Monday, December 8, 2014

The Obama Recovery has been Miles Better than the GW Bush Recovery.

http://www.motherjones.com/kevin-drum/2014/12/obama-recovery-has-been-miles-better-bush-recovery

The Obama Recovery is much better than the Bush Recovery.

Bush got a nice tailwind from increased hiring at the state and federal level. Obama, conversely, was sailing into heavy headwinds because he inherited a worse recession. States cut employment sharply—partly because they had to and partly because Republican governors saw the recession as an opportunity to slash the size of government—and Congress was unwilling to help them out in any kind of serious way.
This is obviously not a story that conservatives are especially likely to highlight. But there's not much question about it. Bush benefited not just from a historic housing bubble, but from big increases in government spending and government employment. But even at that his recovery was anemic. Obama had no such help. He had to fight not just a historic housing bust, but big drops in both government spending and government employment. Despite that, his recovery outperformed Bush's by a wide margin.

If you want to credit Bush for his tax cuts and malign Obama for his stimulus program and his regulatory posture, then you have to accept the results as well. And by virtually any measure, including the fact that the current recovery hasn't ended in an epic global crash, Obama has done considerably better than Bush.

No comments: