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As Trump destroys global financial stability, it’s time to recognize that GOP’s “fiscal responsibility” is a con—and America has been the mark for decades.
Tara Devlin
Apr 13, 2025
For over four decades, American voters have been subjected to one of the most successful mass gaslighting campaigns in modern history—the carefully cultivated myth that Republicans are better for the economy than Democrats.
We’ve heard our friends and family rely on this myth when making excuses for casting a Republican vote. "I’m a fiscal conservative," they claim, as if this magical incantation absolves them of supporting a party that openly peddles hate and division. They’ve got a Black friend! A gay cousin! They’re not like those Republicans. No, they just really love that sweet, sweet (supposedly amazing) Republican “fiscal” policy.
Of course, this is demonstrably false and easily debunked. A perfunctory dive into our history reveals the repeated economic calamities Republican policies have wrought for the working class majority.
In order to vote for their own demise, the average Republican has swallowed two lies: first, that the only thing Democrats do is "tax and spend" (code for: they take money from hardworking white people and give it to those lazy “others”), and second, that Republicans are somehow guardians of financial wisdom, and “adult” enough to unsympathetically kick those lazy “others” in the ass (to motivate them).
They’re half right about one thing—Democrats do want to raise taxes— on the billionaires who’ve been riding our backs like entitled parasites for generations. Not, the working class.
The truth is Republicans tax hardworking Americans of all pigments, but rather than giving it to all those lazy supposed “welfare queens” who roll up in limos to collect their public assistance and their “young buck” sons buying T-bone steaks with their oh-so-generous food stamps, Republicans rob from working people to add another zero on the bank accounts of the already-rich.
The Math Doesn’t Lie—Republicans Do
Here’s what your Republican uncle doesn’t understand: every dollar spent on social programs generates about $1.60 in economic activity. That’s money flowing back into the economy and local businesses. But when Republicans shift that money upward through tax cuts for the rich, it disappears into offshore accounts and stock buybacks, widening the inequality gap that’s already choking our democracy. It’s like giving the wealthy more “mad money” to buy politicians and corrupt government, ensuring that income disparity between the rich and poor widens and the chances for upward mobility for those not born with a trust fund gets further out of reach.
Math, history and our own eyes show us the entire GOP economic agenda is a con job to slash taxes for the oligarchs, deregulate corporations until they’re our unrestrained overlords, then cry about deficits the second the Democrats attempt to do anything to balance the scales for the working-class majority. And yet, despite a century of irrefutable proof that conservative policies lead to financial calamity for the many, the media still treats "Republican fiscal responsibility" as a legitimate position rather than the bad-faith grift it so obviously is.
In his first mal-administration, the Republican con man standard bearer added trillions to the debt with his tax scam that did nothing but make the rich richer and increase a wealth gap that was already wider than in Ancient Rome. Yet, in 2024, Republicans had the gall to run on economic competence. Why wouldn’t they? The media played along, incessantly reporting polls showing voters trusted Trump on the economy despite all available evidence proving it was a sucker’s bet.
This wasn’t reporting—it was active participation in the Republican con with a fabrication so easily debunked that repeating should be considered media malpractice. Yet, we saw it gain traction throughout the entirety of the last presidential campaign. While right-wing propaganda outlets can be expected to cultivate the fiction their a serially bankrupt standard bearer is an economic genius, the mainstream media spent the 2024 election cycle repeating endless polls showing that average Americans believed Trump would be better for the economy than Biden. Again, in spite of all evidence to the contrary.
So, here we are, watching as con man whose entire career is a case study in grift and failure, turns the global economy into his latest “Trump Taj Mahal.” And yet, somehow, the corporate media still gives the Republican Party the benefit of the doubt, as if they’re even attempting to be sober stewards of shared prosperity.
Well, it’s time to say, “enough!” Let’s drag this myth into the middle of 5th Ave and do away with it once and for all
GOP: From “The Party of Lincoln” to the Party of Looters
It may be hard to believe now, but the Republican Party was once a progressive force in American politics. Founded in 1854 by Northern abolitionists in opposition to the expansion of slavery into new territories, Republicans once pushed for civil rights, public education, and economic reforms to benefit both Black and white citizens. By the 1880s, they sold their soul to became the spokesmen for selfishness and unbridled greed. The GOP became the political enforcers for Rockefeller, Carnegie, and J.P. Morgan—trading their moral backbone for gilded-age bribes. This was the moment the Republican Party stopped being a force for economic justice and became the attack dogs of oligarchy and they’ve been licking corporate boots ever since.
