As the Republican economic plan focuses once again exclusively on tax cuts for the rich, it is helpful to have a few simple facts at your disposal.  Here’s a summery of 10 key economic measures under a Republican vs. Democratic presidency.  Sometimes the facts just speak for themselves.  

1.     Jobs

Total                        Manufacturing                                    

August 2008:            137.5 mil            13.4 mil

2000:                        131.8 mil            17.3 mil

1992:                        110.8 mil            16.8 mil

The Clinton economy produced about four times the number of new jobs (21 million) as the Bush economy (5.7 million).  Manufacturing jobs have fallen precipitously under Bush after growing under Clinton.

2.     Income

Real Per-Capita Income

2007:                                     $26,804

2000:                                     $26,905

1992:                                     $21,497

That’s a decline under Bush following very steady growth under Clinton.  Note that economists use the term “real” to mean that the figure has been adjusted for inflation.

3.     Economic Growth

Real GDP growth

Jan 2001-June 2008:             2.3 percent

Jan 1993-Jan 2001:             3.6 percent

So much for the fiction that tax cuts lead to economic growth.

4.     Budget Deficit/Surplus

2008:                                     $389 billion deficit (projected by White House)

2000:                                     +$236 billion surplus

1992:                                     $290 billion deficit

And so much for the fiction that tax cuts increase tax revenues.

5.     Gas Prices

Average price of a gallon of regular unleaded

September 8, 2008:              $3.64

January 20, 2001:             $1.45

January 20, 1993:             $1.06

6.     Stock Market

Dow Jones Industrial Average

September 8, 2008:            11,511

January 20, 2001:                10,588

January 20, 1993:                3,241

That’s an annual return of 1 percent under Bush vs. 16 percent under Clinton.

7.     Unemployment Rate

August 2008:                   6.1 percent

Jan 2001:                         4.2 percent

Jan 1993:                         7.3 percent

After over a 40 percent reduction in unemployment under Clinton, things have taken a serious turn for the worse under Bush.

8.     Poverty

Fraction of Americans living below poverty line

2007:                                     12.5 percent

2000:                                     11.3 percent

1992:                                     14.8 percent

After declining precipitously under Clinton, poverty is again on the rise under Bush.

9.     Dollar

September 8, 2008:             0.707 Euros            

January 20, 2001:             1.070 Euros            

That’s a loss of a third of the value of the dollar under Bush.

10.     Inflation

Annual rate of inflation

July 2007-July 2008:             5.7%

Jan 2001-July 2008:             3.1%

Jan 1993-Jan 2001:             2.6%

After nearly twenty years of stable prices, inflation is back with a bang as Bush leaves office.

Sources:

1.             ftp://ftp.bls.gov/pub/suppl/empsit.ceseeb1.txt

2.             Census Bureau: http://www.census.gov/

3.             Bureau of Economic Analysis: www.bea.gov

4.             Congressional Budget Office: http://www.cbo.gov/budget/data/historical.pdf

US Treasury: www.ustreas.gov

5.             Energy Information Administration: http://www.eia.doe.gov

6.             Yahoo Finance: finance.yahoo.com

7.             Bureau of Labor Statistics: http://data.bls.gov

8.             Census Bureau: http://www.census.gov/

9.             Oanda.com: http://www.oanda.com/convert/fxhistory

10.             Bureau of Labor Statistics: http://data.bls.gov

As the Republican economic plan focuses once again exclusively on tax cuts for the rich, it is helpful to have a few simple facts at your disposal.  Here’s a summery of 10 key economic measures under a Republican vs. Democratic presidency.  Sometimes the facts just speak for themselves.  

1.     Jobs

Total                        Manufacturing                                    

August 2008:            137.5 mil            13.4 mil

2000:                        131.8 mil            17.3 mil

1992:                        110.8 mil            16.8 mil

The Clinton economy produced about four times the number of new jobs (21 million) as the Bush economy (5.7 million).  Manufacturing jobs have fallen precipitously under Bush after growing under Clinton.

2.     Income

Real Per-Capita Income

2007:                                     $26,804

2000:                                     $26,905

1992:                                     $21,497

That’s a decline under Bush following very steady growth under Clinton.  Note that economists use the term “real” to mean that the figure has been adjusted for inflation.

3.     Economic Growth

Real GDP growth

Jan 2001-June 2008:             2.3 percent

Jan 1993-Jan 2001:             3.6 percent

So much for the fiction that tax cuts lead to economic growth.

4.     Budget Deficit/Surplus

2008:                                     $389 billion deficit (projected by White House)

2000:                                     +$236 billion surplus

1992:                                     $290 billion deficit

And so much for the fiction that tax cuts increase tax revenues.

5.     Gas Prices

Average price of a gallon of regular unleaded

September 8, 2008:              $3.64

January 20, 2001:             $1.45

January 20, 1993:             $1.06

6.     Stock Market

Dow Jones Industrial Average

September 8, 2008:            11,511

January 20, 2001:                10,588

January 20, 1993:                3,241

That’s an annual return of 1 percent under Bush vs. 16 percent under Clinton.

