Delete comment from: Captain Capitalism
It's a ridiculous chart, frequently cited by every latte sipping leftist all the way up (or down) to Paul Krugman.
GDP growth is hardly determined by presidential policies. It is the Fallacy of the Omnipotent Leader. How many of these presidents had at least one chamber of Congress controlled by the other party which would thwart their plans?
What other economic conditions existed which better explain GDP growth?
I have asked every liberal who ever credited Bill Clinton with spawning economic growth in the 1990s to tell me ONE policy of Clinton (enacted into law) which could theoretically or empirically be linked with the economic growth. His stimulus bill FAILED to pass Congress. His health care bill FAILED to pass Congress. He never enacted the tax cuts he promised.
The best (and only) response was NAFTA - a Republican idea which Clinton weakened.
Who should receive credit for the economic growth of the economy in the 1990s? The ECONOMY, stupid!
Economic policies, even if you believe they are effective, have a long and variable lag. The recession in 1Q 2001 clearly wasn't the result of any of Bush's policies - he had been in office less than 2 months.
May 6, 2009, 9:09:00 AM
Posted to Entrant # 14- Captain Capitalism's 2009 Annual Chart Competition!