well.....will agree with most of that....I have never said I loved the democratic party......I am anti-republican though....I go with the lesser of two evils
have you ever seen a politician go to Washington....and not come out wealthy?
and to me that was/is one of trumps major disappointments....he may or may not have had good intentions when he was running.....don't know if he was going to do what he said or all a scam...…..we all know the lobbyist pay our politicians to vote how they want...instead of how we wanted them to vote....he was going to do away with that.....instead the number of them has almost tripled while he has been there
he was going to drain the swamp....instead he filled it up.....just about every one of his cabinet members have been involved in some sort of scandal involving corruption...and he lets it go on until it is an issue in the press then he does something
he was going to bring jobs back home.....instead they are going overseas at the highest rate in a long time
I could go on.....had he lived up to some of those promises I think a lot of the other may have been over looked....so in my opinion he just personifies a republican...to the extreme....
as for the deficit numbers those are all facts.....even trumps comments about the economy....jobs are always up more under a Dem.....deficit improves more under a Dem....to me....I just can not understand why anyone would vote for a republican.....
If you look back in this thread I posted......21 lies the right has told to get into office and their predictions about what would happen if you voted for a dem....I'm sure people can remember some...and they are whoppers...all lies...…..I also posted on this thread 70 years worth of FACTS on why the Dems are better than the republicans for this country...but as usual most of you already have your OPINIONS....and are not interested in facts....but here is this....
Democrats vs. Republicans: Which Is Better for the Economy?
Overview
Democrats gear their economic policies to benefit low-income and middle-income families, holding the belief that reducing income inequality is the best way to foster economic growth.
This is based on the idea that low-income families tend to spend extra money on necessities, which directly increases demand. Democrats also support a
Keynesian economic theory, which says that the government should spend its way out of a recession.
President Franklin D. Roosevelt first outlined the Economic Bill of Rights in his 1944 State of the Union address, which included a realistic tax law, a cost of food law, and a continuation of the law for the renegotiation of war contracts.1
Franklin D. Roosevelt Presidential Library and Museum. "
1944 State of the Union Address: FDR's Second Bill of Rights or Economic Bill of Rights Speech," Accessed Sept. 30, 2019.
President Harry Truman's 1949 Fair Deal proposed specific legislation to support this expanded vision of the American Dream.2 In 2010, the Democrats expanded the dream to include health care with the Affordable Care Act.
Republicans support economic policies that benefit businesses and investors, following supply-side economics, which states that tax cuts on businesses allow them to hire more workers, in turn increasing demand and growth. It's similar to
trickle-down economics, which says that the expansion generated by tax cuts is enough to broaden the tax base.
In theory, the increased revenue from a stronger economy offsets the initial revenue loss over time.
One aspect of the Republican American Dream is the right to pursue prosperity without government interference, which—they argue—is achieved by self-discipline, enterprise, saving, and investing.
This business-friendly approach leads most people to believe Republicans are better for the economy. However, a closer look reveals that Democrats are, in many respects, much better.
Job Creation
Republicans say that tax cuts are the best way to create jobs, where Democrats advocate for government spending, but
the economic stimulus act, sponsored by President Barack Obama, used both. President Bill Clinton created more jobs than any other president. The most, percentage-wise, was Roosevelt who increased jobs by 21.5%. But that was during three terms. If you only count two terms, President Ronald Reagan was the largest percentage-wise; He increased jobs by 16.5%.3
Bureau of Labor Statistics. Employment Database. "
Labor ******* Statistics from the Current Population Survey, Top Picks, Employment Level, from 1948 to 2019," December data. Accessed Sept. 30, 2019.
Minimum Wage
Democrats argue that the minimum wage should allow a living wage. FDR created the minimum wage to protect workers during the Great Depression. During that time, it was $0.25 an hour, which translates to just under $5.00 in today's economy. The Democratic Congress raised it in 2007 and set a schedule to raise it to $7.25 an hour in 2009, where it is today.
Democrats support raising the minimum wage to $15 an hour and then indexing it to inflation.4
Republicans argue that raising the minimum wage could ******* small businesses to lay off workers; this is partially true. A 2014 Congressional Budget Office report said that raising the minimum wage would take 900,000 families out of poverty, but cost 500,000 workers their jobs.5
Taxes
Republicans favor
regressive taxation that assesses a lower rate on businesses, investments, and high-income earners.
