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In mid-July 1997, just as the Dow Jones Industrial Average broke
8,000, the federal government announced that personal bankruptcies
were at an all-time high, and Second Harvest, the largest food bank
network in America, reported increased demand at half of its
distribution centers. But this paradox is not new. Throughout the
last decade, economists have extolled the virtues and successes of
the U.S. economy, while plants have closed, companies have
downsized, and those who remain are fearful about their jobs.
Contrary to popular opinion, the free-spending liberals have not
driven this country to its current level of economic anxiety; it
is, in fact, the conservatives. Current economic policy, Cummings
argues, is the product of a union between conservative Republican
and conservative Southern economic policy-a union that began in the
late 1960s. Before the 1960s, the Southern economy operated as a
conservative economic incubator isolated from the rest of the
country, and conservative Republicans had to contend with both
Democrats and liberal Republicans. After 1969, with Republicans in
the White House and with the help of Wallace supporters and later
Reagan Democrats, Southern conservative economic policy combined
with Republican policy and was gradually exported to the rest of
the country. This collaboration and its growing political influence
culminated in the Republican control of Congress in the 1990s. Over
the decades the South has become more Republican and Southern
leaders have had an increasing influence in the Republican Party
and in economic policy as a whole. The conservative policy
initiatives from this political union have led to some of the same
economic problems that have plagued the South since Reconstruction
and, fostered by conservative Republicans in the 1920s, ushered in
the Great Depression. Current policies, argues Cummings, are
leading the country into a similar trap.
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