Who's Better in the Driver's Seat? Under Dem pres's. the engine hums along

[papau]

http://www.latimes.com/news/opinion/la-op-blaustein19sep19.story

Who's Better in the Driver's Seat?
Under Democratic presidents, the engine hums along
By Arthur I. Blaustein
Arthur Blaustein was chairman of the President's National Advisory Council on Economic Opportunity during the Carter administration. He is a professor at the University of California, Berkeley, where

September 19, 2004

BERKELEY — A businessman who voted for President Bush four years ago and Bill Clinton in 1996 told me that John F. Kerry's social-program goals "seem good, but I'm worried the Democrats can't manage the economy as well , and they'll get into my wallet." Many voters agree, according to pollsters. But are Republicans better economic managers than Democrats?<snip>

...Which president produced: 1. The highest growth in the gross domestic product? 2. The highest growth in jobs? 3. The biggest increase in personal disposable income after taxes? 4. The highest growth in industrial production? 5. The highest growth in hourly wages? 6. The lowest misery index (inflation plus unemployment)? 7. The lowest inflation? 8. The largest reduction in the deficit? The answers are: 1-Truman; 2-Clinton; 3-Johnson; 4-Kennedy; 5-Johnson; 6-Truman; 7-Truman; 8-Clinton. In other words, Democratic presidents trounced Republicans eight out of eight.

If this isn't enough to destroy the perception that the economy has performed better under Republicans, then let's include stock market performance under Democrats. The Dow Jones Industrial Average during the 20th century rose an average of 7.3% a year under Republican presidents. Under Democrats, it jumped 10.3%, a whopping 41% gain for investors. During George W. Bush's first three years as president, the stock market declined 4%.

Moreover, since World War II, the national debt increased on average by 3.7% a year under Democratic administrations, compared with 9.1% when Republicans occupied the Oval Office. During the same period, Democratic presidents oversaw on average an unemployment rate of 4.8%. For Republicans, it was 6.3%. <snip>

Kerry maintains that government has the responsibility to keep the economy on the right track. Toward that end, he has pledged to reduce the national debt and budget deficit. He would help the middle class and working poor by maintaining current benefit levels and eligibility for the earned income tax credit. Kerry has also promised to restore tax progressivity and fairness by rolling back Bush's giveaways to taxpayers earning more than $200,000 annually. And the Massachusetts senator wants to make significant investments in healthcare, education, affordable housing and the environment.

The president, by contrast, has emerged as little more than a supply-sider in the mold of his father, George H.W. Bush, and his father's former boss, Reagan. The results demonstrate why supply-side policies are sometimes called "trickle-down" economics. Corporate profits have soared 57.5% during the Bush administration, while workers' wages and benefits have increased a minuscule 1.57%. <snip>