Continuing on in our empirical series comparing economic performance under different presidencies, we look today at economic growth. Here, even I was surprised based on the empirical data in two ways.
1. Carter had a surprisingly high average economic growth rate. Marginally higher than Reagan's (however this was due to a freakish one off event of 16.5% annualized economic growth in the 2nd quarter of 1978. The reason for it I'm still trying to peg down).
2. Bush Jr. had an even lower economic average than Obama, largely due to the walloping -8.3% contraction in late 2008.
Still, economic performance under Obama is nothing to get too excited about. At 2.1% it is on par with the two nepotist presidents democrats love to loathe, and nowhere near Clinton, Reagan or Carter (two of which were dealing with real recessions). But in all honesty and truth (because the facts don't lie) Obama is "not as bad" as Bush Jr. However, while we can debate which economy is "marginally less sucky" under the hated Obama and the hated Bush, two points of order.
One, though not economic, Obama was billed as this brilliant, intelligent, genius by the media, academia and other arms of the democrat party. However, Bush Jr received nothing but 120% the complete opposite of Obama. He was an idiot, a war monger, etc. etc. Still, the "holy and sacred" Obama could not really muster a significantly better economic performance than the loathed and galactically stupid Bush Jr. If there is a criticism most conservatives, libertarians and republicans have, it's the egregious amount of handicap, affirmative action, and lowering of the bar the media and society has granted Obama while holding Bush to abusive and impossible standards. The truth is that Obama is no better than Bush.
Two, Keynesian stimulus. Understand with the LARGEST Keynesian stimulus since WWII, Obama can still only manage to be marginally better than Bush Jr. This is like Barry Bonds taking steroids, but never hitting a home run. Matter of fact, the above chart should strike fear into Keynesian zealots as the two presidents with the most amount of textbook Keynesian stimulus have the poorest economic performances. Good lord, even Carter trounced them.
With that in mind, the next statistic we will look at will be precisely that - Keynesian stimulus in the form of deficit spending and national debt. Something I'm sure doesn't need addressing, but it will be interesting to see just how much in economic steroids different presidents have been taking.