While the previous post outlines the lunacy behind the Republican's "pledge" to relive the Bush economic years, this post draws your attention to Paul Krugman, who does an effective job of walking us through the GOP's policy proposals here. In a few words, he makes it clear that after 30 years of wishful thinking (that tax cuts will pay for themselves) the Republicans are't even trying to make economic sense now:
... Ronald Reagan’s claim that cutting taxes would actually increase revenue was wishful thinking, but at least he had some kind of theory behind his proposals. When former President George W. Bush campaigned for big tax cuts in 2000, he claimed that these cuts were affordable given (unrealistic) projections of future budget surpluses. Now, however, Republicans aren’t even pretending that their numbers add up.
Thirty years of tax cuts for the rich, deregulation, and corporate bailouts have done little more than add $12 trillion to our national debt, subsidize corporate profits, and produce what may be the largest transfer of wealth in human history. The nation's richest have gotten even richer ...
... while the rest of America has seen it's wealth and economic security collapse (things aren't much different in other parts of the world either).
The Republican's Pledge for America says, "I'll see your record debt and increased wealth gaps (caused by our policies), and raise you a national bankruptcy."
The fact that a large chunk of the American public doesn't understand this helps explain why our nation is in trouble and, as Paul Krugman put it, has put our nation on the path to becoming a Banana Republic.