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Originally Posted by Tully Mars
Actually that's not quite accurate. Bush did not take office a recession things may have been trending that way but it was not a recession.
One of many claims the neo-cons have used to defend Bush and his policies that are either false or mostly False. |
I am never sure how to discuss these issues here, because normal business cycles occur normally and Presidential policy often takes years if not decades before they start to have an impact on the economy. So, to me, I see Reagan's policies impacting most of the 90's, not Clinton. And I see the housing bubble being born during Clinton's term. Most of Bush's policy was consumed by war and nation building in Iraq.
True, the recession became official after Bush took office. I think most agree the excess of the dot com bubble laid the foundation for the recession, this build up occurred before Bush took office and the peak occurred shortly after he was sworn in.
Here is a quot and a link to an interesting recap of some of the data during the period:
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Recessions are defined in terms of declines in real GDP. By this definition the U.S. entered a recession in the third quarter of 2001 but statistics other than real GDP indicate that the problems for the economy developed in the summer of 2000. The current dollar and constant dollar (1996) GDP for the past sixteen quarters are shown in the table below.
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The U.S. Recession of 2001-2002