Unfortunately, there's nothing more to the GOP rhetoric on economics other than the rhetoric itself. The economic philosophy of the GOP since the Reagan years has gone under a variety of names: Reaganomics, Voodoo Economics, Trickle-down, and Supply Side economics. The gist of their philosophy is to tax the poor and middle class, and force them to carry the majority of the economic burden. The rich and the big corporations do not pay a fair share of the tax burden. If they're particularly clever with their money, utilizing tax shelters and undeclared income, they may get away with paying no taxes at all. The Republicans have argued that this is a necessary evil. They say that if you tax the rich, that they'll move their money abroad, hide it, or lie to dodge paying their taxes. They say that the rich are the ones that are creating jobs, and that taxing them will suppress the economy, in turn perhaps forcing a down turn or even a depression. Further, they say that deregulation and smaller federal regulatory agencies are needed else they too may suppress the economy.
Most of the economists that helped Reagan forge his economic policy truly believed what they were working on. To most of them, it was an innovative approach. It had been nearly eighty years since something like that had been tried on a wide scale. Reagan was able to sell his vision to the public. It worked too. The deregulation caused a boom in the economy. For years, we enjoyed the Reagan boom. What people conveniently forget was that in the last couple of years Reagan's presidency, the economy collapsed. It seems the deregulation caused the bankers to make a ton of high risk gambles with other people's money, and that a strong gust of wind came along and knocked the house of cards over. The risky gambles they'd made wouldn't have been possible before the deregulation; it would have been illegal. But people forget the repression of the 90's, and hail Voodoo economics.
The things is, as things bounced along, on a faster and faster roller coaster, a lot of the economists of the time, even Reagan's own people, started looking hard at Voodoo. They've concluded that Reaganomics just plain doesn't work. It makes the rich, richer. It makes the poor, poorer. It strangles the middle class, forcing them closer and closer to poverty. In the Bush years, we've slashed taxation on the rich even further. So far as I know, there's never been a period in American history where the taxes on the rich have been proportionally smaller to the taxes on the middle class and poor than what they are today. We have an upside down tax structure, one that Democrats have been trying to eliminate, but the Republicans have been fighting tooth and nail, using obstructionism and the filibuster in the Senate to great effect.
The first experiment with Supply Side economics was in the 1890's. It was partially responsible for the Panic of 1896, a serious down turn of the economy. Deregulation led to the Great Depression, the "Recession" (because no one wanted the panic that would have resulted from actually calling it a depression) of the 90's during Reagan's presidency, and the greatest economic crisis since the Great Depression, the current mess that we're in today. All of these were caused by the same economic policies that today's GOP lauds as the highest economic principles.
The words that they use for their policies sound good. They are good at selling it. Their rhetoric is strong. But the actual policies that they're selling are toxic. Our present economy is a direct result of their failed policies. Yet they continue to push them, and to run on a platform of continuing the same policies that got us here. It seems that at some point, the rich have lost sight of the fact that a bad economy hurts everyone, including themselves. So taking a short sided view that refuses to acknowledge the lessons of history, they push an agenda that guarantees short term gains for them, while guaranteeing long term losses for the nation. They've used their deep, deep pockets to buy the GOP, and to use the party as their proxy to get the economy that they think they want, and the rest of us pay the price for it.