The Great Bush Recession followed by a Dem, Obama, cleaning up the mess and take the blame for how long that took... it's only long-held GOP Starve the Beast strategery that the Great Trump Depression is next up.... with the next Dem Pres to clean up the mess and take the blame again.
"The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility," says David Stockman, who served as budget director under Reagan.
"They're on an anti-tax jihad " one that benefits the prosperous classes."
It's the kind of thinking that only money can buy. "It's a vicious circle," says Stiglitz.
"The rich are using their money to secure tax provisions to let them get richer still. Rather than investing in new technology or R&D, the rich get a better return by investing in Washington."
"We started talking about just cutting taxes and saying, Screw the deficit,'" Bartlett recalls. "We had this idea that if you lowered revenues, the concern about the deficit would be channeled into spending cuts."
It was the birth of what is now known as "Starve the Beast" " a conscious strategy by conservatives to force cuts in federal spending by bankrupting the country.
As conceived by the right-wing intellectual Irving Kristol in 1980, the plan called for Republicans to create a "fiscal problem" by slashing taxes " and then foist the pain of reimposing fiscal discipline onto future Democratic administrations who, in Kristol's words, would be forced to "tidy up afterward."