If Clinton and his party believe that tax cuts can cause a financial crisis that’s a new line of attack. I f they believe that financial deregulation did it; they have never made a comprehensive case for exactly how. If it was to much spending on defense rather than entitlements, then they should review the boom of the 1980’s. The Dems have never really made a coherent argument of how the GOP caused such misery—they only pointed the finger.
Both sides share culpability for it. Beginning in 2001 easy money from the fed flooded the markets with cheap credit, creating asset bubbles and finally tipping the American financial system on its side.
52 consecutive months of job growth under Bush. Dems don’t want to admit that their current strategy is reminiscent of it: Lean on the fed to juice the economy. Loose-money fed did not end well for the presidents who attempted it (Nixon, carter and bushes. Clinton the tech bubble collapse snowballed into a recession.
Clinton explained: “ever since we went off the gold standard which was necessary for economic management purposes, if you look at it we had a global financial economy before we had a global trade economy and certainly before we had any global environmental and labor safeguards.
Real household median income grew a measly 17% between 1971 and the year Nixon ended convertibility of the dollar to gold. The financial sectors share of the economy doubled while the manufacturing component was cut nearly in half. There has been a major financial crisis on average every four years. Clinton holds to the belief that the government knows better than the market what the economy needs, especially when it comes to money.
The party platform calls for a commission to study a gold standard.
Source: Weekly standard, jeff bell and rich danker