The Latest from the Prospect
 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌


View this email in your browser
<[link removed]>

 

OCTOBER 20, 2022

Meyerson on TAP

**Is Kevin McCarthy the Next Liz Truss?**

The six-week reign of the U.K.'s PM makes clear that Reaganomics is a
disaster in the real world-but Republicans don't live in the real
world.

Well, that was quick. Henceforth, the musical accompaniment that's set
to footage of Liz Truss should be the Groucho Marx ballad "Hello, I Must
Be Going."

What the blink-and-you-miss-it rise and fall of Britain's six-week
wonder demonstrates is that even by the standards of the markets, much
less those of people's lives, Reaganomics is a complete disaster. To
combat the U.K.'s myriad economic woes, Truss exhumed the policies of
both Reagan and Margaret Thatcher: huge tax cuts for the rich and
deregulation of business, on the already disproven theory that such
measures can revive an economy. The markets, not to mention people
themselves, responded by pointing out that such policies swell deficits,
immiserate the poor, damage the middle class, enrich the already-rich,
and do nothing to fight inflation-indeed, by compelling central banks
to raise interest rates, they compound it.

Truss's policies were taken whole from a range of London-based
libertarian "think tanks,"
<[link removed]>
which had cocooned themselves, along with such playmates as The Wall
Street Journal's editorialists, in a plutocratic hall of mirrors that
admitted no light or data from the real world. Now that those policies
have met as decisive a real-world rejection as can be imagined, it would
be comforting to think that our own Republican Party, which appears
poised to take over the House after the midterm elections, would learn
from the Truss debacle.

It would be comforting, but it's not happening. Instead, Republicans
are planning to cut back on Social Security and Medicare by refusing to
extend the debt ceiling, which would plunge an already beleaguered
global economy into much deeper disarray. As my colleague Ryan Cooper
has noted today
<[link removed]>,

All four GOP representatives running to head the House Budget Committee
have promised that they are going to take the debt ceiling hostage
<[link removed]>
to get big cuts. "Our main focus has got to be on
nondiscretionary-it's got to be on entitlements," said Rep. Buddy
Carter (R-GA). Specifically, they mentioned increasing the eligibility
age for Social Security and Medicare, and adding means tests or work
requirements. Rep. Kevin McCarthy, who will probably be Speaker of the
House if Republicans take control, endorsed the strategy. "You can't
just continue down the path to keep spending and adding to the debt," he
said <[link removed]>.

In other words, the stake has yet to be driven through Reaganomics'
putrid heart. If ever it is to be, Democrats must make clear why this
zombie doctrine needs to be destroyed, a task to which they should
particularly address themselves between now and Election Day.

~ HAROLD MEYERSON

Follow Harold Meyerson on Twitter <[link removed]>

[link removed]

Progressive Orgs Jump In for Jamie McLeod-Skinner
<[link removed]>
Led by Fight Corporate Monopolies' new super PAC, progressive groups
are making a late bid to support the populist House candidate running
against a wealthy health care executive. BY AUSTIN AHLMAN

Republicans Are Coming for Your Social Security and Medicare
<[link removed]>
The party of starving grandma returns to its roots. BY RYAN COOPER

The Limits of Pro-Worker Conservatism
<[link removed]>
Today's reformers of the right have no connection to the Republican
Party's past accomplishments in strengthening the social contract. BY
JUSTIN H. VASSALLO

[link removed]
Using Policy to Reorganize Power
<[link removed]>
Even the best structural reforms will not succeed without aggressive
organizing. BY GEORGE GOEHL & LAUREN JACOBS

Donate to TAP's Midterm Tracker Travel Fund
<[link removed]>
to send our reporters to cover elections around the country. You can
tell us where to go, too! <[link removed]>  

Your 100% tax-deductible donation goes directly to the editorial team to
cover expenses for reporting and travel.
Thank you for your support!  

[link removed]

 

To receive this newsletter directly in your inbox, click here to
subscribe.  <[link removed]>

Click to Share this Newsletter

[link removed]


 

[link removed]


 

[link removed]


 

[link removed]


 

[link removed]

YOUR TAX DEDUCTIBLE DONATION SUPPORTS INDEPENDENT JOURNALISM
<[link removed]>

The American Prospect, Inc.
1225 I Street NW, Suite 600
Washington, DC xxxxxx
United States
Copyright (c) 2022 The American Prospect. All rights reserved.

To opt out of American Prospect membership messaging, click here
<[link removed]>.

To manage your newsletter preferences, click here
<[link removed]>.

To unsubscribe from all American Prospect emails, including newsletters,
click here
<[link removed]>.