Republicans & the U.S. Economy

http://www.realclearpolitics.com/articles/2008/04/how_will_mccain_handle_are_you.html

In a debate at The George Washington University on Feb. 25, a team of four Democratic Congressmen led by Rep. Rahm Emanuel (Ill.) demolished a team of Republicans led by Rep. Adam Putnam (Fla.) by citing all the evidence that Americans are not better off than they were when George W. Bush became president.

Such as: Median household income in the United States rose $6,000 in the eight years of Bill Clinton's administration, to $49,163, but fell to $48,023 during Bush's first six years in office. Certainly, it's still falling.

Also, the economy grew by an average of 4 percent during the Clinton years and created an average 1.8 million jobs a year. Under Bush, gross domestic product has grown just 2.7 percent a year and created 369,000 jobs a year - and a recession is probably under way to cut even those numbers...

In the GW debate, Emanuel and fellow Democrats Steve Israel (N.Y.), Artur Davis (Ala.) and Robert Andrews (N.J.) pummeled Republicans Putnam, Cathy McMorris Rodgers (Wash.), Paul Ryan (Wis.) and Eric Cantor (Va.) with the numbers, and the Republicans had no refutation to make.

Democrats will do the same to McCain, and he'd better get ready with answers.

Anyone who's interested should probably start by examing GDP growth trends:

http://www.data360.org/graph_group.aspx?Graph_Group_Id=149

Real growth rates have declined sharply over the last 30 years. In some ways that's not surprising because growth has an asymptotic component (growth rates are highest in underdeveloped countries: http://www.nationmaster.com/graph/eco_gdp_rea_gro_rat-economy-gdp-real-growth-rate) but that's not really a satisfactory answer. What makes economic growth happen, what have we been doing wrong lately, and what should we be doing now? Worthwhile questions.

~B.C.

--
"The presentation or 'gift' of the Holy Ghost simply confers upon a man the right to receive at any time, when he is worthy of it and desires it, the power and light of truth of the Holy Ghost, although he may often be left to his own spirit and judgment." --Joseph F. Smith (manual, p. 69)

Be pretty if you are,
Be witty if you can,
But be cheerful if it kills you.