The GOP is in a death spiral and they are taking conservative ideas along for the ride. The much-maligned Hoover was a progressive, and while his progressive policies are at the root of the Great Depression, and FDR’s progressive policies are at the root of the duration of the Great Depression, Hoover is stuck with the blame along with the GOP.
In my lifetime, only Carter got blame for the economy sucking, and Only Reagan got credit for the good times after taxes were lowered.
If Newt Gingrich had not been the speaker of the house, Bill Clinton would not have even tried to balance the budget. However, Clinton is given credit for the 90s boom, and has no blame for the slowdown he brought upon the country when he raised taxes.
The 2008 economic collapse was predicated on the subprime mortgage market collapsing. Surprise! Lend money to people who cannot afford to pay it back and they don’t! This awful idea was 100% owned and operated by Big Government types, mostly Democrats and me-too Republicans. When it collapsed, the two most responsible for blocking reforms proposed by the Bush administration got off scott-free and President Bush – the only guy who tried to reform it before the collapse – got the blame.
Today, the President is asking for tax increases and mega-spending. The GOP opposes it, but no matter what happens, they will get the blame for failure and the president will get away scott-free.
I propose Speaker Boehner offer the President and the Democrats everything they want – so long as they take 100% responsibility. You buy it, you get to break it. Make it clear that high taxes and high spending are bad ideas, but since the President won, and the people still blame President Bush for the economy, we are willing to let the President have exactly everything as it pertains to taxes and spending. The only caveat is that the President must accept full responsibility for the consequences and acknowledge that the GOP thinks these policies are a bad idea.
Perhaps the media should be included too. Perhaps ABC, CBS, NBC and a certain percentage of the nation’s leftist newspapers should be required to acknowledge that the President is now owning the economy. Pick out the top 20 liberal pundits and say at least 75% have to acknowledge that they are getting their way, and the consequences are on the President. Part of this pledge might mean everytime there is negative news they must remind readers and viewers that the Democrats own it – the GOP is letting them run the show.
It would suck dealing with the implosion, but at least they would own the wreckage and finally see their policies take the blame. The American people are deeply confused about what makes for good economic policy. Such a deal might make that needed sharp contrast.