August 4, 2004

RIDING REAGAN'S RECOVERY:

A Record of Recovery (GEORGE P. SHULTZ, 8/04/04, NY Times)

ver the course of last week, we heard a lot from the Democrats about their record of economic achievement. So let's take the advice of a Democrat of yesteryear, Al Smith, the former governor of New York. His trademark phrase was, "Let's look at the record."

These charts show the rate of change in real gross domestic product and in employment from 1990 to last June. The shaded areas show recessions. The vertical lines show when President Bill Clinton took office and when he left. Because the economy has momentum, it's useful to look carefully at the trends in evidence at the time of presidential transitions. When you look at the record, a quick summary is this: President Clinton inherited prosperity; President Clinton bequeathed recession.


The charts is actually more indicative of the truth that neither the slowdown of the early 90s nor that of the early 00s was a recession.

Posted by Orrin Judd at August 4, 2004 4:17 PM
Comments

This guy begs to differ:

http://www.nationalreview.com/kudlow/kudlow200408040850.asp

Posted by: Robert Duquette at August 4, 2004 11:57 PM

He's right about the Fed whiffing, but his argument is that the growth of the economy shouldn't count because of other factors. That's silly.

Posted by: oj at August 5, 2004 6:41 PM

Yeah, but a bunch of rich guys lost billions, and a lot of them are his friends, so he has to make them feel better about their loss.

Posted by: Robert Duquette at August 6, 2004 1:20 PM
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