Economic policy that stresses “lower taxes,” which create massive deficits for future generations to pay while giving tax cuts (kickbacks) to special interests that smash unions and ship American jobs overseas, is nothing more than economic snake oil. That is precisely what Republicans such as Sen. Susan Collins are selling.

Each day, the wages of failed Republican economic approaches become more apparent to a struggling middle class. The American middle class is faltering, thanks to a Republican “Wild West” mentality that allows big business to do as it wishes. This includes engaging in deceptive marketing, prompting the city of Cleveland, Ohio, to sue a list of large financial companies.

Such companies issued risky, sub-prime loans, which, in turn, have created an ongoing and worsening economic crisis that may actually cost taxpayers dearly. All the while, such companies were paying their top executives lavish salaries, they were sheltering billions in offshore tax shelters. They also benefitted enormously from massive, deficit-boosting tax cuts issued by Republicans during a time of war. People shouldn’t forget that, under Bush, the People’s Republic of China bought a good amount of America’s Iraq war debt.

Even Republican presidential candidates, Mitt Romney for one, can’t help but admit the failure of Republican economic approaches, even as they try to offer those approaches as solutions. On Jan. 13, Romney said on “Face The Nation” that during the past decade, Washington appeared to have been indifferent to the plight of unemployed workers in Michigan.

Mark Tardif, Waterville