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Letter: Paul Ryan wants to double down on failure
Op-Ed · April 17, 2014
Should we be surprised that a political party which rejects scientific evidence, ignores the lessons of history, and shows disdain for democracy does not understand the basic economic law of supply and demand?
In 1914 Henry Ford doubled the wages of his employees, recognizing it was important that his workers could afford to buy one of his Model T’s. In the 1930’s, Franklin D. Roosevelt instituted Keynesian demand-side economics with a minimum wage, Social Security, higher taxes on wealth, and programs like the WPA, all of which gave struggling Americans a job, an income, and some dignity.
For the next 50 years, until 1980, under demand-side economics with high tax rates, we won World War II, built the Interstate Highway system, fought the Korean and Vietnam wars, while building a strong and growing middle class. This was all accomplished while accruing less than $1 trillion of national debt.
Since that time, we have been living under supply-side economics with its low tax rates for the wealthy, lack of financial regulation, and war on unions and the middle class, resulting in $16 trillion of national debt in only 35 years.
Now, that conservative party, under Paul Ryan’s guidance, wants to double down on that failed policy by cutting taxes further, weakening Social Security and Medicare, while blocking a minimum wage increase.
Preventing that plan has been made more difficult because of recent decisions by a conservative Supreme Court which has increased the influence of money in the electoral process and has given states more leeway in suppressing the vote of the poor and minorities. There is, however, still time to control our future by accepting our responsibilities as citizens to know the issues, register, and vote.
Larry Hodgden, Tipton
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