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Actually, Fox News is lying. 2000 was not a recession year. The recession didn't come to the U.S. until W's watch. I guess that's why they call it an opinion, since it sure the heck isn't the truth.

Here's what the National Bureau of Economic Research, a large private economic research organization, has to say about US Business Cycle Expansions and Contractions: March 2001 to November 2001. Previous recession was under W's Daddy's watch: July 1990 to March 1991. There was no Clinton recession.

The whole myth of a Clinton recession was Republican political strategy according to this 2004 Business Week analysis, Inventing The "Clinton Recession".

President George W. Bush's Council of Economic Advisers, chaired by Harvard economist N. Gregory Mankiw, is trying to get away with exactly such revisionist history. The CEA's Economic Report of the President, released Feb. 9, unilaterally changed the start date of the last recession to benefit Bush's reelection bid. Instead of using the accepted start date of March, 2001, the CEA announced that the recession really started in the fourth quarter of 2000 -- a shift that would make it much more credible for the Bush Administration to term it the "Clinton Recession." In a subsequent press conference, Mankiw said that the CEA had looked at the available data and "made the call."

...

To be fair, even if the latest recession did begin after Bush took office in January, 2001, no one can say he caused it.

I can. Bush caused the recession. He caused a fundamental shift in the direction of the United States from the Clinton administration. The selection of Bush caused the recession. In fact, I'd argue that if Gore became president, the U.S. and the world would have missed a recession by a massive move toward a green economy. Instead the U.S. Supreme Court made the choice to disaster capitalism and the looting of the U.S. economy began in earnest. Additionally, Gore likely would have focused on counter terrorism and the attacks in the U.S. on 11 September 2001 may have been thwarted.

Bush caused two recessions. His first recession, in 2001, will be considered mild compared to the abyss he's opened up beneath the U.S. economy in his final term.

by Magnifico on Wed Apr 2nd, 2008 at 10:16:23 PM EST
[ Parent ]
They keep reinventing Clinton recession. 2000 or 2001, "who cares"...

Though I still wondering how Bush ran into recession so fast. Markets apparently like his type of "dictatorship would be easier" leaders. How did Bush's election change overall economic activity so suddenly?

by das monde on Thu Apr 3rd, 2008 at 02:51:01 AM EST
[ Parent ]
Playing the devil's advocate, even though the real recession happened in 2001, not 2000, at leasst as per the NBER, it's still fair to say it was Clinton's recession, not Dubya's. The first asset bubble was inflated on his watch, and it started deflating on his watch again, and arguably it was this first bubble deflation which caused the recession. Not Dubya's fault.

Clinton got far more credit for his economic stewardship than he deserves; he was the beneficiary of a bubble, and the recession which resulted is also his. Note taken also that the hard-right ideologue at the time in the fed, increasing interests throughout 2000, probably to undermine public confidence in the economy and strip Gore of a key selling point.

Bush's bubble, of course, will have far more long-lasting and severe consequences.

"C'est un scandale !"

by redstar on Thu Apr 3rd, 2008 at 11:07:32 AM EST
[ Parent ]
WTF? I thought Mankiw had an academic reputation to protect.

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris
by Migeru (migeru at eurotrib dot com) on Thu Apr 3rd, 2008 at 03:11:37 AM EST
[ Parent ]
Why, yes, he does. But it's in Economics, the same academic discipline which celebrated Milton Friedman.

The target audience for that reputation isn't you and I, it's the pluucrats.

"C'est un scandale !"

by redstar on Thu Apr 3rd, 2008 at 10:57:19 AM EST
[ Parent ]

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