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I expected your spin. It's not at all surprising that you didn't try to "substantiate" that hogwash you posted yesterday. Luckily I went ahead and did the legwork for you. Let's take a look at recent history:
Ronald Reagan and George H.W. Bush R
- Midterm recession for Bush with unemployment peaking at 7.8% in June 1992.
- That was following the 10.8 percent joblessness in 1982 and the Reagan recession, and tripling of the national debt in eight years under Reaganomics.
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Under Bush, America witnessed the most significant financial collapse since the Great Depression.
- Result: Reelected for second term (Reagan), one term and done (Bush).
👎
Bill Clinton D
- Turned deficits into surpluses and created the conditions for strong future growth.
- He inherited 7.5% unemployment and through a strengthening economy 23 million new jobs were added under Clinton compared to just 2 million under Bush.
- President Clinton presided over one of the most impressive economic turnarounds in modern history.
- By the end of his two terms, 22.7 million new jobs had been created, unemployment dropped to a 30-year low, and gross domestic product grew by 35% overall through the longest period of sustained growth in U.S. history.
- Average hourly wages increased by 6 percent after accounting for inflation, and median household income grew by 14 percent, the highest increase for a two-term president.
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Clinton reduced the national debt by $223 billion and left the largest on-budget surplus since LBJ upon leaving office.
- Result: Reelected for second term.
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George W. Bush R
- Known as the "lost decade," Bush's two terms fueled the housing and finance bubble in 2008.
- Gave hundreds of billions of dollars in tax breaks to the wealthy, focusing on their needs while neglecting the stagnant economy of the majority of Americans.
- He put the burden of fiscal imbalance on future generations.
- He diverted billions of dollars to two foreign wars -- one of which was out of necessity but one of which was created under false pretenses -- when we could have invested that money here in America.
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Bush's lasting legacy includes two recessions, in 2001 and the Great Recession of 2007–2009.
- Result: Reelected for second term.
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Barack Obama D
- Avoided another Great Depression in the winter of 2009 soon after taking office.
- Longest expansion of job growth on record through 2017 dating back to 1939.
- The U.S. economy was shrinking when President Obama took office in the first quarter of 2009. By the end of his presidency, the economy was growing at about 2% in inflation-adjusted terms.
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President Obama’s second-term economic growth per person was higher than the growth of several previous presidents, specifically President George W. Bush in both his terms, President George H.W. Bush in his term, Presidents Richard Nixon and Gerald Ford in their combined term, President Nixon in his first term, and President Dwight D. Eisenhower in his second term.
- The economy lost close to 800,000 jobs in January 2009, when President Obama took office. The job market started to expand by early 2010 and consistently added jobs from October 2010 to January 2017, when President Obama left office.
- The typical weekly pay of U.S. workers reached its highest level on record, dating back to 1979, at the end of 2016.
- Household debt fell relative to after-tax income during both of President Obama’s terms. Total debt amounted to 105.9 percent of after-tax income, the lowest level since mid-2002.
- Result: Reelected for second term.
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Donald Trump R
- Inherited a solid economy after years of improvements, with the economy and the labor market headed in the right direction on all key economic indicators.
- Paychecks grew faster than inflation with average weekly earnings up 8.7% after inflation.
- After-tax corporate profits went up and the stock market set new records.
- The economy lost 2.9 million jobs and the unemployment rate increased by 1.6% to 6.3%.
- The international trade deficit Trump promised to reduce went up. The U.S. trade deficit in goods and services in 2020 was the highest since 2008 and increased 40.5% from 2016.
- The number of Americans without health insurance rose by 3 million.
- The federal debt held by the public went up, from $14.4 trillion to $21.6 trillion.
- Handgun production rose 12.5% in 2020 compared to 2016, setting a new record.
- The murder rate in 2020 rose to the highest level since 1997.
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Trump mismanaged the pandemic crisis, resulting in the economy he inherited and continued building upon to completely collapse.
- Result: One term and done.
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Joe Biden D
- Despite inheriting an economy struggling with 10 million jobless and millions more out of the workforce., the U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years.
- Also inherited a Federal debt the highest since World War II.
- Avoided a recession most critics predicted would occur.
- Gross domestic product growth in 2021 reached 5.7%—the highest annual growth since 1984—after rebounding from a decrease of 3.4% in 2020.
- The U.S. continues to lead among its peer countries in its pandemic recovery, and the rate of annual growth surpasses both the Federal Reserve’s projection and the Congressional Budget Office’s projection regularly.
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Unemployment reached its lowest level since 1969 under Biden, and the US gained a record 7.27 million new jobs in 2021, fueled by a recovery in the labor market as vaccines became available and the country opened up. Job creation has remained strong in the years since with 2.7 million jobs added in 2023.
- While stocks have seesawed over the course of the Biden Administration, the S&P 500 recently hit all-time highs.
Annualized change in unemployment rate over each presidency from Truman to Biden, ordered from best-performing to worst-performing economic performance. Democrats are in blue, Republicans are in red.
Sources:
https://www.seattletimes.com/business/economy/its-the-economy-stupid-and-the-bad-luck-of-george-h-w-bush/
https://www.americanprogress.org/article/power-of-progressive-economics-the-clinton-years/
https://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration#:~:text=Bush administration was characterized by,the Great Recession that followed
President Joe Biden goes into next year’s election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it.
apnews.com
en.wikipedia.org