13 Ways In Which Republicans Are Wrong

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I’ve got a piece coming up in the next issue of the magazine about five economic memes that deserve to die. By the time it was done, it had actually turned into six memes, but apostate Republican David Frum goes me seven better today by listing 13 — yes, 13! — ways in which the Republican consensus on the economy is wrong, wrong, wrong:

  1. It is wrong in its call for monetary tightening.
  2. It is wrong to demand immediate debt reduction rather than wait until after the economy recovers.
  3. It is wrong to deny that “we have a revenue problem.”
  4. It is wrong in worrying too much about (non-existent) inflation and disregarding the (very real) threat of a second slump into recession and deflation.
  5. It is wrong to blame government regulation and (as yet unimposed) tax increases for the severity of the recession.
  6. It is wrong to oppose job-creating infrastructure programs.
  7. It is wrong to hesitate to provide unemployment insurance, food stamps, and other forms of income maintenance to the unemployed.
  8. It is wrong to fetishize the exchange value of the dollar against other currencies.
  9. It is wrong to believe that cuts in marginal tax rates will suffice to generate job growth in today’s circumstance.
  10. It is wrong to blame minor and marginal government policies like the Community Reinvestment Act for the financial crisis while ignoring the much more important role of government inaction to police overall levels of leverage within the financial system.
  11. It is wrong to dismiss the Euro crisis as something remote from American concerns.
  12. It is wrong to resist US cooperation with European authorities in organizing a work-out of the debt problems of the Eurozone countries.
  13. It is wrong above all in its dangerous combination of apocalyptic pessimism about the long-term future of the country with aloof indifference to unemployment.

I have to say, once people break with the Republican Party these days, they really break. They don’t become Democrats or anything, but if anything, they actually savage their former comrades more than Democrats do. I’d love to see something this pithy from, say, Barack Obama. It’s inspiring.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

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