The Republican Party has been preaching the same trickle-down voodoo economic policy ever since the robber barons and their minions, the Radical Republicans (the name they chose for themselves), took over the party in 1880, forcing the Lincoln Republicans out of the party.

Just give the money to the rich and they will invest it and create jobs (apparently in China, India and Brazil these days). Because of our unfortunate short attention spans, some information may be instructive.

Since 1880, the United States has suffered 18 significant recessions and panics.

Two occurred during Democratic administrations. In 1896, silver production in the West declined, thus decreasing our federal reserves. In 1913-14, the new Federal Reserve Act was being negotiated in Congress to end the obscene manipulations of the Money Trusts. The Trusts, seeing their end coming, removed their money from the markets and ran, causing predictable effects on the financial system.

Two unavoidably occurred after World Wars as war production came to a screeching halt and millions of service people were released into the job market.

Fourteen of these recessions or panics occurred during Republican administrations (including those of Dwight Eisenhower, Richard Nixon, Gerald Ford, Ronald Reagan and both Bushes) because of the policies of trickle-down voodoo economics and a laissez-faire attitude toward regulation. Coincidence?

Now the Republicans want us to give them another chance, but they have not changed their policies. Hubris knows no bounds in their party. And so they remain the party of those who do not learn from the past, are too proud to admit to mistakes, and fear a long list of disenfranchised minorities and socialists under their beds.

Paul W. Dutram

Waterville

Copy the Story Link