The First GOP-Created Economic Collapse: The Long Depression (1873–1896)
Before the Great Depression of the 20th Century, there was a 23-year economic nightmare sparked by wild speculation, corporate looting, and brutal austerity—AKA: Republican policies. What later became known as the “Long Depression,” began with a financial crisis called the “Panic of 1873”, which kicked off when “Jay Cooke & Company” collapsed under the weight of its overextended investments. The failure of this major financier of railroad expansion sparked a chain reaction of bank failures and business bankruptcies. The New York Stock Exchange was forced to close for ten days, and within two years, 18,000 businesses failed, including 89 railroads.
The American “Robber Baron”
Railroads were America’s first major industry, but the exploitative practices of the powerful, so-called “captains of industry” earned them the infamous nickname "robber barons." The term originally referred to medieval European feudal lords who preyed on travelers by imposing exorbitant tolls or engaging in outright banditry along the trade routes they controlled. By the late 19th century, newspapers and Congressional testimony drew parallels between these medieval oppressors and their American counterparts—figures like Vanderbilt, Rockefeller, and Carnegie—whose rapacious greed, monopolistic practices, and complete disregard for the public good led to widespread suffering among working people. Their actions solidified their reputation as modern-day robber barons, exploiting the nation solely for selfish personal gain.
The GOP's commitment to "hard money" policies meant supply was constrained by the amount of gold available. Limited currency in circulation disproportionately harmed farmers, laborers, and debtors while benefiting wealthy creditors. Construction halted, wages were slashed as much as 50% and strikes erupted nationwide. While punctuated by periodic recessions, the Long Depression lasted decades. It was an example of conservatives putting corporate profits over public welfare, leaving workers to bear the brunt of austerity and financial collapse. A cycle that will repeat again and again.
It took the Progressive Era—and Democratic leadership—to finally rein in this out-of-control corporate oligarchy. No, it wasn’t the goodness of our benevolent Lords finally seeing the light and deciding to share the profits of the wealth that labor makes possible in the first place—but government policy that somewhat balanced the scales.
Progressives introduced antitrust laws, labor protections, and a federal income tax to claw back some semblance of economic fairness. The pattern was set: Republicans wreck the economy for the many to enrich the few—Democrats clean up the mess.
The Republican Great Depression (1929–1941)
If we need a definitive case study in failed Republican economic malpractice, look no further than the Republican Great Depression of the early 20th century—a catastrophe entirely engineered by GOP policies.
Under Republican rule in the 1920s, the U.S. was transformed into a high-stakes casino for the wealthy elite, featuring tax cuts for millionaires, zero financial oversight, and a stock market driven by reckless speculation rather than sound investment.
When the bubble burst in 1929, Republican President Herbert Hoover responded as Republicans often do when confronted with the reality of their failed policies—by doing nothing. The ideology of “laissez-faire” capitalism and the myth of “rugged individualism” were the canon of their “I got mine, better luck next life” cult. Republicans dismissed the widespread suffering their policies caused as merely a turn of Fortuna’s wheel—a bump in the economic cycle. Naturally, their indifference to the plights of average Americans had devastating consequences. Unemployment soared to 25%, millions lost their homes and faced starvation. The harrowing toll of malnutrition and hypothermia climbed as Republicans remained passive, seemingly unconcerned with the suffering their policies inflicted. Waiting out the clock when the supposed cycle corrected itself —after so many had suffered and died, of course.
Governor FDR’s New Deal Gets a Trial Run in New York
In stark contrast, during the Republican Great Depression of the 20th century, then governor of New York Franklin D. Roosevelt took the New Deal for a test drive as his state experimented with government intervention to address the crisis. New York became the only state to provided public assistance to those devastated by the economic collapse—a precursor to what would become his transformative New Deal.
For example, in 1931, Roosevelt created New York’s “Temporary Emergency Relief Administration” (TERA). Our nation’s first program for unemployment relief, TERA provided direct home relief and work relief, focusing on socially useful projects that paid prevailing wages. While other states directed suffering citizens to fall back on the old Dark Ages strategies of begging alms from the Church—policies throughout history that did nothing but let an indifferent government off the hook for doing nothing to promote the general welfare—Roosevelt raised state income taxes on the wealthy by 50%, authorized bonds to fund public works programs and put New Yorkers back to work. While Americans struggled under minimal or non-existent relief efforts in other states, New York became a model of how government could step in to protect citizens during economic collapse, laying the ground work for the national New Deal.
