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Originally Posted by RightatNYU Now, I'm no fan of Bill Clinton, but to say both he and the GOP ran a "bad economy?" Then what do you attribute one of the biggest periods of economics growth in our countries history to? Much of it was technological, but a lot is due to the actions of both sides in allowing business to run its path.
The "shaky" economy we have right now is growing at 3.4% per year and has one of the lowest unemployment rates in our history. Household income has increased staggeringly over the past 20 years, while inflation was held at bay.
Clinton was a poor president in many, many ways, but to say that he and Bush contributed to a bad economy during the 90's is not arguable. |
The economy you speak of as 'growing' is doing so only for businesses...workers continue to see their salaries remain stagnant. Also, we saw such an economy during the 1920's, with it appearing, on the outside atleast, to be doing very well. The rise of inequality is not good for the economy, and the rise of business will inevitably lead to a surplus of goods created, overspeculation in the stock market, and thus the inevitability of the economy turning, as it does under capitalism. We are currently seeing a path eerily similar to that of the 1920's...and we all know how that ended. Also, may I note that the national debt rises continually, so we can easily see that those neat numbers you post do not tell the whole story. Clinton ran a conservative economy, lowering taxes and repealing parts of the New Deal, but Bush's economy, well, I don't know what you call it, as he cuts taxes and then spends in huge amounts. Hardly conservative, and certainly not liberal, the only term that describes his economic practices is lunacy! Clinton's problem is that he chose a pro-business route, lowering taxes, deregulating etc. etc. Just like the twenties, when this New Economy fails, it will do so in a big way. To check out some other neat numbers of the 'marvels' of the New Economy, check out my thread in economics: New Economy and its discontents.