A Democratic sweep would bring a faster job market recovery, millions more jobs, shrink the unemployment rate faster, and boost the number of workers in the labor force, according to Moody’s Analytics.
If Biden wins the White House and Democrats control Congress, the economy would add 18.6 million jobs by 2024, but if Trump and Republicans sweep only 11.2 million jobs will be created, Moody’s said, adding the “unemployment rate would recover much quicker under Democratic control, too, falling to 5.2% in 2022 compared with just 7.1% in a Republican-sweep scenario.”
A major reason for this is that Democrats would enact another round of stimulus, spend on infrastructure, and worry less about deficits than Republicans.
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The GOP isn’t credible on deficits anymore. Whatever high ground they held on that issue has been lost to abusing deficits for their own selfish gain. Under Reagan, Bush43, and Trump, they ran big deficits to give rich people huge tax cuts, but the jobs they claimed this would create mostly didn’t materialize. Consequently, most Democrats and many independents have come to see Republican haranguing about deficits as hypocritical and self-serving.
Historically, Republicans wanted to cut spending in response to falling tax receipts during recessions to avoid deficits. Real-life experience strongly suggests these so-called austerity policies are deadly to the economy, and can turn recessions into depressions. Republicans who opposed Obama’s stimulus and demanded austerity in the depths of the Great Recession, had they gotten their way, would have turned that disaster into a much worse catastrophe. Most economists’ criticism of Obama’s stimulus was that it wasn’t larger enough, but he couldn’t get a larger one through Congress because of GOP oppositon.
The biggest single reason why I’m a Democrat, not a Republican, is because Democratic economic policies work, and Republican economic policies don’t work. Data going back to the 1920s shows the economy does better under Democrats. Jobs, especially, are very important to most people. A party that helps the rich, who don’t need help, at the expense of people who need work to live, isn’t a party I’m willing to vote for under normal circumstances. The GOP that exist today isn’t a party I’m willing to vote for under any circumstances.
I believe in regulated capitalism, not laissez-faire, and I don’t believe markets left to themselves always function efficiently or recover on their own. History long ago laid that myth to rest, yet some people keep propagating it. I use the analogy of a dead car battery. By itself, it won’t start; it needs a boost. A capitalist economy at times needs to be jump-started just like a car. Anyone who says otherwise is ignoring history. I don’t believe in making the same mistakes over and over, and that’s why I don’t trust Republicans when they talk about the economy, because they’re too wrapped up in ideology and dogmatism, and don’t seem to have learned anything from real-world experience.