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?

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

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We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

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Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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