What kind of economy do you want on November 8th?

Most people know that democracy is at stake in the upcoming elections. Less understand that the future of our economy is also at stake.

From 1933 to 1981, with Congresses controlled by both Republicans and Democrats, our administration focused on putting money into the hands of ordinary Americans by applying the economic principle that expanding the “demand side” of the economy would make the economy grow for everyone. As a result, the wealth gap that characterized the country in the 1920s narrowed significantly, the United States became the world’s strongest economy, and middle-class living standards rose.

In 1981, Republicans shifted government economic policy to “supply-side economics,” cutting taxes and regulations in the hope that wealthy investors would expand industry and hire more workers. Instead, industries went abroad without regulation, the middle class stagnated, and the rich got richer. The Democrats did little to rectify this in the years (few) that followed while they controlled Congress. Trump doubled down on a trillion-dollar tax cut.

In March 2021, Democrats under Joe Biden and Democratic control of Congress passed the American Rescue Plan, a $1.9 trillion stimulus bill designed to lift the economy from the depressive effects of the pandemic. No Republican voted for this bill. The law ushered in a dramatic economic recovery — the fastest of any prosperous G7 nation — with the US adding 10 million jobs since Biden took office. No other president in our history has seen such job growth in his first two years in office. The September jobs report revealed that our economy added 263,000 jobs last month and the unemployment rate fell to 3.5%.

Last November, Democrats also passed the $1.2 trillion Infrastructure Investments and Jobs Act to rebuild the country’s crumbling roads and bridges and expand broadband to rural areas. A few Republicans voted yes, but even more are now boasting about projects made possible by the law. These efforts are paid for by increased taxes on wealthy Americans and corporations.

When Republicans regain control of Congress on November 8, that progress will stall.