In the past 50 days, if you listen to Rush, Hannity, et. al, the economy has been destroyed by President Obama and his wild, left-wing, radical socialist ideas! And these same pundits will try to claim that the country’s best economy was under President Reagan. What is the basis for Rush, Hannity’s, everyone else from the right-wings, assessment? The stock market!
However, if anyone would bother to actually check the facts, the best, longest sustained economic growth in the past 100+ years was not under Reagan, but under President Clinton. Not during a time of tax cuts, and incentives for the most wealthy among us, but at a time of “wild, left-wing, radical socialist ideas!”
Using the stock market as our basis of facts, the Dow gained 8,500 points during the Clinton years, as compared to 1,500 under Reagan. One of the worse drops ever in the Dow came under George W. Bush, when the Dow slid 4,000 points. However, by the time Bush left office the Dow had posted a 3,000 point gain during his presidency.
NASDAQ gained a mere 350 points under Reagan, but soared more than 4,000 points under Clinton. By the end of the Bush presidency it had plummeted 2,200 points; the only time in the past 60 years when it had ended lower than it started during a presidency.
The S&P 500 gained 300 points during Reagan’s time in office. Under Clinton it shot up 1,000 points, but once again under Bush it posted basically no true gain, the first time since the Nixon/Ford presidency.
But wait a minute! Bush had 9-11, and that screwed up the economy! That could have been used as an excuse, but, unfortunately the markets were already plunging before the attack. Now certainly 9-11 helped shove the markets further into the hole, but just as soon as the economy started to right itself, what did “W” do? Invaded Iraq. War, in spite of the right-wing assertions to the contrary, doesn’t truly aid the economy, it tends to stagnate it, then depress it, and finally there is growth afterwards. Case in point; the NASDAQ makes a sharp climb in 2003, rising more than 1,000 points, until Bush decides to invade Iraq. The result? Initially, the NASDAQ takes a hit, and then only slowly recovers.
More evidence you say? During the Vietnam War the nation’s economy made slow to almost no growth. FDR’s policies took the DOW from 42.80 in 1932 to 187.17, but then there is a 90 point drop from 1936 to 1938. The reason you ask? The rumblings of another war in Europe, beginning with the start of Hitler’s aggressive moves into the Rhineland, and coupled with the start of the Spanish Civil War. The Dow climbs again, back to around 140, until? The attack on Pearl Harbor! The Dow declines to around 90, until in early 1942 it climbs back to around the 140 to 150 mark. Why? Because the United States begins to win against the Japanese, ever heard of the Battle of Midway? But there isn’t this huge boom the right-wing always suggests. The boom out of the Great Depression had already occurred.
Under Truman the Dow rises to around 250, and is climbing when Eisenhower is elected. It continues to rise until the war in Vietnam slows the economy under LBJ and Nixon.
The Dow takes a hit right around 1970. Any guesses why? Because of self-destruction of the Republican Presidency, brought on by the bungled break in of the Democratic Headquarters in the Watergate Building, and coupled with the inevitable post-war recession from the ending of the Vietnam War. Thanks Dick.
The markets (Dow, S&P 500 and NASDAQ) make a brief rally under Ford, and even under Carter, but then begin to dip and eventually stagnates at the end of Carter’s term. Why? The Iran Hostage Crisis, along with soaring oil prices, and lukewarm leadership.
Finally it begins a sharp climb under Reagan rising more than 1,500 points, only to plunge when George Bush is elected, with little growth during his four years. Remember Desert Storm? Somalia? More lukewarm leadership?
Under Clinton the Dow, NASDAQ and S&P 500 rocket up, only to be stagnated by the Bush administration. Gee, I don’t know, maybe 9-11, invading Iraq, torturing prisoners, usurping the Bill of Rights?
There are only two Presidents in the past 60 years who have managed to place the economy into a truly vegetative state, Carter and George W. Bush. Both will probably go down in history as the most inept, most bungling presidents ever.
One more point about the current drop – the one President Obama inherited from “W”. The market has had a dip after every presidential election for at least the last 60 years, both republican and democrat. The current plunge began during the summer of 2007, under the Bush Administration.
So, what does this all mean? Look, I’m just an average “Joe” American, a soldier turned school teacher by trade, but I can read charts, and I can look into what has happened historically, and from what I’ve read, Rush, Hannity, O’Reilly, Ingram, Palin, McCain, etc., are all a bunch of liars. The economy has always shown the most growth during peace time. It has shown the most growth when the taxes were not cut, but increased on the wealthiest class. Sorry Hannity, but facts are facts, our nation’s economy skyrocketed under Clinton, with all of his so-called horrible tax increases, the same increase that President Obama is looking to put back into place. Why don’t you take the time to do some research next time?