The New Republic and similar outlets continue blaming Republicans for tanking the economy. The historical record shows a clear, repeated pattern.During the 2008 mortgage crisis, Democrat-led pressure that began in the 1990s under Janet Reno and President Bill Clinton’s Justice Department forced banks to loosen lending standards in the name of equity. When the bubble burst, the Obama administration bailed out the very banks that had participated in the reckless lending. Wall Street executives kept their bonuses while millions of ordinary Americans lost homes and savings.Obamacare was another massive wealth transfer to Big Pharma and insurers. Mandates and subsidies funneled hundreds of billions of taxpayer dollars into the healthcare complex while driving up premiums for middle-class families.
Then came COVID-19. Democrat-led policies and public health overreach deliberately crushed small businesses on Main Street while supercharging the wealth of connected billionaires. Small restaurants, gyms, retail shops, and service businesses were forced to close or operate under crippling restrictions.
Meanwhile, Amazon (buy from home), Tesla (EV mandates/subsidies), Big Pharma (Obamacare & COVID vaccines), streaming giants (Amazon Prime, Apple, Meta/Facebook, Netflix, Google), internet and phone manufacturers (Apple, Samsung, Google), and bandwidth/service providers (Comcast, AT&T, Verizon, Quest et al) were boosted by the lockdowns and thrived. The result was one of the greatest wealth transfers in modern American history: from small businesses and taxpayers to billionaire innovators. These companies rolled the profits into space exploration, robots, drones, and artificial intelligence.
