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?

THANK YOU.

We recently wrapped up the crowdfunding campaign for our ambitious Mother Jones Corruption Project, and it was a smashing success. About 10,364 readers pitched in with donations averaging $45, and together they contributed about $467,374 toward our $500,000 goal.

That's amazing. We still have donations from letters we sent in the mail coming back to us, so we're on pace to hit—if not exceed—that goal. Thank you so much. We'll keep you posted here as the project ramps up, and you can join the hundreds of readers who have alerted us to corruption to dig into.

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

Share your feedback: We’re planning to launch a new version of the comments section. Help us test it.