Are You Rich Enough to Vote Republican?

Being rich is not enough; only the very rich count with Republican politicians. In addition to their wealthy human base, a recent 5-4 Supreme Court majority handed them a vast new source of campaign funds. News reports are beginning to discover the infusion of enormous corporate contributions into an already well-endowed Republican effort to buy themselves a Congressional majority this November.

During the last forty years (since President Nixon), Republican politicians have been making ordinary voters happy with an illusory prosperity by recklessly inflating the amount of money in circulation. They eased bank regulation, manipulated interest rates, and, finally, W applied the most powerful inflationary “stimulus” of all, financing two wars and tax breaks with borrowed money.

The only people that benefited from Republican financial manipulations, however, were the very rich. According to James Surowieki writing in the New Yorker, “People who earn a few hundred thousand a year have done much worse than people at the top of the ladder.

“Between 2002 and 2007, for instance, the bottom 99% of incomes grew 1.3% a year in real terms—while the incomes in the top one percent grew ten per cent a year. That one percent accounted for all income growth in those years.”

But us 99% are bearing the brunt of the catastrophic economic consequences of W’s reckless tax avoidance borrowing since it came home to roost in 2007.

Most professional Republican advisors have publicly regretted going along with such risky financing. Alan Greenspan, former chairman of the Federal Reserve Board on whose watch W’s wartime borrowing boom occurred, now wants all $3.7 trillion of 2001 and 2003 tax breaks repealed and applied to reducing the national debt.

Now repentant deregulators read like a former celebrity list. Richard Posner, “The crisis is primarily, perhaps almost entirely, the consequence of decisions taken by private [banking] firms in an environment of minimal regulation.” David Stockman, former director of the Office of Management and Budget under President Ronald Reagan, is writing a book on “How my G.O.P. destroyed the U.S. Economy.”

President Obama has been forgiving—many say too forgiving—of Republican financial advisors. Timothy Geithner, who managed the Bush bailouts in 2008, is now Obama’s Treasury Secretary.

Republican politicians, however, are neither repentant nor forgiving. They’re in denial. The only song they sing, in the midst of the money meltdown their excessive borrowing spawned, is more tax breaks for their very wealthy supporters, paid for, again of course, with borrowed money. Every other kind of “government spending”—except for their endless nine-year old wars—must be sacrificed to “decrease the deficit” those wars and tax breaks created.

Obama, ever the conciliator, would cancel only $700 billion of the expiring $3.7 trillion in Republican tax breaks; that is, only tax reductions benefiting taxpayers with net joint income above a quarter of a million dollars annually would expire.

As revealed in Mr. Surowieki’s statistics, Republican politicians have, in effect, if not deliberately, been waging class warfare on behalf of the very rich against their poorer fellow citizens.

Republican are spending tons of money firing up a lot of angry people brimming with vituperation, including some armed and dangerous. I hope we survive such madness long enough for Republicans to repent cheating their poorer relations.

artwork: flickr, Patrick Hoesly