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Phy
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Joined: 04 Jun 2002
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PostPosted: 04 Aug 2004 04:28:26 pm    Post subject: Bush's Recession Reply with quote

From the same friend:

Quote:
Here's a quick editorial in today's NYT that presents a couple of
graphs which, while not conclusive, are compelling evidence that the
economic downturn was inherited from Clinton. The chart also shows some of
the "job recovery" under Bush that some were doubting.

Just some grist for the "Bush's Recession" mill. I doubt it will be much
help persuading anyone who doesn't want to believe it. Marty

http://www.nytimes.com/2004/08/04/opinion/04shultz.html

Record of Recovery
By GEORGE P. SCHULTZ

Published: August 4, 2004

Over the course of last week, we heard a lot from the Democrats about their
record of economic achievement. So let's take the advice of a Democrat of
yesteryear, Al Smith, the former governor of New York. His trademark phrase
was, "Let's look at the record."

These charts (
http://graphics7.nytimes.com/images/2004/08/03/opinion/04schul.55.gif )show
the rate of change in real gross domestic product and in employment from
1990 to last June. The shaded areas show recessions. The vertical lines show
when President Bill Clinton took office and when he left. Because the
economy has momentum, it's useful to look carefully at the trends in
evidence at the time of presidential transitions. When you look at the
record, a quick summary is this: President Clinton inherited prosperity;
President Clinton bequeathed recession.

The 2001 recession was short and shallow, with employment - always a lagging
indicator - the last part of the economy to rebound. The employment picture
has been a little puzzling since the two main surveys - one asks existing
establishments how many people are on their payrolls, and the other asks
people in a large sample of households whether they have jobs - show
slightly different patterns. In any case, by now a third piece of the record
appears clear: the recession President Clinton left behind has turned into
prosperity under George W. Bush.

Thanks, Al Smith, for your good advice.

George P. Shultz, secretary of the Treasury from 1972 to 1974 and secretary
of state from 1982 to 1989, is a distinguished fellow at the Hoover
Institution at Stanford University.


Johne (Phy) Cook | Overlord, Ray Gun Revival
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