GOP Economics 101

GOP ECONOMICS 101…. It’s hard to negotiate on economic policy with a caucus where this kind of thinking is common.

Representative Virginia Foxx, Republican of North Carolina, said that former President George Bush’s signature tax cuts in 2001 had created years of growth but that the nation’s problems started when Democrats regained majorities in Congress in the 2006 elections.

Noam Scheiber tries to use reason, asking, “So the Democrats came into office and a housing bubble retroactively inflated and began to pop? Mortgage-backed assets worth trillions less than their stated value just magically appeared on bank balance sheets and in hedge fund portfolios?”

The problem, of course, is that reason is irrelevant. A whole lot of people in the Republican caucus believe crazy things. One can present them with evidence, but since reality has a well-known liberal bias, facts merely get in the way.

It makes substantive dialog exceedingly difficult.

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