As this new decade dawns, the U.S. political process seems resistant to the one of most obvious lessons of the past three decades: Simply put, Reaganomics didn't work. As George H.W. Bush once commented when he was running against Reagan in the 1980 primaries it is "voodoo economics."
Yet, the fact that the United States has embraced "voodoo economics" for 30 years and refuses to recognize the statistical evidence of Reaganomics' abject failure suggests that the larger lesson of this era and especially this past lost decade is that the U.S. political process is dysfunctional.
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