Have you fallen for the Republican mythology that they are better for the economy than Democrats are? Well, don’t feel bad, because that are the masters of spin. However, it isn’t true. Larry Bartels, professor of political science at Princeton University, writes about two facts in the post WWII era in his new book, “Unequal Democracy.”
Alan Blinder, economics and public affairs professor at Princeton and former vice chairman of the Federal Reserve describes these two facts as follows:
- The Great Partisan Growth Divide - the United States economy has grown faster, on average, under Democratic presidents than under Republicans.
- The Great Partisan Inequality Divide - over the entire 60-year period, income inequality trended substantially upward under Republican presidents but slightly downward under Democrats, thus accounting for the widening income gaps over all
He goes on to point out that Republicans have won five of the seven elections since 1980.
What are the consequences of this great divide? Well, “eight years of growth at an annual rate of 0.43 percent increases a family’s income by just 3.5 percent, while eight years of growth at 2.64 percent raises it by 23.2 percent.”
Interestingly, wealthy families do about as well under either Democratic or Republican administrations. However, lower income families have much at stake.
The evidence is clear – poor people do better economically under Democrats.