People, Personas, and Politics 37 – Laissez Faire
Author(s): Scott Douglas Jacobsen and Rick Rosner
Publication (Outlet/Website): People, Personas, and Politics
Publication Date (yyyy/mm/dd): 2017/04/25
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Rick Rosner: John Maynard Keynes said, “In the long run, we’re all dead.” If you look at the horizon of the stocks in the stock market, people aren’t look much beyond 6 months. If you look at something that doesn’t obviously mess up things now, and might be a problem for the next generation, then that won’t necessarily be reflected in your stock price. Anyway, there are a lot of problems with this Right-wing philosophy.
In that, the economy appears to function better under, say, fettered capitalism. The version of government that under democratic administrations or democratic government. Democrats rule for a while. Right-wing people get annoyed that they are being bogged down in regulations. They remove them and run the market into the ground via no regulations, or fewer regulations. There’s a crash.
The Democrats come in and establish some rules and then you see a gradual recovery. One model of that is that you can’t assign all the blame to Republicans and all of the credit to the Democrats, but the example is the crash under Bush and the recovery under Obama. Right-wing philosophy, to the extent that it is, is putting a skirt on something fairly nasty, which is that the current Republican Party is dominated by dark money and the wish of a rich super-minority to have all of the rules go their way.
Even though, the economic data shows that the super-rich ultra-minority isn’t helped all that much by a faltering economy that doesn’t work very well because it shitty for most people. For the last 30 years, wages have been entirely flat, since the 70s. All of the economic gains have gone to people in the top 10% with most of those gains going to people in the top 1%. Whereas during other times, the top 10, the top 1, percent did pretty well and the bottom 90% also saw economic gains and the economy functioned better overall.
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