7.     Unemployment Rate

August 2008:                   6.1 percent

Jan 2001:                         4.2 percent

Jan 1993:                         7.3 percent

After over a 40 percent reduction in unemployment under Clinton, things have taken a serious turn for the worse under Bush.

8.     Poverty

Fraction of Americans living below poverty line

2007:                                     12.5 percent

2000:                                     11.3 percent

1992:                                     14.8 percent

After declining precipitously under Clinton, poverty is again on the rise under Bush.

9.     Dollar

September 8, 2008:             0.707 Euros            

January 20, 2001:             1.070 Euros            

That’s a loss of a third of the value of the dollar under Bush.

10.     Inflation

Annual rate of inflation

July 2007-July 2008:             5.7%

Jan 2001-July 2008:             3.1%

Jan 1993-Jan 2001:             2.6%

After nearly twenty years of stable prices, inflation is back with a bang as Bush leaves office.

Sources:

1.             ftp://ftp.bls.gov/pub/suppl/empsit.ceseeb1.txt

2.             Census Bureau: http://www.census.gov/

3.             Bureau of Economic Analysis: www.bea.gov

4.             Congressional Budget Office: http://www.cbo.gov/budget/data/historical.pdf

US Treasury: www.ustreas.gov

5.             Energy Information Administration: http://www.eia.doe.gov

6.             Yahoo Finance: finance.yahoo.com

7.             Bureau of Labor Statistics: http://data.bls.gov

8.             Census Bureau: http://www.census.gov/

9.             Oanda.com: http://www.oanda.com/convert/fxhistory

10.             Bureau of Labor Statistics: http://data.bls.gov

As the Republican economic plan focuses once again exclusively on tax cuts for the rich, it is helpful to have a few simple facts at your disposal.  Here’s a summery of 10 key economic measures under a Republican vs. Democratic presidency.  Sometimes the facts just speak for themselves.  

1.     Jobs

Total                        Manufacturing                                    

August 2008:            137.5 mil            13.4 mil

2000:                        131.8 mil            17.3 mil

1992:                        110.8 mil            16.8 mil

The Clinton economy produced about four times the number of new jobs (21 million) as the Bush economy (5.7 million).  Manufacturing jobs have fallen precipitously under Bush after growing under Clinton.

2.     Income

Real Per-Capita Income

2007:                                     $26,804

2000:                                     $26,905

1992:                                     $21,497

That’s a decline under Bush following very steady growth under Clinton.  Note that economists use the term “real” to mean that the figure has been adjusted for inflation.

3.     Economic Growth

Real GDP growth

Jan 2001-June 2008:             2.3 percent

Jan 1993-Jan 2001:             3.6 percent

So much for the fiction that tax cuts lead to economic growth.

4.     Budget Deficit/Surplus

2008:                                     $389 billion deficit (projected by White House)

2000:                                     +$236 billion surplus

1992:                                     $290 billion deficit

And so much for the fiction that tax cuts increase tax revenues.

5.     Gas Prices

Average price of a gallon of regular unleaded

September 8, 2008:              $3.64

January 20, 2001:             $1.45

January 20, 1993:             $1.06

6.     Stock Market

Dow Jones Industrial Average

September 8, 2008:            11,511

January 20, 2001:                10,588

January 20, 1993:                3,241

That’s an annual return of 1 percent under Bush vs. 16 percent under Clinton.

7.     Unemployment Rate

August 2008:                   6.1 percent

Jan 2001:                         4.2 percent

Jan 1993:                         7.3 percent

After over a 40 percent reduction in unemployment under Clinton, things have taken a serious turn for the worse under Bush.

8.     Poverty

Fraction of Americans living below poverty line

2007:                                     12.5 percent

2000:                                     11.3 percent

1992:                                     14.8 percent

After declining precipitously under Clinton, poverty is again on the rise under Bush.

9.     Dollar

September 8, 2008:             0.707 Euros            

January 20, 2001:             1.070 Euros            

That’s a loss of a third of the value of the dollar under Bush.

10.     Inflation

Annual rate of inflation

July 2007-July 2008:             5.7%

Jan 2001-July 2008:             3.1%

Jan 1993-Jan 2001:             2.6%

After nearly twenty years of stable prices, inflation is back with a bang as Bush leaves office.

Sources:

1.             ftp://ftp.bls.gov/pub/suppl/empsit.ceseeb1.txt

2.             Census Bureau: http://www.census.gov/

3.             Bureau of Economic Analysis: www.bea.gov

4.             Congressional Budget Office: http://www.cbo.gov/budget/data/historical.pdf

US Treasury: www.ustreas.gov

5.             Energy Information Administration: http://www.eia.doe.gov

6.             Yahoo Finance: finance.yahoo.com

7.             Bureau of Labor Statistics: http://data.bls.gov

8.             Census Bureau: http://www.census.gov/

9.             Oanda.com: http://www.oanda.com/convert/fxhistory

10.             Bureau of Labor Statistics: http://data.bls.gov