Monday, June 22, 2015

Using voodoo economics Jeb Bush promises what no other president has achieved

He should have listened to his dad about "voodoo economics." Paul Krugman explains the difficulty in achieving sustained 4%. No other president has done that.

... the next time you encounter some conservative going on about growth, you might want to bring up the following list of names and numbers: Bill Clinton, 3.7; Ronald Reagan, 3.4; Barack Obama, 2.1; George H.W. Bush, 2.0; George W. Bush, 1.6. Yes, that’s the last five presidents — and the average rate of growth of the U.S. economy during their time in office (so far, in Mr. Obama’s case). Obviously, the raw numbers don’t tell the whole story, but surely there’s nothing in that list to suggest that conservatives possess some kind of miracle cure for economic sluggishness. And, as many have pointed out, if Jeb! knows the secret to 4 percent growth, why didn’t he tell his father and brother?

Check out Krugman's column for why a high level of sustained growth is hard to achieve.

So what does it say about the state of the party that Mr. Bush’s son — often portrayed as the moderate, reasonable member of the family — has chosen to make himself a high priest of voodoo economics? Nothing good.

No comments:

Post a Comment