Democratic presidents keep having to save the US economy after Republican presidents run it into the ground
- “Since the 1990s, GOP presidents keep running the US economy into recessions.
- And then Democratic presidents come in and save the economy.
- Democrats should remind voters of this every chance they get.
- Michael Gordon is a longtime Democratic strategist, a former spokesman for the Justice Department, and the principal for the strategic-communications firm Group Gordon.
- This is an opinion column. The thoughts expressed are those of the author.
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Repeat after me: The last three Republican presidencies ended in economic turmoil. And their Democratic successors had to clean up the mess. Voters need to be reminded – again and again – that putting Republicans in the White House puts our country in recession.
It seems quaint compared to 2008 or our current crisis, but President George H. W. Bush ended his one term in office in recession. After what was then the longest period of peacetime economic expansion in US history, in July 1990 the country entered a recession that saw unemployment rise to a peak of 7.8% in June 1992.
His challenger Bill Clinton made the economic pain that families were feeling the mantra of his campaign and handily beat Bush, who came across as out of touch with working Americans.
One of Clinton's first legislative achievements was an economic recovery bill that, among other things, put a greater tax burden on the wealthy and increased tax credits and wage subsidies for the working poor. As a result, during his eight years in office, Clinton oversaw economic growth that averaged 3.5% annual GDP growth but topped 4% throughout his second term. Unemployment fell from 7.4% to 3.9%, and the labor market added an average of 2.9 million jobs per year.
Cut to President George W. Bush and his policies that cut taxes for the rich, grew our national debt and trade deficit to record levels, left the US dollar severely weakened, decreased regulation of Wall Street, and ultimately helped bring about the Great Recession.
The Great Recession was man-made, caused by reckless lending by financial institutions – not the result of the natural cycles of our economy. The devastationwas – and continues to be – enormous, with America more unequal, less productive, and poorer because of the severity of the crisis.
President Barack Obama came to office needing to help bail out entire industries that our country runs on. The depth of the decline was the worst in 80 years, and the recovery Obama initiated was slow – but effective.
After taking over in early 2017, former-President Donald Trump maintained the Obama recovery in some ways – but in other ways economic disparity grew deeper. Then, he treated the pandemic more like a political issue than a health issue, and the economy went into freefall on every metric. Millions of jobs were lost – some for good. Unemployment still sits at 6.7% despite some improvement in recent months, with communities of color hit hardest.
Now, as part of the promise of President Joe Biden, we will get through the pandemic and renew our economic strength in turn: another Democrat fixing a Republican mess.
Older voters will recall that President Jimmy Carter became the favorite Republican punching bag after his four years in office ended in economic calamity. So many negatives for the economy became associated with Carter – malaise, stagflation, the misery index – that Republicans held onto the White House for 12 years straight, the longest continuous streak in nearly 70 years. The fear of going back to the Carter years kept voters on edge and Republicans in power.
But it's been almost 50 years since Carter took office, and despite their superior record Democrats have failed to capitalize sufficiently on the economic strength they repeatedly ushered in and make it synonymous with their brand.
Much like the GOP did with Carter, Democrats need to make the Bushes and particularly Trump their punching bag for the next generation. The Democrats need to make it clear that they are the stewards of steady, strong economic growth and are always cleaning up after the GOP.
In most election years, voters think first about the economy and their own pocketbooks. That is the primary driver of most elections at most levels. Every Democrat needs to make the contrast in economic success their mantra – for the sake of the party and the country.
Repeat after me: The last three Republican presidencies ended in economic turmoil.”