Trade deals are one subject (one of the very few left) which do not break down on party line. Both the Republicans and the Democrats are split over the issue, so it's not a repeat of the usual partisan battle lines. But it is a clear defeat for Obama, who lobbied hard to very little effect.
Reaganomics, the plot to appease the rich and condemn the rest, got its comeuppance last week in President Obama's State of the Union speech. The president asked: "Will we accept an economy where only a few of us do spectacularly well?"
Paul Krugman's "Voodoo Economics, The Next Generation" does not make any more sense today than it did back in 1980 when presidential candidate G. W. Bush used this term to criticize Ronald Reagan's claim that cutting taxes on the rich would actually -- "magically" lead to greater economic growth.
For the first time in decades -- perhaps since his father denounced Ronald Reagan's voodoo economics in the 1980 primaries -- the old Republican playbook has run its course. In the chaos of today's GOP, Jeb Bush can actually write his own script.
The problem is not, as David Brooks postulates, that "Republicans like Romney often rely on an economic language that seems corporate and alien to people who do not define themselves in economic terms." The problem is that the GOP now represents those who embrace ignorance as a badge of honor.
Do Americans want a government of the people by the people for the people? Or do Americans want a government of the corporations by the corporations for the corporations, one dedicated to the proposition that the rich are better than everyone else?
Imagine you are a rich person who desires more money. You could boldly ask people to give you cash, but many might suspect that you don't "need" it. So what can you do? Consider the following two tales from the world of sports and politics.
The deficit, the Social Security shortfall, difficulties with Medicare -- they could all be solved if the nation returned to taxing policies that existed under Republican President Eisenhower, when the rate on top earners was 91 percent.
Ronald Reagan took aim at so-called welfare queens as a way to make the wealthy more wealthy. He gutted social security and social programs. Variations of his bait and switch have been going on ever since.