FDR’s New Deal Goes National
In 1932, FDR was elected to the presidency on the promise to actually do something to help Americans suffering under the Republican economic collapse. Fundamentally reshaping America’s economy, the New Deal introduced Social Security, which, ensuring that millions no longer faced destitution if a calamity befell them or they were fortunate enough to grow old. The New Deal also aimed to prevent the kind of reckless speculation that actually led to the economic depression to begin by regulating Wall Street through the Securities Exchange Act. Labor rights were strengthened with the Wagner Act, empowering workers to unionize and bargain collectively, leading to better wages and working conditions.
Public works programs, such as the Civilian Conservation Corps (CCC) and the Works Progress Administration (WPA), put millions back to work building infrastructure, roads, and schools all over the nation. These initiatives not only provided immediate relief but also laid the groundwork for long-term economic growth that had the added benefit of modernizing the country’s infrastructure.
The New Deal’s success was undeniable. It pulled America out of the Great Depression and laid the foundation for an unprecedented era of prosperity in the post-war years. For the first time in history, a thriving middle class emerged as the backbone of American society, buoyed by policies like the GI Bill, which helped millions of veterans returning from defeating fascism overseas to shore up freedom and prosperity at home through accessing education and home loans.
Right on cue, in subsequent decades conservatives in both parties began dismantling these policies. With the help of right-wing media made possible by Bill Clinton signing the “Telecommunications Act of 1996,” the American people began to think that their middle-class status was a direct result of own “bootstraps” rather than a result of hard work and government policies. The conservative media sang a siren song of divisiveness to the white working class that went something like this—if they had “pulled themselves up by their bootstraps,” what’s wrong with those “other” communities? Of course, the likes of Rush Limbaugh and Fox News left out that in order to get votes from Senators and Representatives from the Jim Crow south, some New Deal policies weren’t extended to Americans with darker pigment. In any case, the environment that created an economically vibrant working class came from government policies, not because a Robber Baron felt like trickling. Conservatives in the halls of power ramped up their “divide and conquer” rhetoric, began chipping away at the New Deal and the middle class began, once again, slipping lower and lower on the ladder.
Reagan’s Trickle Down Lies
Fast-forward to the 1980s, when Ronald Reagan took the GOP’s old playbook—cut taxes for the rich, deregulate everything, and let corporations run wild—and rebranded it as "supply-side economics." This concept suggested that if the wealthy were given tax breaks, they would invest those savings back into the economy, ultimately benefiting everyone.
Never at a loss for shamelessness, Republicans employed easily-debunked charts and graphs to justify their trickle down BS. Famously, Ronald Reagan displayed one of these charts during a national address. “The Laffer Curve” was supposed to depict how sweeping tax cuts on the rich would lead to shared prosperity for all.
I know you won’t be surprised to hear that empirical evidence from Reagan's presidency shows that these tax cuts disproportionately benefited the rich while failing to deliver the promised economic benefits for the broader population. By slashing top marginal tax rates from 70% to 28%, all Reagan did was allow the wealthiest Americans to accumulate even more wealth, while middle- and lower-income groups saw their prosperity decline.
It was always a scam. Reagan’s tax cuts exploded the deficit, ballooning it from around $900 billion in 1980 to over $2.8 trillion by the end of his presidency. His union-busting efforts crushed wages, leading to a decline in the middle class purchasing power. Financial deregulation paved the way for the Savings & Loan crisis, a disastrous failure that cost taxpayers $160 billion to clean up. The rich got richer—by 1989, the wealthiest 1% held 40% of the nation’s wealth—while everyone else got screwed. Republicans spun this as a "boom," claiming that the economy was thriving, despite the growing inequality.
The worst part is they’re still peddling the same snake oil today, insisting that tax cuts for the wealthy will lead to job creation and economic prosperity, even in the face of mounting evidence to the contrary. By continuing to spread the trickle down lie, they ultimately give away the game that their policies are ruse to make the rich richer and turn the working class into the more malleable working poor.
Bush II: From Surplus to Another Meltdown
When Bill Clinton left office in 2001, the U.S. had a budget surplus and was on track to pay off the national debt. The country was experiencing economic growth characterized by low unemployment and rising wages. Then George W. Bush arrived with two unfunded wars in Iraq and Afghanistan and tax cuts predominantly benefiting the wealthy—and within eight years, the economy was in freefall.
