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Letter: GOP economic policies discredited decades ago

Published: Friday, Oct. 19, 2012 5:30 a.m. CDT

To the Editor:

One of the most basic facts of this election is something that neither the erstwhile “watchdogs of the media,” nor even President Barack Obama and Vice President Joe Biden seem willing to point out – so I will do so.

Every economic idea the Republicans have put forward since 1980, and are putting forward now, was thoroughly debunked in 1927. Unregulated markets caused the first Great Republican Depression, and it took President Franklin D. Roosevelt 11 years of government spending and regulation to fix President Calvin Coolidge’s mess.

Deregulated markets caused the second Great Republican Depression – which has not reached the depths of the first because the right has not yet completely succeeded in dismantling the safety net FDR and Lyndon Johnson built – and it will take a lot more than three years to fix Bush’s mess.

It will also take bolder measures than Obama has proposed, but at least his timidity is in the right direction. Giving Mitt Romney and his ilk another chance to further their transfer of wealth from the poor and middle class to the ultra-wealthy will assure that our grandchildren – if not our children – will live in a third-world country.

Peter Gerlach

Sycamore

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