Vermont Republicans are fond of slamming the Shumlin Economy, cherrypicking statistics that make the Governor’s record look bad. They criticize his policies as crippling to economic growth and middle-class prosperity. (And now that Bernie Sanders is running for President, they try to blame all the ills of the last three decades on him, even though he hasn’t been running the place and would clearly have adopted very different policies if he had been. Protip to Republicans: correlation is not causation.)
And yes, in spite of very low unemployment, it’s inarguable that the recovery has been slow and spotty for most Vermonters. Their purchasing power has remained stagnant. But this isn’t just a Vermont phenomenon, and if you look at other states with conservative governments, they’re failing at least as badly as we are.
Last Friday, Talking Points Memo posted a piece about how four Republican governors are seeing their presidential aspirations undercut by severe budget problems back home — problems attributable to the failure of their policies to hotwire their economies.
The basic concept is as cartoonish as when it was first sketched on a napkin by Arthur Laffer: cut taxes and the economy will flourish. Revenues will rise, as government takes a smaller slice of a growing pie. Business, freed of its public-sector shackles, will lead us into a prosperous future.
Trouble is, it doesn’t work. In Louisiana, WIsconsin, Ohio and New Jersey, Republican tax-cutting policies have failed: all four states have sluggish economies and huge budget shortfalls. It’s worse on both sides than anything Peter Shumlin has inflicted on the state of Vermont.