Are Republicans Ready to Embrace Reaganomics Again?
In the year 2000, George W. Bush barely eked out an electoral win with 271 votes. He fared only slightly better in 2004, with 286 electoral votes. This showed just how much trouble the Republican party was in. The country, by far, rejected the Bush administration's emphasis on aggressive foreign policy. While George W. Bush embodied all the classic conservative principles of American exceptionalism, deregulation, and family values — he failed to actually accomplish anything that would help the average conservative (much less the average American).
Unemployment under Bush increased from 4.3 percent to 7.3 percent. While GDP growth was actually strong under George w. Bush, median household incomes dropped for middle-class families due to two recessions under Mr. Bush. The Great Recession, which began during the last year of the Bush administration, pushed President Obama to focus his attention more at home rather than overseas. Of course, Obama continued Mr. Bush’s wars and even started a few new ones, but most of his Presidency was about Obamacare and fixing the economy.
The fact that Trump received a staggering 73.9 million votes during the recent election is a cause of concern — for both the Democratic Party and establishment Republicans. Trump has latched onto something that the GOP failed to do so.
The last time a Republican won in a massive landslide was George H.W. Bush, due to the lingering popularity of Ronald Reagan.
On the economic side, Regan pushed for reduced growth in government spending, reduction in federal income and capital gains taxes, reduction in government regulation, and tightening up the money supply. These are often the same economic principles supported and promoted by the Republican party.
Trump: Yes on Deregulation, Yes on Spending
While Trump has been given the title “Deregulator in Chief” government spending has increased by nearly $800 billion under his administration. Despite his anti-socialism rhetoric, Trump has increased subsidies to farmers, the coal and oil industry, and airlines.