The Bush Boom


THE BUSH BOOM….The Bush expansion is over, and Brad DeLong describes it as “the first business cycle during which median household income in America falls from peak to peak.” And indeed it is.

The closest we’ve come to such a dismal recovery in the postwar era was the dreaded stagflation-driven economic expansion of Jimmy Carter’s presidency. You remember Carter, don’t you? The president vilified by Republicans for decades as almost single-handedly responsible for destroying the American economy.

Poor Jimmy, of course, has gotten a bad rap: he may have had his problems, but he inherited stagflation from his Republican predecessor and, to his credit, eventually had the biggest hand in killing it by appointing Paul Volcker as chairman of the Fed. George Bush, by contrast, had only a mild recession to tackle when he took office. He inherited a fundamentally strong economy from his Democratic predecessor, immediately set out to manage it with supply-side nostrums that would make Gordon Gecko blush, and after eight years ended up with an economy that wasn’t even as good as poor old vilified Jimmy Carter managed in four.

And yet, somehow we’re still supposed to believe that Republicans know how to manage economic growth? Can someone please explain this to me?

MORE HARD-HITTING JOURNALISM

In 2014, before Donald Trump announced his run for president, we knew we had to do something different to address the fundamental challenge facing journalism: how hard-hitting reporting that can hold the powerful accountable can survive as the bottom falls out of the news business.

Being a nonprofit, we started planning The Moment for Mother Jones, a special campaign to raise $25 million for key investments to make Mother Jones the strongest watchdog it can be. Five years later, readers have stepped up and contributed an astonishing $23 million in gifts and future pledges. This is an incredible statement from the Mother Jones community in the face of huge threats—both economic and political—against the free press.

Read more about The Moment and see what we've been able to accomplish thanks to readers' incredible generosity so far, and please join them today. Your gift will be matched dollar for dollar, up to $500,000 total, during this critical moment for journalism.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

We have a new comment system! We are now using Coral, from Vox Media, for comments on all new articles. We'd love your feedback.