The Economic Fire
When the Normans conquered a region of present day Italy in the eleventh century they engaged in extortion. They would start to burn the crops of the natives and then demand payment for putting the fire out.
This form of extortion parallels what the citizens of the U.S. face today from the GOP, with one noteworthy exception. You see, they helped create the economic mess that we have been in, that is, they set the fire. They did so through deregulating Wall Street and the banks, along with lax enforcement of existing regulations, which led the economy to tank at the end of the Bush years. (Yes, the Democrats did go along with some of these measures but the initiative to deregulate Wall Street and the banks has been based on Republican dogma.) But unlike the Normans, they can’t put the fire out. For the tools they would use to extinguish the fire are the same ones that helped start it in the first place.
Now you say this is unfair. The Normans intended to extort by setting the fires. The Republicans believed that what they were doing was good for the economy. They did not plan to extort. Fair enough. But we have now reached a point in which it doesn’t really matter what the Republicans’ intentions were or are. The fact is that they set the fire and they want to use the same flame thrower to put it out.
What does this actually amount to for us non-wealthy folk? We will have less protections against various kinds of fires, for example, illness, unemployment, lack of resources for retirement, etc. And we will be asked to pay more for any protections that are left. We will be told that this isn’t so by the GOP. They will tell us that by lowering taxes and deregulating we will unleash the as yet unleashed forces of the market. Well, fool me once, shame on you. Fool me twice, shame on me. There are no free lunches. As the vast majority of experts on the economy will tell you, we can’t get out of our current fiscal situation without prudent entitlement policies and new taxes. This was the recommendation of the Simpson Bowles Commission, a recommendation which free market fanatics like Ryan helped tank because it suggested new taxes (although Ryan dishonestly has tried to blame Obama).
If the GOP wins this election and manages to push through more deregulation and tax cuts, especially for corporations and the rich, we and our children will end up having to pay more to cover the enormous debt and suffering that will be created by these policies. We will have to pay for the fire that they have started, once again.