Thursday, May 10, 2012
Interesting piece on the economy during various recent presidents
I'll add a bit more analysis.
During Clinton terms, private sector grow from the technology boom associated with the internet being new. This illustrates my belief that when there is a new frontier; either physical (like settling the American West) or technological (the internet) our economy can grow. Also Democrats can be credited with progressiveness and innovation; aside from the fact that they can also be accused of some innovation killing regulation. Of course some regulation is always needed. It's finding the balance.
Under the Bush years, public sector grew since we were fighting wars; both Iraq wars. Also; especially after 911, there were huge concerns for national security. This tends to grow government. Remember, the military is part of the government.
Also the big bank bailout in 2008 fell during the end of the Bush years. Much of that has actually been paid back, so I hear, but it's on the Bush side of the ledger.
Now we come to Obama. Private sector job growth seems to be picking up again. Sluggish, but it's happening. Partially due to drop in US dollar which is starting to make US exports more affordable again. In the past, we have priced ourselves out of world markets, but this situation is beginning to change.
Public sector jobs started with a bit of a spurt, due to the Obama Stimulus Package, but this didn't last long. Basically the stimulus has expired and now the budget cuts are happening in full due to years of recession and high government spending under both Bush and Obama. The cuts at both local and national levels are leading to a big drop in public employment during the Obama years. Something, ironically, the Republicans keep calling for.
One moral of this story is, we can't totally blame the president, either a Republican or a Democrat, for the economy. Economic circumstances are often bigger than one presidency.
I still like Obama.
Also remember that for a while, we did have a federal budget surplus under President Clinton; a democrat. We started to pay down accumulated debt, just a bit, during those years.
Video also shows Romney in a photo op with New York firefighters. Ironically, Romney also calls for cutting government workers, of which firefighters are usually part of.