After listening to Economist Peter Morici Saturday on Fox and Friends (Sat June 11th) I asked him in an e-mail about Clinton's claim that the economy does better under Democratic Presidents than Republicans and here is what he said:
Here are my views about Clinton's claim that the country does better with a Democrat in the White House Clinton's claims are nonsense:
Obama and Reagan came into office under similar circumstances--each had an early recession with unemployment peaking at 10 percent and Reagan at 10.8 percent (who had the bigger hole?)
Obama's recovery has registered 2.1 percent GDP growth, whereas Reagan's scored 4.6 percent, and for Obama employment is up 11 percent but for Reagan 22 percent
Family incomes are down about $1,600 on Obama’s watch, whereas those rose by $4,800 during the Reagan years.
And the social indicators are terrible.
The middle class is shrinking, suicides and drug abuse are up, fertility has dropped precipitously, millions of college graduates stuck in low-paying jobs and defaulting on education loans, and home ownership is at a 48 year low.
For many minorities, the situation is even worse. African-American family incomes are down about $2,200, the wealth gap with whites is widening, and banks increasingly their access to home mortgages.
Economist: Lousy jobs report tells the truth about the Obama economy ( ...http://fxn.ws/1VBtUsr To listen to President Obama, Americans live in a liberal paradise—a robust economy, 75 consecutive months of jobs growth and a go ....
From me--P.S.-- the widely acclaimed Clinton economy of the 90's was the direct result of two things, 1) Reagan laid the foundation for economic growth that both Bush I and Clinton experienced with large tax decreases, reduced regulation, and REAL economic growth, and, 2) The Republicans taking control of the House and the Contract with America that forced President Clinton to the center.
He, Clinton, did his best to screw it up with huge tax increases and the passage of NAFTA, China's move to Favored Nations trading status, etc. The results of these moves are what Clinton really gave us, i.e., the 1991 recession and millions of lost manufacturing jobs continuing to this day