COMPARING ECONOMIC GROWTH. BY THE NUMBERS. BY THE PRESIDENTS.

Presidential hopeful John McCain made the statement, roughly paraphrased, “that he does not know enough about economics.” That ought to be a liability in the November presidential election, especially considering the fact that the flagging economy is appearing as voters’ top concern.

In a post by the blogger “The Angry Bear” on August 30, 2007, entitled “Comparing Presidents; Rankings of Growth”, the Angry Bear demonstrates what most economists have known all of their working lives. The economy performs better under Democratic presidents than Republicans, at least in terms of the most fundamental measure, growth in Gross Domestic Product (GDP).

The Author will not repost the graphs and charts. Instead, he directs you to the Angry Bear post.

GDP has been watched closely over the last few news cycles, because two consecutive quarters of negative GDP growth is the conventional definition of a recession. The last two quarters, 4-2007 and 1-2008, have had minimal growth, .06% annualized. Not technically a recession, but a move from bad to worse in the slow growth economy of Bush II.

HAIL TO, OR HELL FROM, THE CHIEF.

The Angry Bear put together some charts and graphs looking at Real GDP growth and reduction of debt during the tenure of the following presidencies: Bush A and B, Clinton, Reagan, Carter, Nixon/Ford, and Kennedy/Johnson.

1. Real GDP Growth is Total GDP Growth minus inflation.

And the winner is: Kennedy/Johnson with 3.48% annualized GDP growth.

The loser: George Bush I with 0.93% annualized GDP growth.

In descending order from Kennedy/Johnson, Clinton (2.49%), Reagan (2.45%), Carter (2.14%), Nixon/Ford (1.4%), George Bush II (1.53%), and Eisenhower (1.11%)

Between the parties, the Democrats averaged a little over 2.5% annualized GDP growth. The Republicans, a tad over 1.5%

2. Real Debt Reduction. Real Deduction in the National Debt.

The winner: Bill Clinton with a 2.1% reduction.

The loser: Reagan with a whopping increase of 7.86%.

Eisenhower, Nixon/Ford, Carter, and Kennedy/Johnson all chalked up debt reduction.

The Bushes all increased debt.

WHY?

The reasons are not entirely clear, but the results are clear. For a fuller discussion, go to the Angry Bear.

The Author has had these graphs around for a few months and finally got around to posting them. Thanks go out to John McCain’s revealing confession to triggering the post.

CONFESSION IS GOOD FOR THE SOUL, IF NOT FOR THE PROSPECT OF ELECTABILITY IN THE DESERT OF THE REAL!