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Republican Economic Crisis is here
My great concern is not whether you have failed, but whether you are content with your failure — Honest Abe
Myth: Presidents have only limited control over the economy
Reality: “Since 1933, the economy has grown at an annual average rate of 4.6 percent under Democratic presidents and 2.4 percent under Republicans.”
U.S. GDP would be more than double its current level if the economy had somehow grown at the Democratic rate for all of the past nine decades. The Republican average would have shrunk the economy to a third of the current size.
“The six presidents who have presided over the fastest job growth have all been Democrats, as you can see above. The four presidents who have presided over the slowest growth have all been Republicans”.
The Republican inability to meet the economic challenge can be explained using Republican budgets over the last four decades.
Republican presidents Ronald Reagan and George H W Bush tripled annual deficits from $74 billion in 1980 to $290 billion in 1992.
