Compare and contrast the Democratic party’s platform with the Republican platform on the issue of the economy.
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Answer:
Regulating the Economy Republican Style
The Republican Party is generally considered business-friendly and in favor of limited government regulation of the economy. This means favoring policies that put business interests ahead of environmental concerns, labor union interests, healthcare benefits and retirement benefits. Given this more pro-business bias, Republicans tend to receive support from business owners and investment capitalists, as opposed to support from labor.
Regulating the Economy Democratic Style
The Democratic Party is generally considered more willing to intervene in the economy, subscribing to the belief that government power is needed to regulate businesses that ignore social interests in the pursuit of earning a return for shareholders. This intervention can come in the form of regulation (such as limits on carbon emissions) or taxation to support social programs. Opponents often describe the Democratic approach to governing as "tax and spend."
Which Party is Better for the Economy?
Princeton University economists Alan Binder and Mark Watson argue the U.S. economy has grown faster when the president is a Democrat rather than a Republican. "The U.S. economy not only grows faster, according to real GDP and other measures, during Democratic versus Republican presidencies, it also produces more jobs, lowers the unemployment rate, generates higher corporate profits and investment, and turns in higher stock market returns," they write.
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