Posted on 03/08/2003 5:29:15 PM PST by PhiKapMom
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“President Bush’s main economic policy -- the large tax cut of last year was not responsible for any of the current damage [to the economy]. Indeed, given the twin shocks of 9/11 and the post-Enron stock market decline, the short-term stimulus created by the tax cuts has turned out to be fortuitously well timed.” (Editorial, “Negative Al Gore,” The Washington Post, October 5, 2002)
Economic Statistics Confirm U.S. Economy Was Shrinking While Clinton Was In Office. “America went into recession long before the terrorist attacks of September 11th. … The new figures suggest … that the economy grew more slowly in … 2000 than was previously thought: GDP rose by 3.8% (compared with last year’s estimate of 4.1% and an initial figure of 5%).” (“Unwelcome Numbers,” The Economist, 8/3/02)
Market Indicators Confirm Recession Started On Clinton’s Watch. According to the Council of Economic Advisors, “it was widely recognized that the economy was weak coming into 2001.”
* The NASDAQ peaked on March 10, 2000;
* The S&P 500 peaked on March 24, 2000;
* The Dow Jones peaked on January 14, 2000;
* Manufacturing employment started falling in August 2000;
* Industrial production started falling in July 2000; and
* Manufacturing trade and sales started falling in April 2000.
(Council Of Economic Advisors, Talking Points, 9/20/02)
Congress’ Joint Economic Committee Says Signs Of Economic Slowdown Were Apparent In Mid 2000. “By mid-year 2000 … signs of an economic slowdown began to proliferate; it became apparent that an economic slowdown was underway. A number of key economic and financial indicators provided evidence of such slower growth and suggested that future growth could weaken. A brief summary of important elements of this evidence, for example, would include the following:
* Real GDP slowed from a robust 5.6 percent annualized growth rate in the second quarter of 2000 to 2.2 percent and 1.0 percent in the third and fourth quarters, respectively, before rebounding modestly to 1.2% in the first quarter of 2001.
* Key components of GDP such as real consumption expenditures slowed after mid-year as real income growth moderated, stock market values fell, employment gains lessened, and consumer confidence stalled and then deteriorated. Movements in retail sales generally corroborated these developments.
* Gross private investment also contributed significantly to this general slowdown with most key investment categories registering actual declines by the fourth quarter and advances of non-defense capital goods (ex-aircraft and parts) orders falling sharply after mid-year (on a year-over-year basis).
* The index of leading indicators trended down after January 2000.
* Employment advances slowed dramatically after mid-year. Gains in total non-farm payrolls, for example, averaged about 256,000 per month for the 2 1/2 years prior to mid-year 2000 and 44,000 per month after mid-year 2000. The average workweek also decreased after mid-year.
* The manufacturing sector also has weakened significantly since mid-year 2000. Industrial production, capacity utilization, the Natural Association of Purchasing Managers index, as well as manufacturing employment and workweek have all registered significant declines since mid-year 2000.
* Financial equity markets began to deteriorate about mid-year 2000 as well.
In short, there can be little doubt that a significant economic slowdown or retrenchment began about mid-year 2000 in the last quarters of the Clinton Administration.” (“Assessment Of The Current Economic Environment,” United States Congress Joint Economic Committee, 7/01)
Clinton’s Chairman Of Council Of Economic Advisors, Joseph Stiglitz, Said Recession Started During Clinton’s Tenure. “It would be nice for us veterans of the Clinton Administration if we could simply blame mismanagement by President George W. Bush’s economic team for this seemingly sudden turnaround in the economy, which coincided so closely with its taking charge. But … the economy was slipping into recession even before Bush took office, and the corporate scandals that are rocking America began much earlier.” (Joseph Stiglitz, “The Roaring Nineties,” The Atlantic Monthly, 10/02)
Stiglitz noted that during the Clinton Administration “the groundwork for some of the problems we are now experiencing was being laid. Accounting standards slipped; deregulation was taken further than it should have been; and corporate greed was pandered to ….” (Joseph Stiglitz, “The Roaring Nineties,” The Atlantic Monthly, 10/02)
Clinton Administration Grossly Overestimated Strength Of The Economy. “Hidden in the morass of statistics, there is proof that the Clinton administration grossly overestimated the strength of the economy leading up to the 2000 election. Did the federal government join Enron and WorldCom in cooking the books? … Most startling, the Commerce Department in 2000 showed the economy on an upswing through most of the election year, while in fact it was declining.” (Robert Novak, Op-Ed, “Sunny Clinton Forecast Leaves Cloud Over Bush,” Chicago Sun-Times, 8/8/02)
Drop In Investments In First Half Of 2000 Contributed To Recession. “A plunge in investment that began in the last half of 2000, along with the declines in equity markets, was an important force in the recession.” (Council Of Economic Advisers, “Strengthening America’s Economy: The President’s Jobs And Growth Proposals,” 1/7/03)
A Publication of the RNC Research Department
Who in their right mind would possibly think it a good idea for the last man to hold the office of the Presidency, to become a media personality trashing the current President? Evidently Bob does. It is beyond my understanding to know exactly why he's adding legitimacy to the idea.
To tell you the truth, it wouldn't surprise me one bit to hear Bob Dole siding with Clinton. The man has disappointed me in the past as well, sad to say.
LOL, you could be right.
Several years ago I produced a graphic that basicly gave Clinton credit (blame) for passing off the recession to Bush. No we find that much more was handed off by Clinton. Viagra ain't cheap.
Nope. And I STILL wish Cheney had decided to run in '96. It would have been easier for me to vote for him than voting for Dole (which I did, of course) . . .
How about Condi Rice? Her moral and intellictual superiority could put him in his place.
Nope.
But I'll venture a guess.
Dole's abysmal showing in the '96 election & his decision to do something as stupid as appearing with that thing.
...are related.
Sure looks like it...
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