The lucky left: An animated infographic showing economic growth under both parties since 1949.
With a Democrat at the helm, the American economy has grown by an annual average of 4.4 percent. By contrast, when the White House has been occupied by a Republican, the economy has tended to flounder— growing by an average of two-and-a-half percent .
That’s a statistically-significant difference of 1.8 percentage points. But is this gap down to luck or judgement? In 1949, Harry Truman, a Democrat, presided over a post-war bounce back—he holds the record for the most successive presidential term—of 6.6%
Then came Dwight Eisenhower’s eight years in power—growth fell to an underwhelming two-and-a-half percent
JFK’s presidency was tragically cut short, but his successor, Lyndon Johnson maintained the feel good factor of swinging 60s—the economy expanded by over five percent
Growth during, Republican, Richard Nixon’s first term was at a decent clip.
Following Mr Nixon’s resignation amid the Watergate scandal, Gerald Ford his successor, presided over a recession shortly after he took over in 1974 — as a result growth was just 2% during their term
Democrat, Jimmy Carter, was ousted after his first term in a landslide election in 1980 — but his growth record was better than of his successor, Ronald Reagan’s, first four years in office
Reagan’s second term was more successful — as the fruits of his first-term tax slashing began to ripen
A short recession in 1991 dented George H.W. Bush’s record as he lost his bid for a second four years in office
But researchers find that fiscal policy has little impact on growth — Bill Clinton raised taxes, yet presided over growth of nearly four percent as the tech boom took off during a recession-free eight years
Growth during George W Bush’s first term was a decent 2.8%. But the unfortunate Bush was scarred by the implosion of the financial system just months before he could leave office in 2008 —growth averaged a measly half of one percent
The economy has stuttered and stalled during the Obama era — yet he has still manage growth of over two percent
The top four presidencies have all been Democratic
But researchers find that much of this is indeed down to luck — even taking account of a president’s age and experience, or which party controlled congress
While a touch a good policy help. In politics, as in life, timing is everything.
For more video content from The Economist visit our website: http://econ.st/1tEDoTS
With a Democrat at the helm, the American economy has grown by an annual average of 4.4 percent. By contrast, when the White House has been occupied by a Republican, the economy has tended to flounder— growing by an average of two-and-a-half percent .
That’s a statistically-significant difference of 1.8 percentage points. But is this gap down to luck or judgement? In 1949, Harry Truman, a Democrat, presided over a post-war bounce back—he holds the record for the most successive presidential term—of 6.6%
Then came Dwight Eisenhower’s eight years in power—growth fell to an underwhelming two-and-a-half percent
JFK’s presidency was tragically cut short, but his successor, Lyndon Johnson maintained the feel good factor of swinging 60s—the economy expanded by over five percent
Growth during, Republican, Richard Nixon’s first term was at a decent clip.
Following Mr Nixon’s resignation amid the Watergate scandal, Gerald Ford his successor, presided over a recession shortly after he took over in 1974 — as a result growth was just 2% during their term
Democrat, Jimmy Carter, was ousted after his first term in a landslide election in 1980 — but his growth record was better than of his successor, Ronald Reagan’s, first four years in office
Reagan’s second term was more successful — as the fruits of his first-term tax slashing began to ripen
A short recession in 1991 dented George H.W. Bush’s record as he lost his bid for a second four years in office
But researchers find that fiscal policy has little impact on growth — Bill Clinton raised taxes, yet presided over growth of nearly four percent as the tech boom took off during a recession-free eight years
Growth during George W Bush’s first term was a decent 2.8%. But the unfortunate Bush was scarred by the implosion of the financial system just months before he could leave office in 2008 —growth averaged a measly half of one percent
The economy has stuttered and stalled during the Obama era — yet he has still manage growth of over two percent
The top four presidencies have all been Democratic
But researchers find that much of this is indeed down to luck — even taking account of a president’s age and experience, or which party controlled congress
While a touch a good policy help. In politics, as in life, timing is everything.
For more video content from The Economist visit our website: http://econ.st/1tEDoTS
Category
🗞
News