The following includes several tax initiatives taken by the republican party:
- In 2018, the Tax Cuts and Jobs Act cut the top income tax rate to 37% and lowered the corporate tax rate to 21%6
- The Bush tax cuts fought the 2001 recession
- The Economic Growth and Tax Relief Reconciliation Act mailed rebate checks to households in August 2001
- In 2004, the Jobs and Growth Tax Relief Reconciliation Act cut taxes for businesses
- In 2010, the Tea Party in Congress extended the cuts to fight the Great Recession
Democrats believe in progressive taxation,
demanding higher taxes on investments, big businesses, and high-income families.
- Clinton's Omnibus Budget Reconciliation Act raised the top income and corporate tax rates to 36%7
- In 2009, the Obama economic stimulus plan cut taxes to fight the Great Recession
- In 2010, Obamacare raised taxes on high incomes and investments
Immigration
Immigrants have driven two-thirds of U.S. economic growth since 2011. They founded 30% of U.S. firms, including more than 50% of startups valued at over $1 billion.8 But many believe that immigrants take jobs from workers who lack college degrees, especially in agriculture and construction. For example, in 2014, immigrants held 43% of agricultural jobs, but only 20% were documented.
Democrats perceive America to be comprised of immigrants and demonstrate that they want to welcome asylum seekers and refugees. Obama created the Deferred Action for Childhood Arrivals program, also known as DACA, which the Trump administration has since fought to take down.9 It protected from deportation people who were brought to the United States as children. But Obama also deported more immigrants than any other president. Total deportations under Obama hit a high in 2012 with 409,849 removals, then dropped below 250,000. Trump has deported between 220,000 and 285,000 a year since 2017.10
Republican immigration policies seek to protect American workers and industries, and Trump's immigration policies follow economic nationalism. For example, he wants to complete the border wall with Mexico. He has threatened to deport immigrants protected under DACA. He separated immigrant children from their parents before ending the policy due to popular outcry. He recently came under fire for housing them in unsafe and unsanitary migrant camps.11
Health Care
Republicans argue against universal health care, calling it socialism. They prefer the current system based on private health insurance. Instead of Medicaid, they would give the states block grants to use as they need. Many of these policies are reflected in Trump's plans to change health care.12
Democrats believe the federal government should make health care affordable. Clinton's Hillarycare program would have controlled medical costs, but she couldn't get it passed by a Republican Congress.
However, the Clintons achieved two other health care reform measures. The Health Insurance Portability and Accountability Act of 1996 allows employees to keep their company-sponsored health insurance plan for 18 months after they've lost their jobs.13 The Children's Health Insurance Program provides subsidized health insurance for children in families that earn too much to qualify for Medicaid.14 Obama’s 2010 Patient Protection & Affordable Care Act sought to lower the cost of health care. It covers preventive care to prevent patients from using the emergency room as their primary care physician.15
Democrats for Senate. "
The Patient Protection and Affordable Care Act," Accessed Sept. 30, 2019.
Climate Change
Role of Government
The Debt
Republicans advocate fiscal responsibility, but they are almost as guilty as Democrats in increasing the debt. Obama increased the debt the most dollar-wise, adding $8.6 trillion. President George W. Bush was second, adding $5.8 trillion.
FDR increased the debt the most, percentage-wise, by 1,048%, while deploying efforts to fight the Great Depression and World War II. President Wilson incurred the second-largest, percentage-wise, thanks to World War I.
On the other hand, Clinton created a $63 billion budget surplus with the Omnibus Budget Reconciliation Act of 1993. Every Republican president since Calvin Coolidge has added to the debt.27
Treasury Direct. "
U.S. Treasury, Debt to the Penny," Accessed Sept. 30, 2019.
National Security
Trade
The Party That's Best for the Economy
There are many analyses that look at which party is best for the economy.
LPL Financial Research found that, since 1950, the stock market did better under a Democratic president with a Republican Congress.35 The next best is a Democrat president with a split Congress, and then a Republican president with a split Congress. When the same party controls the executive and legislative branches, the stock market still fares better under Democrats.
A study from the National Bureau of Economic Research found that Democratic presidents since World War II have performed much better than Republicans.
On average, Democratic presidents grew the economy 4.4% each year versus 2.5% for Republicans.36 A Hudson Institute study found that the six years with the best growth were evenly split between Republican and Democrat presidents.37
Most of these evaluations measure growth during the president's term in office. But no president has control over the growth added during his first year. The budget for that fiscal year was already set by the previous president, so you should compare the gross domestic product at the end of the president's last budget to the end of his predecessor's last budget.
For Obama, that would be the fiscal year from October 1, 2009, to September 30, 2018. That's FY 2010 through FY 2017. During that time, GDP increased from $15.6 trillion to $17.7 trillion or by 13%. That's 1.6% a year.38
The chart below ranks the presidents since 1929 on the average annual increase in GDP.38
U.S. Bureau of Economic Analysis. "
National Income and Product Accounts Tables," Accessed Sept. 30, 2019.
