Wapo:President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data...
The number of jobs in the nation increased by about 2 percent during Bush's tenure, the most tepid growth over any eight-year span since data collection began seven decades ago. Gross domestic product, a broad measure of economic output, grew at the slowest pace for a period of that length since the Truman administration. And Americans' incomes grew more slowly than in any presidency since the 1960s, other than that of Bush's father.
And yet 72% of conservative Republicans
approve of the job he's doing.
---
Update: My gracious!
Meteor Blades runs with the topic of job growth, and links to this handy WSJ presidential
comparison chart. But please note that Bush's stats will be worse after January's numbers and Nov/Dec revisions come out.
Labels: Bush, Cons
10 Comments:
"And yet 72% of conservative Republicans approve of the job he's doing."
Hopefully, that just means that very few people still identify themselves as conservative Republicans.
If I'm not mistaken...Didn't President bush inherit not only a rapidly deflating bubble due to the dot.com inflation, but a terrorist attack that threw us into an outright-if somewhat mild-recession?
I remember my Poli SCi Professor Mokeba at LSU in a Summer Semester Class...Bush had been in office for less than 100 days, and he was BLAMING HIM for the recession.
Sometimes, like yourself, I just have to laugh at folks, no matter which side of the aisle they fire from...
Bush "inherited" a terrorist attack that threw us in recession?
Wow. That's an interesting belief.
Noooo... Bush inherited a mild recession that "officially" began in March 2001 and ended November 2001 according to the NBER.
I don't blame Bush for the recession. But it was mild, and we were already coming out the trough by the time any of his policies had an effect. Much more importantly, the Bush administration inherited the tools to fight a recession and stimulate the economy: the Fed could cut interest rates and a budget that was in surplus could be used for tax cuts and stimulus spending.
Subtract the 3 million jobs lost in 2001 from CLinton's net jobs total, and you get 20 million jobs. Then add the 3 million to Bush's net jobs total and you get 5 million-- still pathetic-- and Obama inherits NONE of surpluses or interest rate maneuvering room that Bush "inherited".
oyster,
Correct; Bush inherited a minor recession that was just starting when he took office (the dot-com bubble) and finished out with a major recession (the housing bubble) that was in full swing by the time he left office. In the middle, during the recovery, you had a major terrorist attack that jolted the economy.
Thus, just taking the eight-year performance numbers, you aren't exactly getting a fair appraisal. The notion that presidents have any considerable control over economic bubbles is unfounded; in truth presidents don't have a huge amount of control over the economy.
Owen,
Why is that after reading your response, I am thinking of a Lost In Space Episode, where the robot comes out walking and flailing his arms, yelling, "This does not compute...Danger Will Robinson, Danger!"
GO,
Thanks you for that wholly unproductive and unenlightening response.
Certainly, some of Bush's policies hurt the economy -- the overspending, some bad monetary policy -- but the tax cuts were helpful and he didn't make any huge changes that encouraged uncertainty or otherwise suffocated economic activity.
Two bubbles burst under his watch, but I think it's a stretch to say that the bubbles were in any way his fault.
Owen, the 9/11 attacks occurred DURING the mild recession, and the country came out of it (in terms of economic growth) after a month or two.
You're missing the point. It's not as if during the interim between one burst bubble and another that the economy was on a torrid pace-- it was mediocre at best.
Actually, Bush's overspending and tzx cuts should've been stimulative in the short term. PLUS he had a Housing mania PLUS historically low interest rates PLUS a couple wars to fight.
"The tax cuts were helpful"... how so? So that the country could enjoy net job growth at a fraction of the Carter years?
The central economic mystery of the Bush administration is how you can create so FEW jobs coming out of a recession, entering a mania, juiced by rock bottom interest rates and massive spending (on two wars). How is it possible? Could you ever do it again if you tried?
It's like Brewster's Millions. Spend it all on nothing, to no effect.
Hey Oyster, If you don’t mind, I would like to remind everybody that as bad as our economy is, as bad as our crime is here at home and with all our differences, few if any of us truly understand what is it like to go to bed hungry. Please visit Bread.org and then look at your kids and drop to your knees and than God.
Please consider sharing your blessings with those less fortunate.
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