The GOP plan for job creation: cutting taxes and deregulation. We tried that in 2001 only to experience the weakest decade of job growth since the ’30s.
"The weakest decade of job growth since the '30s" is misleading. In 2000, employment was super high. It could ease a bit without causing a lot of economic pain. The fact that unemployment stayed low for most of the '00s suggests that not everyone who took jobs in the late 1990s, when some probably thought they'd have few other chances to get good jobs, really wanted them. Once it started to look like full employment was the new normal, some people may have decided they didn't need to work just then so badly after all, particularly at a time when household net worth was rising.
The main thing, though, is spending. Whether taxes are high or low matters much less than whether spending is high or low. If the government cuts taxes while raising spending, it soaks up capital that could have gone to private companies which are much more efficient about making goods and creating jobs. The key to the 1990s prosperity was government spending discipline. The trouble with the '00s was first the crescendo, then the explosion, of government spending. What the US economy needs is (a) open borders, (b) spending cuts, and (c) easy money (to reverse the deflation that we've suffered in the past couple of years, if housing prices are taken into account), in that order of importance.