A HISTORY OF RECESSION IN THE UNITED STATES 1950 TO 2008

[mikekohr]

A HISTORY OF RECESSION IN THE UNITED STATES 1950 TO 2008
Written by: mike kohr 2/12/2008

Criminologists look for patterns to solve and prevent crimes. And in the comparison of the economic records of Democrat and Republican administrations there is a glaring pattern all but ignored by the corporate media. Nine of the last ten recessions have occurred under the direction of Republican economic policy. And proving that history does repeat itself, examine the three greatest slowdowns in US economic history, 1929*, 1982, 2007, all three were attributed to poor economic and tight credit policy, all three featured deregulation and lack of oversight of the financial markets, and all three were presided over by a Republican President.

Recession of 2007-present George W. Bush(R) Greatest downturn since 1929, blamed on lack of regulation of financial markets and collapse of credit markets

Recession of 2001 George W. Bush(R) Began in April of 2001, marked the beginning of greatest deficit spending in all of recorded human history

Recession of 1990-1991 George H.W. Bush(R) Deregulation of Savings and Loan industry led to a collapse and panic, which led to election of Bill Clinton, who produced the greatest increase in jobs and wealth in all of recorded human history

Recession of 1981-1982 Ronald Reagan(R) At the time, the most severe contraction of economy since the Great Depression, massive deficit spending/deregulation of markets, and tight fiscal policy in an effort to kill inflation were blamed for this downturn **

Recession of 1980 2nd & 3rd quarters Jimmy Carter (D) Shortest and least severe slow down, generally attributed to Iranian Revolution and increase in oil prices, led to the election of Ronald Reagan

Recession of 1973-1975 Richard M Nixon(R) OPEC’s increase in oil prices and massive spending in the escalation of war in Vietnam led to stagflation, the second economic crash of Nixon’s administration

Recession of 1969-1970 Richard M. Nixon(R) Credited to Nixon’s escalation of and massive spending in Vietnam War and OPEC’s increase in price of oil

Recession of 1960 -1961 Dwight D. Eisenhower(R) Noted for high unemployment, low GDP, high inflation JFK ended the recession by stimulating the economy 10 days after taking office

Recession of 1957-1958 Dwight D. Eisenhower(R) Eisenhower achieved the dubious distinction of achieving a second economic downturn on his watch, a record later matched by Richard M. Nixon, and George W. Bush

Recession of 1953 Dwight D. Eisenhower(R) Increased outlays to National defense and restrictive credit policies blamed for this downturn.

There are few things that are certain in life but this economic record of the last 58 years provides one. When a Republican is elected to the White House, there is a 100% chance that the economy will slide into a recession and a 50% chance that two or more recessions will occur.

With an unbroken record of fubar, failure and foul up one would expect Republicans to have a (FU) after their names instead of a (R). A (no) would be more appropriate. Not a single Republican member of Congress voted for President Obama’s 2009 Economic Stimulus plan. The “Know Nothing” Republican Party has a long history of saying no. They said no to the creation of the Social Security System, and the creation of Medicare, the two most successful poverty reduction programs in US history. That’s not all they said no to.

Bill Clinton’s economic stimulus plan of 1993 produced the greatest wealth and job creation in all of recorded human history. Clinton’s economic plan reduced the National Debt by $587 billion, and balanced 5 budgets, exactly 5 times as many balanced budgets as produced by the last five Republican presidents -combined-.
Not a single Republican House member voted for it.

Here’s what they had to say about Clinton’s Stimulus plan of 1993:
From the Files by David Waldman
(Congress Matters, February 15, 2009)

Rep. Dick Armey (R-TX), CNN, 8/2/93:
“Clearly this is a job killer in the short run…The deficit will be worse,...”

Rep. Newt Gingrich (R-GA), GOP Press Conference, House TV Gallery, 8/5/93:
“I believe this will lead to a recession next year.”

Rep. Deborah Pryce (R-OH), 5/27/93:
“(This) will lead to more taxes, higher inflation, and slower economic growth.”

Rep. Jim Bunning (R-KY), 8/5/93:
"It will not create jobs."

This from the same know nothing crowd that gave us 9 of the last 10 recessions.

There has been a crime of economic ineptitude perpetrated on the American people. No one seems to see the pattern nor is anyone confronting the stumblebums responsible for it. And they are so easy to spot. They are the one’s saying no.


---------------------------------------------------------------------------------------------------------------------------------------------------------------

*The Great Depression of 1929 Herbert Hoover(R) Lasted for 10 years, blamed on Hoover’s economic policy and lack of regulation of financial markets
** “The Reagan Recession” which ran from the 4th quarter of 1981 thru the 1st quarter of 1982 is often categorized as starting under Carter’s watch during the 2nd & 3rd quarters of 1980. By the end of the 3rd quarter of 1980 that brief recession had rebounded. Starting in the 4th quarter of 1980, 3 of the next 4 quarters produced increased GDP. Reagan’s tight fiscal policy and massive deficit spending contracted the economy again in late 1981, producing unemployment of 10.8% and prime interest rates that hovered between 15% and 20.5%

http://recession.org/history
http://en.wikipedia.org/wiki/List_of_reces...
http://www.sjsu.edu/faculty/watkins/rec198...
http://en.wikipedia.org/wiki/Economic_hist...

[snot]

1. K&R'd

[jaksavage]

2. Thanks

I have been looking for a data storm to rain down on local wingnuts in a LTTE. This will do nicely.

