Question

do Democrats and Republicans agree or disagree with what should count towards our GDP (i. e. Do they both agree with whether or not GDP should include activity in the "underground" economy, the increase in the value of leisure time (this is time not spent working in the legal labor market), social costs such as pollution (which is produced when goods and services are produced), and revenues earned from illegal activities such as prostitution and selling of illegal drugs)?

Answer 1

In reality the Democrats and Republicans share a wide variety views, which have noted differences and even contradicts at some occasions. But one of the most important change that we have observed is that, sometimes the man who is in the power, act differently to the view of his party.

In the case of economy and in the case of GDP, the Democrats believed that economic policies must be presented and emphasized on the persons those who falls under the low income and middle income category. Only with such action plan the gap in the income can only be stabilized and it will fasten the economic growth of the country. And when the income increase, the low income people will extend their spending and hence the demand increases. The Economic Bill of Rights presented by the Franklin D Roosevelt in the year 1944 is an example for their view. On the other hand the Republicans adopt a supply side economics. In which more benefit will be awarded to the businessmen and also to the investors. And also the argue for the tax cut in the business and only by which the firms are allowed to accommodate more number of workers. And also a government free or the limited intervention of the government over the property. There exists support for both this views.

When the goods and services produced, there accompany many side effects which has a harmful effect over the people. Which includes the increase in the pollution and also it may also results in the climate change. The global warming has a tremendous result over the economy. The Democrats adopt the conservation methods and they tried to implement such plans. Like the American Clean Energy and Security Act, but was defeated by the opposition. While on the other hand Republicans shows a different view on this. And also they believed that the climate change has not occurred by the emission of the carbon fuels. President Trump has withdrawn from the Paris Climate agreement is a best example to explain their stand on this topic. And also they are against the controls laid in the emission of the carbon. Their views are entirely different in this issue.

Both the parities share a common view on some topics and both the Republicans and Democrats agree a common perspective on this issue. Both the parties are against the income generated from the illegal business like the illegal drug business. And both of them share a common concern over this issue and they are against such actions.