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Economic Views: Republican and Democratic Parties

Economic Views of the Republican and Democratic Parties
by

Lauren Kane

on 7 January 2013

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Transcript of Economic Views: Republican and Democratic Parties

The Economic Views of the Republican and Democratic Parties Amy Carr & Lauren Kane Hamilton (secretary of the treasury) and his supporters believed that a strong central government was needed to promote American economic growth.
Evolved from anti-federalist groups in the 1790s
Andrew Jackson is typically considered the first Democratic President
Favored state’s rights and strictly followed the constitution The Republican Party The Democratic Party Small Businesses Democratic Party Beliefs Economic Platform 2012 Reclaiming economic stability in the middle class
Strongly against top-down ideals
Tax the wealthiest Americans Fund small businesses to help them grow
Increase Small Business America resources Party Formation
Formed in the early 1850s over the issue of slavery
Republicans wanted a government favorable to business and banking interests.
Abraham Lincoln was the first Republican president

African American support
1950s Civil Rights Era: Democrats pursued economic policies African Americans supported while Republicans support civil rights legislation Republican Party on Taxes Global Economy Thesis
After researching both the Republican and Democratic party's stance on the economy, it is apparent that the economic policy best suited for the United States at this time is the Democratic “strong middle class” policy. History of the Republican Party General Beliefs
Supports individuals to be economically responsible for themselves
Believe in limited assistance for the poor
Opposed to labor unions and increases in minimum wage
Do not support strict environmental legislation
Support strong national defense

Economic Ideology
Republicans support lower taxes and limited government interference in economic areas. Republican Party Beliefs Republican Party Platform 2012 Support Jefferson’s vision of a “wise and frugal government”
Support keeping taxation, litigation, and regulation to a minimum
Want to lift up middle class Oppose tax policies that divide Americans or promote class warfare.
Believe Religious organizations, charities, and fraternal benevolent societies should not be taxed.

Believe revenue from taxes should be used to fund essential services authorized by the Constitution.
Rejects current IRS code
Republican tax Proposals
Extend 2001 and 2003 Bush tax cuts U.S. is experiencing the lowest rate of business start ups in thirty years
Party wants tax code reformation to allow businesses to generate enough capital to grow and create more jobs Republican Party on Small Businesses Believe in mortgage finance system based on competition and free enterprise
Believe in policies that promote reliance on private capital Republican Party on Home-ownership Finance Believe in reduction of corporate rate to keep U.S corporations internationally competitive.
Support a switch to a territorial system of corporate taxation Support the Balanced Budget Amendment that requires a super-majority for any tax increased putting a cap limiting spending to a certain average that ensures future congresses cannot raise taxes to balance the budget. Balancing the Budget Party plans to try to pass legislation that brings accountability to the Federal Reserve.
Support an annual audit of the Federal Reserve’s activities
An audit given in such a way that the Fed remains unaffected by political pressures. The Federal Reserve AC AC AC AC AC AC AC AC AC Current Events The Fiscal Cliff History of the Democratic Party General Beliefs
Big environmentalists
Equal opportunity for all Americans
Reluctant to go to war
Economic Ideology
Promote economic equality
Government spending on social services
Tax wealthiest Americans Tax the wealthiest Americans - use money to create new jobs
Tax cuts for working families struggling to make ends meet in the middle class
Lower taxes on companies in the United States Taxes Invest in education, research, clean energy, and infrastructure
Keep jobs in the United States
Close loopholes for wealthy Americans Democratic Party on the Deficit The President's Economic Responsibility New presidents are not responsible to the economy until they have been in office for one year.
President is considered responsible for the economy for one year after leaving office Ultimately Republicans and Democrats fare equally well based on economic records.
This conclusion can be drawn once the inherited economic conditions are taken into account. Which Party’s presidents are more Economically Successful? Which party's policy is best for the US today? LK LK LK LK LK LK LK Works Cited
Anderson, Dale. The Democratic Party: America's Oldest Party. Minneapolis, MN:Compass Point, 2007. Print. Snapshot in History.
Campbell, James E. "The President's Economy: Parity in Presidential Party Performance."Presidential Studies Quarterly 42.4 (2012): 811+. Student Resources in Context. Web. 18 Dec. 2012.
Democrats. Democratic National Committee, 2012. 29 Dec. 2012<http://www.democrats.org/news/blog/six_things_you_should_know_about_the_gops_plan_b>.
Peters, Gerhard. 2012 Democratic Platform. The Democratic Party, 2012. Web. 27 Dec. 2012. <http://www.presidency.ucsb.edu/ws/?pid=101962>.
“Democratic Party Platform (2012).” American Government. ABC-CLIO, 2012. Web. 27 Dec.2012.
On the Issues. On the Issues: Every Political Leader on Every Issue, 2012. Web. 24 Dec. 2012<http://www.ontheissues.org/Celeb/Democratic_Party_Budget_+_Economy.htm>.
Benson, Brannen, et al. "Republican Party." U*X*L Encyclopedia of U.S. History. Vol. 7. Detroit: UXL, 2009. 1310-1311. Student Resources in Context. Web. 1 Jan. 2013.
"Republican Party Platform (2012)." American Government. ABC-CLIO, 2012. Web. 30 Dec.2012.
Restoring the American Dream: Economy and Jobs. Republican National Committee,2013. Web. 30 Dec. 2012. <http://www.gop.com/2012-republican-platform_restoring/>.
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