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Free Market Fallacy

I have sat by and watched while the republican party of today has become barely more than a projection of business interests, an embarrassing parade of hypocrisy and ignorance. I watched as Fox News became less ‘fair and balanced’ and more ‘this was not intended to be a factual statement.’ I have sat by while the myth of the rational markets was abused to further deregulation and tax cut fever. I can no longer identify with the free market fallacy that has become the go-to excuse for why we should cut government. I am speaking up. First, I must address supply side economics. It is quite clear to me that while cutting tax rates follows the same economic principles as other aspects of economics, namely, that you will have decreasing marginal effectiveness. Reagan stimulated the economy with tax cuts, and that worked because it had high marginal utility. The Bush tax cuts worked less on the principle of decreasing marginal utility. The effect was that most of the benefit went to the top earners, and less trickled down. It seems crazy to me that the republican party wants to continue down this slope of decreasing effectiveness, as if it will have the same effects it did under Reagan. Next, we must address the perpetuation of free market ideology on the right. Really existing doctrine shows us very clearly that republicans will use this idea in order to cut social programs, but will routinely ignore it when it comes to subsidies for the business community, particularly when that business has jobs in their districts (see Boeing). Another hypocrisy of this is immigration. Immigration is simply the free labor market equalizing itself. As wages are higher here than in Mexico, labor will come here. But somehow in this case the free market suddenly becomes the enemy, and we need stricter immigration laws. We also often neglect that outsourcing is a natural effect of free markets, as labor is cheaper overseas. My point is this, that somehow, through stupidity or deceit, the Republican leadership has become blind to all but the wealthy and influential, and have turned their back on the average citizen. It is sad to see long-serving republicans being challenged by others who are not willing to compromise. Our democracy works when we have both sides of a conversation, and I believe that the surge of radical republicanism in the congress is only a detriment to our nation’s health.

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