words.
"While the president is unlikely to be celebrated in history for his economic record, his presidency marks the end of Republican orthodoxy on economic matters dating to the late 1970s. The Republican frame for 40 years has been that Democrats are the party of tax, spend and regulation, while Republicans are the party of tax cuts, austerity and deregulation. It’s hard to let go of this message; for many years, it worked. But then we had the presidency of George W. Bush and the campaign of Mitt Romney. Bush won because he was a compassionate conservative, the supposed antidote to the callousness of Newt Gingrich. But he governed, with the exception of the prescription drug benefit, as an orthodox Republican, pursuing tax cuts for the wealthy and loose regulations. The deficit exploded and the economy collapsed. While these policies cannot be blamed exclusively for these economic outcomes, the rosy and ridiculous Republican assumption that cutting taxes on the wealthy and reducing regulation lead to prosperity was finally and brutally exposed. The trickle in trickle-down dried up, and Republican economic policies were blamed.
...Perhaps the new Republican ideas and approaches are germinating in some think tank or will be revealed soon on the presidential campaign trail. Until then, Republicans will lose the economic argument. A weak hand beats no hand every time."
THE WASHINGTON POST: The Republicans are losing the economic argument
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