The 2008 financial crash wasn’t an accident; it was the direct result of GOP deregulation, which allowed Wall Street to turn the housing market into a Ponzi scheme. The repeal of the Glass-Steagall Act in 1999, which had previously separated commercial and investment banking, contributed significantly to the crisis. Millions lost their homes, and unemployment soared to nearly 10%. Meanwhile, Republicans suddenly remembered once again that they "cared" about deficits—just in time to block Obama’s recovery efforts.
Obama: Cleaning Up Bush’s Mess and Handing Trump a Booming Economy
When Barack Obama took office in January 2009, he inherited the worst economic crisis since the first Republican Great Depression—courtesy of George W. Bush’s catastrophic kiss up/kick down mismanagement. The stock market had collapsed, unemployment was skyrocketing, and the auto industry—the backbone of American manufacturing—was on the verge of total collapse, with GM and Chrysler facing bankruptcy.
But instead of doing what Republicans always do (let it burn), Obama acted:
The American Recovery and Reinvestment Act injected $831 billion into the economy, creating millions of jobs and preventing a full-blown depression. This included funding for infrastructure projects, education, and healthcare, which collectively helped stimulate economic activity.
The auto bailout saved GM and Chrysler, preserving 1.5 million jobs and preventing economic collapse in the Midwest, which would have had devastating effects on local economies.
Dodd-Frank financial reform reined in Wall Street’s worst excesses, imposing stricter regulations on banks to prevent another financial crisis (though not enough, thanks to GOP obstruction).
The result:
75 straight months of job growth—the longest streak in U.S. history.
Unemployment dropped from 10% to 4.7% by the end of Obama’s term, signaling a robust recovery.
The stock market tripled, adding $18 trillion in wealth, benefiting not just the rich but also the middle class via retirement accounts and investments.
GDP grew steadily, with no recessions in his final six years—demonstrating the effectiveness of his policies.
This is the economy President Obama handed the tax-cheating serial bankrupt Republican con man that succeeded him, despite receiving fewer votes. Obama left Putin’s favorite president a thriving economy with record-low unemployment, rising wages, and booming markets— an economy Trump immediately took credit for, despite having done nothing to build it.
Trump: The Grifter-in-Chief Who Crashed the Economy (Twice)
As I’ve written above, Traitor Trump inherited President Obama’s thriving economy, immediately took credit for it, then proceeded to pass a $1.9 trillion tax cut for corporations that disproportionately benefited the wealthy and did nothing for workers. Wages stagnated, and the deficit ballooned to over $3 trillion. In keeping with his unbroken record of destroying everything he gets his greed-centered clutches on, Trump’s pandemic response was the worst in the world.
For a refresher, let’s review:
The conman Republican standard bearer dismantled the pandemic response team Obama had created, which had been specifically designed for situations like this.
He ignored warnings, downplayed the threat, and let the virus spread unchecked, resulting in over 700,000 American lives lost.
His chaotic "leadership" led to the worst economic collapse since the Great Depression, with 22 million jobs lost in a single month, and many small businesses shuttered permanently.
By the time he left office, the U.S. had fewer jobs than when he started—the worst record since Herbert Hoover.
And yet, thanks to corporate media gaslighting, many still insist he was an economic genius, despite the overwhelming evidence to the contrary.
In case you needed more examples of Republican destruction, let’s just take a stroll through the Red States.
Red States: More Illustrations of Failed Republican Policies
If Republican economic policies actually worked, we’d expect their stronghold states to be thriving models of prosperity. Instead, they’re national embarrassments—collapsing under the weight of their own ideological malpractice.
Let’s briefly go through some.
Kansas: The Tax-Cut Lab Rat That Almost Died
• The Experiment: In 2012, GOP Governor Sam Brownback slashed taxes for the rich, promising an economic "miracle."
• The Result: Instead of prosperity, Kansas faced school closures, crumbling infrastructure, and a tanking credit rating. Funding for public education was slashed, teacher layoffs increased, and even Republicans had to reverse the tax cuts in 2017, acknowledging the disastrous impact on the state's economy.
Texas: The "Miracle" That’s Really a Corporate Welfare Scam
• The Myth: Texas boasts about low taxes and "small government," portraying itself as a beacon of economic freedom and opportunity.
