The economy has grown significantly faster under Democratic presidents than Republican ones.
It’s true about almost any major indicator: gross domestic product, employment, incomes, productivity, even stock prices. It’s true if you examine only the precise period when a president is in office, or instead assume that a president’s policies affect the economy only after a lag and don’t start his economic clock until months after he takes office. The gap “holds almost regardless of how you define success,” two economics professors at Princeton, Alan Blinder and Mark Watson, write. They describe it as “startlingly large.”
One broad possibility with a good amount of supporting evidence: Democrats have been more willing to heed economic and historical lessons about what policies actually strengthen the economy, while Republicans have often clung to theories that they want to believe — like the supposedly magical power of tax cuts and deregulation. Democrats, in short, have been more pragmatic.
https://www.nytimes.com/2021/02/02/opinion/sunday/democrats-economy.html
In practice, the Republican Party is still the "Greedy Old Plutocrats", and is so for just about any subculture, about every subculture believes that the what it want is the social optimum no matter what others believe. An economy that dedicates itself to profit with the very rich keeping what they can grab is exactly what the Greedy Old Plutocrats want. If they could get away with it they would have an economy in which profit is the sole measure of economic virtue, no matter how dehumanizing it might be to everyone else.
OK, that is a Marxist stereotype, but it is safe to assume that the plutocrats, urban landlords, corporate farmers, and corporate executives generally have little empathy for working people.
It could be that Republicans tend to promote speculative bubbles better (for a time) at driving up paper profits while creating few jobs. Speculative booms (as the arch-conservative Friedrich Hayek put it) devour capital while creating practically nothing of value. Paper profits conceal the damage, and when the boom comes to its end (when something is so overpriced that it has few potential buyers)... down goes the overall economy. Democratic policies on taxes may do better in encouraging investment in plant and equipment that really create jobs as well as the goodies that come from such jobs.
