Facts About the Recent History of the U.S. Economy
by Jennifer on 02.26.2010
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| Job losses under the Bush and Obama administrations: which got us headed in the right direction? |
"Those who don't know history are doomed to repeat it."
-- Edmund Burke (1729-1797)
1. Question: Which U.S. president was the first to push annual federal spending across the one-trillion-dollar mark?
Answer: Ronald Reagan (Republican), in 1987.1
2. Question: Which U.S. president was the first to push annual federal spending across the two-trillion-dollar* mark?
Answer: George W. Bush (Republican), in 2002.2
3. Question: Which U.S. president was the first to push annual spending across the three-trillion-dollar mark?
Answer: George W. Bush (Republican), in FY2009.3
4. Question: During the 57-year period 1948-2005, under which party's presidents was the average annual growth in pre-tax family income greater?
Answer: The Democratic Party.4
5. Question: During the period** 1980-2003, under which party's presidents was the average annual post-tax income growth greater?
Answer: The Democratic Party.5
6. Question: During the 57-year period 1948-2005, under which party's presidents was the average annual unemployment rate higher?
Answer: The Republican Party (6.26% vs. 4.84% for Democrats).6
7. Question: During the 57-year period 1948-2005, under which party's presidents was the average annual browth in the per capita gross national product higher?
Answer: The Democratic Party (2.78% vs. 1.64% for Republicans).7
8. Question: During the 57-year period 1948-2005, under which party's presidents was the average annual inflation rate higher?
Answer: The average annual inflation reate was almost the same for the two major parties:
3.97% for the Democrats vs. 3.76% for the Republicans.8
9. Question: In the almost 80 years since 1929, under which party's presidents was the average annual return on stock-market investments (S&P) greater?
Answer: The Democratic Party (8.9% per year vs. 0.4% per year under Republicans).9
10. Question: Between 1949 and 2004 (inclusive), under which party's presidents did the real value of the minimum wage increase or decrease?
Answer: The Democratic Party (25 years) -- Minimum wage increased by $4.08 (about +16 cents/year). Republican Party (31 years) -- Minimum wage decreased by $1.93 (about -6 cents/year).10
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* Does not include the additional cost of the Iraq War, which is carried "off the budget."
** Data on post-tax income has only been available since 1980.
Sources/References.
1, 2, 3. Budget of the United State Government, 2009: Historical Tables, Table 2.1.
4. Data obtained from U.S. Census Bureau Historical Income Tables.
Results taked from Unequal Democracy, by Larry M. Bartels (Russel Sage Foundation, NY, 2008), page 32.
5. Data obtained from U.S. Census Bureau Historical Income Tables.
Results taken from Unequal Democracy, by Larry M. Bartels (Russel Sage Foundation, NY, 2008), page 56.
6, 7, 8. Data obtained from U.S. Bureau of Labor Statistics and the Bureau of Economic Analysis.
Results taken from Unequal Democracy, by Larry M. Bartels (Russel Sage Foundation, NY, 2008), page 48.
9. Tommy McCall (formerly of Money Magazine), "Bulls, Bears, Donkeys and Elephants," New York Times, October 14, 2008.
10. Results taken from Unequal Democracy, by Larry M. Bartels (Russel Sage Foundation, NY, 2008), page 240.