• The Reality: Despite these claims, Texas has the highest uninsured rate in America, a collapsing power grid exposed during winter storms, and schools facing severe underfunding. Moreover, Texas takes $1.50 from blue states for every $1 it pays in federal taxes, effectively relying on the economic stability of states like California and New York to prop up its own failures.
Mississippi: America’s Basement
• The Record: Mississippi consistently ranks dead last in healthcare, education, and infrastructure, with a poverty rate exceeding the national average.
• The Hypocrisy: This state receives $2.63 in federal aid for every $1 it contributes, all while lecturing about "self-reliance" and personal responsibility. The state's leaders often advocate for smaller government, yet they rely heavily on federal funds to survive.
Alabama: The Education Crisis
• The Reality: Alabama's education system is among the worst in the nation, with some of the lowest funding per student and poor graduation rates. The state ranks 50th in education spending, leading to a workforce ill-prepared for modern jobs.
• The Federal Dependency: Alabama takes $1.71 in federal aid for every $1 it contributes, showcasing its reliance on federal support while promoting anti-government rhetoric.
Louisiana: The Poverty Capital
• The Record: Louisiana has the highest poverty rate in the country, with significant disparities in healthcare access and educational attainment. The state frequently ranks at the bottom for public health outcomes and infrastructure.
• The Funding Gap: Louisiana receives $1.38 in federal aid for every $1 it pays in taxes, demonstrating its economic dependence on federal support.
West Virginia: The Coal State in Decline
• The Reality: Once thriving due to coal mining, West Virginia has seen its economy decline sharply as coal jobs disappeared. The state has one of the highest unemployment rates and struggles with widespread drug addiction.
• The Federal Lifeline: West Virginia takes $2.25 in federal aid for every $1 it pays in taxes, relying heavily on federal funds to support its economy.
Arkansas: A Struggling Economy
• The Record: Arkansas consistently ranks low in health care, education, and economic opportunity. The state has high rates of obesity and poor health outcomes, which impact productivity and economic growth.
• The Dependency: Arkansas takes $1.51 in federal aid for every $1 it pays in taxes, showcasing its reliance on federal assistance to sustain its economy.
Oklahoma: The Budget Crunch
• The Crisis: Oklahoma has faced severe budget shortfalls, leading to cuts in education, healthcare, and public safety. The state has one of the highest rates of uninsured residents and struggles to fund essential services.
• The Aid Reliance: Oklahoma takes $1.29 in federal aid for every $1 it pays in taxes, revealing its economic vulnerability and dependence on federal support.
Red States Are the Real “Welfare Queens”
The top ten states that take the most federal aid relative to taxes are all Republican-run. Red states like Kansas, Texas, Mississippi, Alabama, Louisiana, West Virginia, Arkansas, and Oklahoma are economic basket cases surviving only by leeching off progressive tax dollars from blue states like New York and California.
More infuriating still is rather than be grateful for the help Blue State voters generously provide, these poorly run Red State voters can’t seem to muster the manners or maturity to say “thanks,” and consistently disparage Democratic voters. They can’t even say the actual name of the DemocraTIC Party, for Chrissakes!
So, as we can see, history, reality and math have a “liberal bias” that can’t be denied. The persistent economic struggles faced by the American populace can be traced back to the deliberate actions and policies of the Republican Party. Time to stop giving them the benefit of the doubt. They’re not trying to cultivate an economy that works for all. They’re trying to replace the “Grand Experiment” with autocracy because it’ll be easier for them to steal. An upwardly mobile, economically vibrant working class is one that demands a fair share of the profits their labor makes possible. That’s a working class majority the “masters of the universe” don’t want to have to consider.
I really wish I were wrong, but watching Trump, Musk, and the Republican Party implement Project 2025, it can’t be denied: Republicans aren’t just rolling back the New Deal and the Progressive Era; they’re rolling back the American Revolution with the help of pervasive myths about their economic competence. Despite the overwhelming evidence linking GOP governance to economic crises, the party continues to perpetuate myths that shield them from accountability, aided by a complicit corporate media.
The historical pattern is clear: Democratic administrations are left to clean up the messes created by their Republican counterparts, who strategically employ tactics to maintain their grip on power, all while distracting voters with culture wars. As the threat of further economic ruin looms thanks to this incompetent tax-cheating lifelong con man at the helm, it is imperative for Americans to recognize the cycle of sabotage and take a stand against it.
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