President | FY Budget | GDP (in Billions) | Added to GDP | % Increase | Ave Annual |
---|
Roosevelt | 1945 | $2,352 | $1,524 | 184% | 15.3% |
LBJ | 1969 | $4,792 | $1,089 | 29% | 5.9% |
JFK | 1964 | $3,703 | $443 | 14% | 4.5% |
Clinton | 2001 | $13,131 | $3,446 | 36% | 4.4% |
Reagan | 1989 | $8,867 | $2,107 | 31% | 3.9% |
Nixon | 1974 | $5,687 | $895 | 19% | 3.7% |
Carter | 1981 | $6,759 | $810 | 14% | 3.4% |
Eisenhower | 1961 | $3,260 | $685 | 27% | 3.3% |
GW Bush | 2009 | $15,605 | $2,474 | 19% | 2.4% |
GHW Bush | 1993 | $9,685 | $818 | 9% | 2.3% |
Trump | 2018 | $18,051 | $392 | 2% | 2.2% |
Obama | 2017 | $17,659 | $2,055 | 13% | 1.6% |
Ford | 1977 | $5,949 | $262 | 5% | 1.5% |
Truman | 1953 | $2,575 | $223 | 9% | 1.2% |
Hoover | 1933 | $828 | $(282) | -25% | -8.5% |
The next table calculates the average annual growth for Democrats versus Republicans. Because of the Depression, Democrats grew the economy 5.2% annually, while Republicans only grew it 1.4%.
President | Democrats | Republicans |
---|
Roosevelt | 15.3% | |
LBJ | 5.9% | |
JFK | 4.5% | |
Clinton | 4.4% | |
Reagan | | 3.9% |
Nixon | | 3.7% |
Carter | 3.4% | |
Eisenhower | | 3.3% |
GW Bush | | 2.4% |
GHW Bush | | 2.3% |
Trump | | 2.2% |
Obama | 1.6% | |
Ford | | 1.5% |
Truman | 1.2% | |
Hoover | | -8.5% |
Total | 36.4% | 10.9% |
Ave. Annual | 5.2% | 1.4% |
Since the Depression was an outlier to this dataset, it makes sense to remove both FDR's and Hoover's results. In that event, it's almost a wash. Democrats gained 3.5% on average while Republicans gained 3.2%.
Another way to look at it is by considering what the president had to deal with during his term. A president will have better growth if he had no recession. That's one reason why the Democrats did slightly better. Presidents Johnson, Jimmy Carter, and Clinton didn't have recessions. The only Republican president who can say that is Trump. All other presidents had to contend with the
worst recessions in U.S. history.
Wars and post-war periods also disrupt the economy. They can sometimes spur growth if they occur during an
economic contraction, but they also distract a president from the economy and can sap needed resources. Presidents Carter and Clinton were Democrats that avoided war, and Republican Presidents Ford and Reagan can make the same claim.
The chart below indicates economic turmoil during the presidents' terms.
President | Term | Event |
---|
Hoover | 1929-1933 | Crash, Depression |
Roosevelt | 1933-1945 | Depression, WWII |
Truman | 1945-1953 | WWII, Recession |
Eisenhower | 1953-1961 | Korean War, Recession |
JFK | 1961-1963 | Vietnam War, Recession |
LBJ | 1963-1969 | Vietnam War |
Nixon | 1969-1974 | Vietnam War, Stagflation, Recessions |
Ford | 1974-1977 | Recession |
Carter | 1977-1981 | Recession |
Reagan | 1981-1989 | Recession, Black Monday |
GHW Bush | 1989-1993 | Recession, Gulf War, S&L Crisis |
Clinton | 1993-2001 | Growth, LTCM Crisis |
GW Bush | 2001-2009 | 9/11, Recessions, Wars |
Obama | 2009-2017 | Recession, Wars |
Trump | 2017-Present | War |
Bottom Line
The data reveals that economic growth performs better, overall, under Democratic presidents. But there are many factors that make it difficult to determine whether Republican or Democratic presidents responsible for that performance. Both have to deal with recessions, wars, and prior presidents' policies.
That doesn't mean it doesn't matter. The two parties have very different economic philosophies. Vote for the party that best reflects your values. An involved and educated electorate is the only way a democracy can survive.
Democrats and Republicans have different views on the economy and different ideas about what's best for growth. Which party has boosted the economy more?
www.thebalance.com
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