The GOP is still praising Reaganomics and "Trickle Down" Economics as their Bench mark ideas for restoring the Glory Days of Ronald Reagan. What we are not hearing so much about is the "Compassionate Conservativism" of George Bush and the "VooDoo Economics" that George H.W. Bush called Reagan's idea of "Trickle Down" economics.
Each new election, the GOP and Conservative Right Wing Think Tanks gear up to provide some brand new economic theories, or to re-package some of the old economic theories in bright, new shiny packaging to encourage the Faux Snooze viewers and Rush Limbaugh listeners to turn out to vote against their own economic interests once again.
What options does 2016 hold for the economically uninformed GOP Voters?
Zaid Jilani has gathered Eight new ideas that the Right Wing Economists are peddling to their GOP political contenders this year. His article is on the AlterNet.
Stupidest Economic Ideas Peddled by GOP Contenders in 2016
1. Raise Taxes On the Poor to Cut Them on the Rich
Stephen Moore who works for the Wall Street Journal has found a willing listener in Governor Bobby Jindal. Jindal is proposing increasing the current 10% tax rate on lower incomes to 15% and lowering the rates on higher incomes.
2. Just Suspend All Taxes
Art Laffer, the originator of the "Laffer Curve" has a new idea. Just suspend all taxes and fund the government the way Bush/Cheney funded their wars - on the taxpayers credit card. Laffer is consulting with Jeb Bush and Dr. Ben Carson. In 2010, Laffer suggested suspending all taxes to stimulate the economy.
3. Get Rid of Corporate Income Tax Altogether
Professor Kotlikoff of Boston University has recommended just eliminating corporate taxes completely. Kotlikoff wrote an op-ed explaining his right wing reasoning in support of this idea. Larry Kudlow, the CNBC economics pundit, has also endorsed this idea. Kotlikoff has advised Dr. Ben Carson on the benefits of his ideas.
4. Let more Cities go Bankrupt like Detroit
Rand Paul advisor, Mark Spitznagel, has written a column praising the idea of letting cities go through an economic collapse. Such a collapse is a necessary step in the recovery process, Spitznagel advises.
5. Convert Military Retirement to 401K type Plans
Tim Kane of the Hoover Institute has met with at least four of the 2016 GOP candidates. In March, 2015, Kane proposed that the current military retirement plan is costing tax payers too much and proposed a plan that would have service members investing with Wall Street hedge fund managers to help enrich the money managers in their manipulations with no guarantees to future retirees.
6. De-Regulate Wall Street
And, you thought that these were all NEW ideas! Abby McCloskey, who is working for Governor "Ooops" Perry is proposing loosening Wall Street Regulations to encourage a new Boom Time on Wall Street. McCloskey is an economist with the American Enterprise Institute.
7. Income Inequality Is a Myth
James Pethoukis, who is an advisor to several candidates in 2016, and an economist with the American Enterprise Institute, responded to Occupy Wall Street with an Op-Ed that proposed that Income Inequality is a Myth. We really are doing very well, thank you. Now, don't you feel better, now.
8. It's Okay To Kill People By Denying Them Health Care
Another American Enterprise Institute economist, Michael Strain, recently wrote an op-ed with this title. That's OK, it's better than "Death Panels!" Strain conceded that repealing the Affordable Care Act would lead to deaths, but that “in a world of scarce resources, a slightly higher mortality rate is an acceptable price to pay for certain goals.”
With Bernie Sanders offering Jobs, Reconstruction of a Decaying American Infrastructure, Debt-free College education, and other progressive ideas, the GOP is facing some tough challenges to come up with some alternatives.
Senator Ted Cruz actually published an article on his campaign website in January 2012, stating that George Soros was behind a UN movement to abolish golf courses!
In a January 2012 article published on Cruz’s senate campaign website, the future senator argues that a twenty year-old non-binding United Nations resolution signed by 178 nations including the United States under President George H.W. Bush, is actually a nefarious plot to “abolish ‘unsustainable’ environments, including golf courses, grazing pastures, and paved roads.” Cruz attributes this plot to a common tea party boogieman — “[t]he originator of this grand scheme is George Soros, who candidly supports socialism and believes that global development must progress through eliminating national sovereignty and private property.”
What is your favorite Loony Right Wing Economic Idea?