From Mitt Romney's expensively produced Believe in America: Mitt Romney's Plan for Jobs and Economic Growth, foreword by Glenn Hubbard:
Indeed, the crisis years of 2008 and 2009 pulled back the curtain on a problem: economic growth had been slowing. U.S. GDP growth has averaged 3.3 percent over the past 50 years. But in the 2002-07 period, before the crisis’s eye of the storm hit the financial system and the economy, that growth averaged just 2.6 percent.
Thus, even picking an interval most favourable to the Bush years (taking out the recessions that book-ended them but counting the up-years of the housing and finance bubbles), Dr Hubbard comes up with a growth trend stated by the Romney team to be unsatisfactory.
Since the centrepiece economic policies of those years were the 2001 and 2003 Bush tax cuts, why did core conservative policies produce such bad economic outcomes?
Indeed, the crisis years of 2008 and 2009 pulled back the curtain on a problem: economic growth had been slowing. U.S. GDP growth has averaged 3.3 percent over the past 50 years. But in the 2002-07 period, before the crisis’s eye of the storm hit the financial system and the economy, that growth averaged just 2.6 percent.
Thus, even picking an interval most favourable to the Bush years (taking out the recessions that book-ended them but counting the up-years of the housing and finance bubbles), Dr Hubbard comes up with a growth trend stated by the Romney team to be unsatisfactory.
Since the centrepiece economic policies of those years were the 2001 and 2003 Bush tax cuts, why did core conservative policies produce such bad economic outcomes?
No comments:
Post a Comment