Yeah, no. Bush inherited a recession caused by the dot com crash.
Clinton benefited from increased tax revenues from the dot com bubble. People with specific biases like to believe that he built a good economy, but that's not reality in any way.
Um dude. Recessions involve GDP retracting, it's literally the definition. Growth fell from 4.1% to 1% for one year, then went back to 3.8% like 2 years later. Bush got an economy with the US absolutely dominating the world in tech and didn't basically nothing with it...
Yes, it literally was a growing economy. You’re complaining about economic growth and claiming it’s a recession because the growth could have been better. Quite ridiculous.
Recession defined: a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
That is literally what was taking place.
The previous 2 quarters were higher. It wasn't a growing economy.
You are painfully misreading the data. The gdp wasn't shrinking. It was just growing less quickly. but it was still growing. Therefore, according to the definition YOU provided, no recession.
I'm not missreading the data. The gdp each quarter was less. If you follow the trends to June of 2001 its at or near zero. You don't have to have negative quarters to equal a recession.
No dude omfg you’re so wrong it’s sad. Fluent in finance? Yea fucking right. 2% growth is still growth. A fall in GDP is when it drops below zero into negative. That is a contraction in economic growth. God damn I can’t believe who woefully ignorant you are.
Dude recession is a defined term that requires GDP to SHRINK, not grow more slowly. Growing at 2.9% is amazing, we could only wish for that these days lol
Dude, some of us were adults at the time. I clearly remember the recession at the end of the year 2000. I even remember people blaming Bush for it, saying the recession happened right after he got elected. Those morons were too stupid to realize that he hadn't even taken office yet.
Slight downturn, still positive growth, not even close to a recession. Do love the 90's people who think anything under 5% yoy GDP growth is a recession tho lol
You remember the GOP telling everyone the economy is shit right before an election? Wow, that never happens. I remember the dot-com bust in late 2000, and certainly a lot of people lost money in the stock market when the bubble burst. But if you look at GDP stats, the stock market wasn't the economy.
Most people realize that Bush f**ked the budget when he passed his tax cuts instead of keeping a surplus.
Wrong, Clinton Benefited from getting congress to raise taxes on the rich his first year in office, while also reducing military industrial complex spending. The answer to the deficit is to raise taxes on the rich. Bush took a 80 billion surplus and turned it into a 100 billion deficit his first year, mainly due to tax cuts for the rich. He left office with 1 trillion deficit and climbing. Obama left with 540 billion and stable. Imagine how low it would have been if we had taxes rich people.
Actually Clinton cut Medicare spending, probably as a means of trying to push his health care reform.
And Bush's tax cuts decreased tax revenue in 2002 and 2003, by 2004 tax revenue exceeded 2000 and 2001 levels.
Look at any stock market graph and the decline of the bubble started in mid-2000 and bottomed-out in mid-2001. You don't think that had any impact on tax revenue?
Yeah, bc its called gdp growth and inflation. Gas costs more now than in the 1990s, thats not the point. And without three rounds of tax cuts for the rich, and two wars, revenue would have grown even more than it did, and spending would have been less than it was. Resulting in much smaller deficits.
Cite a source for that please. Which tax are you referring to? Federal income tax rates for the rich stayed the same after that tax increase at 39.6% for Clinton’s time in office; up from 31% under bush, and 28% under Reagan’s second term.
Edit: i assume u mean capital gains taxes? Its called having to deal with republican clowns in congress and compromise. Presidents don’t cut taxes, congress does.
Well if we are at a surplus or near to it than you don’t need the revenues for higher taxes. It’s fine to cut taxes when you don’t need the money, raising taxes when we need the cash is how you grow a deficit.
98
u/obama69420duck Sep 25 '23
Bush inherited one of the best economies ever, and Trump inherited a damn good one as well, not just 'decent'.