conditions are entirely different today than they were in Reagan’s era, and different conditions demand different policies. Those who say otherwise are simply engaging in cookie-cutter economics — proposing whatever was popular and seemed to work once, without regard to changing circumstances”—Bruce Barlett in a WaPo piece entitled “Why the GOP should stop invoking Reaganomics.”

The whole piece is worth a read, and the sentiment above underscores one of the major problems with the current GOP:  they are not only backwards looking in terms of where their ideas are coming from, they do no understand the the basic premises of what they are asserting.  Just evoking Reagan and calling for tax cuts as the sine qua non of policy is ultimately a wholly unserious approach to the complex and important job of actually governing.

FILED UNDER: Campaign 2012, Economics and Business, Quick Takes, US Politics
Steven L. Taylor
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog). Follow Steven on Twitter

Comments

  1. Hey Norm says:

    Bruce Bartlett is one of the few remaining Republicans able to think for himself. Frum and Sullivan are two others.

    “…These differences are essential to understanding why Reagan’s policies worked when they did — and why they are not appropriate today.
    All of the evidence tells us that the economy’s fundamental problem today is not on the supply side but the demand side. According to a recent study by Credit Suisse, two-thirds of the difference in growth at this point in the business cycle, compared with previous cycles, is due to slower consumer spending…”

    Amen. Too bad Republicans have exiled Bartlett and won’t even consider what he is saying.

  2. James says:

    they do no understand the the basic premises of what they are asserting.

    When have they ever?

  3. OzarkHillbilly says:

    Just evoking Reagan and calling for tax cuts as the sine qua non of policy is ultimately a wholly unserious approach to the complex and important job of actually governing.

    The GOP has exactly zero interest in “governing”.

  4. gVOR08 says:

    @Hey Norm: I don’t know. Since Frum moved from his blog to Daily Beast and Newsweek, he’s been sounding pretty orthodox. His response to Sullivan’s Obama piece in Newsweek was pretty awful. I think someone hinted they might let him back on the bus if he toes the line.

  5. gVOR08 says:

    At least Bartlett is honest enough to say they caused the ’81 recession and that growth afterwards was average, not wonderful. I lived through that recession and had to sell a house on land contract because mortgage interest rates had exceeded the MI usury law. The great accomplishment of Reaganomics was to make 6% unemployment look good.