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Arguments Regarding the US Economy from Conservative and Liberal Mindsets

Powerful Essays
Arguments Regarding the US Economy from Conservative and Liberal Mindsets

Introduction

The Republicans and Democrats have similar and different views on how to handle the United States of America and its immense economy. Both of the parties are more ideologically alike than different. Both parties support the United States Constitution, private property, free enterprise, and our individual freedom. Both view government's role as a limited one, to varying degrees. They support majority rule and the due process of law. Both generally support the reforms made in the New Deal, such as social security, income tax, and welfare. (Goshen, Chapter 10 Notes)

Republicans tend to be conservative and Democrats tend to be liberal. If you were to summarize the Republican philosophy on the economy, you would see three prevailing points. The party supports minimal government, lower taxes, and less government intervention. Republicans believe that economic success comes from innovation and hard work. The Democratic Party represents the "common people's" aspirations. Through a large government, high taxes, and social programs, they believe they can help bridge the gap between the wealthy and the poor.

Brief History of the United States’ Two Major Political Parties

The two major political parties today can be traced back to the founding of the United States Constitution. At the time the document was drafted, two factions emerged: the Federalists and the Anti-Federalists. The Federalists consisted mostly of bankers and merchants. The Anti-Federalists, also known as the Democratic Republicans or Jeffersonian Republicans, consisted mostly of farmers and planters. When the Democratic Republicans broke up, the majority of its ...

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