Quote:
Originally Posted by iamnotafraid
ajm when people talk about how great our economy was under Clinton they always fail to mention that Clinton inherited an economy that was on a upswing. And when he left office it was on a downswing.
|
True! Although, the president, generally speaking, has very little to do with economic performance. He sets the stage to work with, IE taxes, regulation, etc. However, what we do with it is our fault and not his. Clinton did not "create" a great economy, it was happening because of private market innovation and the growth of the tech industry, as well as payoff's from investments from previous years. It started to go bad because some of the growth wasn't legit, IE the dot com bubble and the beginning of the housing bubble. My point is that the economy was going to grow or contract anyway, Clinton's taxes dampened the growth that there already was. It would have been much greater without the taxes, partially because of the money multiplier effect.