Clinton's economic legacy

Washington Times ^ | 9/30/02

[kattracks]

According to several measures, the most recent recession, which arguably began shortly before George W. Bush entered office, was not as mild as some popular economic statistics have indicated.

Gross domestic product (GDP), which measures the economy's total output of goods and services, began falling during the first quarter of 2001. The annual rate of decline was 0.6 percent. The GDP fell for the next two quarters as well, declining at annual rates of 1.6 percent and 0.3 percent, respectively. It has been those relatively small declines that have led many analysts to report that the latest recession has been among the mildest in the postwar period. Indicative of how prolonged the economic downturn has really been, however, consider that real GDP in the third quarter of 2001 ($9.19 trillion) was still less than real GDP in the second quarter of 2000 ($9.21 trillion).

[Mo1]

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[bmwcyle]

The Clinton Admin was one big party with nothing put back in the system to have the boom endure. At the end the government was fudging the figures and big business was doing the same. I am surprised the party lasted as long as it did.

[Jim Robinson]

"Since the biggest financial bubble burst in March 2000, share prices have marked their biggest drop since the Depression. Altogether, the stock market has shed $8 trillion in market capitalization. Since its March 2000 peak, the S&P 500 is off by approximately 45 percent. The Nasdaq composite is down more than 75 percent over the same period."

Eight trillion bucks! Whew, keep this up and pretty soon we'll be talking about some real money. Funny how when you're rich it's all on paper, but when you're broke it's in cold hard cash.

[woofie]

Funny how when you're rich it's all on paper, but when you're broke it's in cold hard cash.

Ive been both and I prefer rich...

[Andy from Beaverton]

How about Clinton's $1.6 trillion in new debt compared to Reagan's $1.7 trillion?

[BulletBrasDotNet]

You sound like my Dad. He had the gift for making a point too. Especially when Carter was screwing with 20% inflation figures. Dad said, "Hey, that's not so high, your salary will be worthless in three years." Cheers.

[Texasforever]

I could swear that I saw something lately that said at any given time there is only about 500 billion dollars in actual currency in circulation. What do I do with my trillion IOU?

[BulletBrasDotNet]

Second serious note: How can I forward this article to several senior folks I know in DC?

[Jim Robinson]

To send via email, right click on the page and send in Netscape, or File and Send in MS Explorer.

[NEWwoman]

All things considered, two conclusions seem obvious. First, the recession the Clinton-Gore administration bequeathed to President Bush was longer and nastier than commonly believed, arguably beginning before its second term ended. Second, the precisely timed anti-recessionary tax cut enacted during the first half of 2001 was even more necessary and helpful than previously appreciated. Imagine where the economy would be today without it.

Bravo for President Bush and the tax cut!