[mikekohr]

7. Thanks Jak, there are a couple of other articles like this in my journal

concerning job creation, and comparisons between Republican and Democratic economic policies.
mike kohr

[mikekohr]

9. Comparison of Job Creation Between Republican and Democratic administrations

JOB CREATION BY PRESIDENT AND PARTY

MONTHLY JOB CREATION RECORDS BY PRESIDENT AND PARTY

Many Americans are aware that George W. Bush has had the worst job creation record since the government began tracking these figures in 1939. But Bush's colossal failure to manage the economy overshadows a much larger story. The record shows two unmistakable patterns:

1). Every time a Republican succeeds a Democrat in the White House, the job creation rate plummets.

2). Every time a Democrat succeeds a Republican in the White House, the job growth rate soars. Every time! No exceptions!

Over the last seventy years, the decrease in monthly job creation when a Republican succeeds a Democrat is 68,913



Considering the steady growth in population of the United States during this time frame the job creation rate should steadily increase each month (currently it must grow by 138,000 per month to keep up with population growth). This trend only manifests itself when examining Democratic administrations:

Listed below is the average job growth increase for all terms served:

Democratic Record:
Truman +86,500
Kennedy +100,000
Johnson +191,666
Carter +216,666
Clinton +241,666
------------------
+167,200
Jobs gained per month


Republican Record:
Eisenhower +36,500
Nixon +141,666
Reagan +166,666
G. H. Bush +52,083
G. W. Bush +31,250
------------------------
63,853
Jobs gained per month






By: michael kohr Graphics by: Bonny Kohr 1/16/2009

http://blogs.wsj.com/economics/2009/01/09/... /
Wall Street Journal

[mikekohr]

10. Economic Accomplishment Comparisons Between Republican and Democratic

“THE PARTY WITH THE BEST RECORD OF SERVING REPUBLICAN ECONOMIC VALUES IS THE DEMOCRATS, AND IT ISN’T EVEN CLOSE!” -Michael Kingsley-


1). FEDERAL SPENDING: since 1960 Republicans increased Federal Spending by 71% more than have Democrats

2). FEDERAL DEBT: since 1960 Republicans have increased the National debt by 100% more per year than have Democrats.

3). GROSS DOMESTIC PRODUCT: since 1921, adjusted for inflation, Democrats out-produce Republicans by 43% . Starting in 1940 the Democratic advantage is 23% better.

4). REAL PER CAPITA INCOME: since 1960 Democrats have outperformed Republicans by 30%. (This is perhaps the most important economic statistic of all)

5). INFLATION: since 1960, Democrats outperform Republicans 3.13% to 3.89%

6). UNEMPLOYMENT: since 1960 it decreases in an average Democratic year by 0.3% to 5.33%, and increases in average Republican year by 1.1% to 6.38%.

7). JOB CREATION: from 1945 to 2003, Democrats produced 174,200 jobs per month, Republicans have only produced 60,600 per month. Every time a Democrat succeeds a Republican, job creation soars. Every time a Republican succeeds a Democrat job creation plummets. NO EXCEPTIONS!

8). DOW JONES AVERAGE: since 1921 the DOW has increased by 52% more under Democratic administrations

9). THE BOND MARKET: since 1940 the value of 10 year Treasury bonds rose 1.2% under Democrats and fell 0.5% under Republicans


SOURCES-Bureau of Labor Statistics, Economic Policy Institute, Christian Science Monitor, “The Los Angles Times -Michael Kingsley-

by mike kohr 3/7/2006

RESULTS MATTER, VOTE DEMOCRATIC!

[Festivito]

3. Ah, but W inherited a Clinton recession... after W redefined "recession"

Republicans under Bush after redefining recession, then recalculated all the years back to 1929. And, with their new definition, claimed Clinton left him a recession, ... although part of that recession required the downturn that occurred under W's months in office in order to even be called a recession under the new W rewritten definition.

IOW Rs are big fat liars.

[Joe Chi Minh]

4. In an incorrupt, common-sense world, the right wing would have as much chance

of being elected as the Communist Party, during McCarthy's 'reds under the bed' witch-hunt. In fact, in Europe, apart from in the UK (your European off-shore island), right-wing politics would bear little resemblance to American corporatist conservatism. Their hearts would be much the same, but they don't have quite the strength of feudal lords.

[GoCubsGo]

5. Like my dad says...

They'll do it every time. And, since this is The United States of Amnesia, they'll have lots more chances to do it again. Sadly, the next chance will probably be very soon.

[Toots]

6. The ONLY place you will hear things like this are on sites like this.

Why do Democrats REFUSE to use information like this to inform voters of the differences between the Parties. They have a great opportunity to create campaign ads that inform people yet they will never do it..and people will go on thinking Republicans are good for the economy and for National Security when history shows the exact opposite to be the truth..Obama would say we must move forward and not dwell on such. I don't get it, How can anyone or any country move forward without acknowledging the past and making corrections.

[Fading Captain]

8. Nah. The Democrats and NAFTA had NOTHING to do with the recession

LOL. Stop it people.

The first step to a strong Democratic Party is recognizing that it needs to be fixed.

[NNN0LHI]

11. NAFTA was a Ronald Reagan proposal from the 1980's

NAFTA was a Ronald Reagan proposal from the 1980's that has been worked on through both of Reagans terms, Bush Sr.'s term, and through Clinton's watch, until he signed it so he wouldn't end up being a lame duck President, even while a Republican dominated congress would have passed it anyway.

Clinton also gained provisions for environmental protection and labor regulations for signing it. That is how politics works.

Google North American Accord, which was Reagans original proposal.

[Fading Captain]

12. Who cares? The Dems embraced it.

And sold unions and labor down the Rio Grande.

[Hippo_Tron]

13. It was passed under a Democratic Congress

And Clinton had to personally whip votes to pass it because Gingrich could only deliver a certain amount of Republican votes.