February 15, 2009 at 04:43:58

A History of Recession in the United States 1950 to 2008

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There is a pattern here that is plain to all but the most partisan. Ten of the last eleven recessions have occurred under the direction of Republican economic policy. And history does repeat itself. Look at the three greatest slowdowns in US economic history, 1929, 1982, 2008, all three were attributed to poor economic and tight credit policy, all three featured deregulation and lack of oversight of the financial markets, and all three were presided over by a Republican President.

Recession/Depression of 2008 George W. Bush (R) greatest downturn since 1929, blamed on lack of regulation of financial markets and collapse of credit markets

Recession of 2001 George W. Bush (R) began in April of 2001, -marked the beginning of greatest deficit spending in all of recorded human history-

Recession of 1990-1991                   George H.W. Bush   (R)     Deregulation of Savings and Loan industry led to a collapse and panic, which led to election of Bill Clinton, who produced the greatest increase in jobs and wealth in all of recorded human history.

Recession of 1981-1982                    Ronald Reagan   (R)      At the time, the most severe contraction of economy since the Great Depression, massive deficit spending/deregulation ofmarkets, and tight fiscal policy in an effort to kill inflation were blamed for this downturn. *

Recession of 1980 1st & 2nd quarters    Jimmy Carter   (D)      shortest and least severe slow down, generally attributed to Iranian Revolution and increase in oil prices, -led to the election of Ronald Reagan-.

Recession of 1973-1975                     Richard M Nixon   (R)       OPEC's increase in oil prices and massive spending in the escalation of war in Vietnam led to stagflation, the second economic crash of Nixon's administration.

Recession of 1969-1970                   Richard M. Nixon   (R)      credited to Nixon's escalation of and massive spending in Vietnam War and OPEC's increase in price of oil

Recession of 1960 -1961                   Dwight D. Eisenhower   (R)       noted for high unemployment, low GDP, high inflation. JFK ended the recession by stimulating the economy 10 days after taking office

Recession of 1957-1958                    Dwight D. Eisenhower (R)   Eisenhower achieved the dubious distinction of achieving a second economic downturn on his watch, a record later matched by Richard M. Nixon, and George W. Bush.

Recession of 1953                             Dwight D. Eisenhower (R)   Increased outlays to National defense and restrictive credit policies blamed for this downturn

                  -The Standard of Economic Downturns in America Remains-

The Great Depression of 1929                     Herbert Hoover   (R)      -lasted for 10 years- Blamed on Hoover's economic policy and lack of regulation of financial markets
* "The Reagan Recession" which ran from the 4th quarter of 1981 thru the 1st quarter of 1982 is often categorized as starting under Carter's watch during the 2nd & 3rd quarters of 1980. By the end of the 3rd quarter of 1980 that brief recession had rebounded. Starting in the 4th quarter of 1980, 3 of the next 4 quarters produced increased GDP. Reagan's tight fiscal policy and deficit spending contracted the economy again in late 1981, producing unemployment of 10.8% and prime interest rates that hovered between 15% and 20.5%.

Sources:

Recession.org History
Wiki on List of Recessions
San Jose State Univ., Dept. of Economics on The Recession of 1980-1982
Wiki on Economic History of US

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Kohr is a Township Trustee and active in local politics and has for the last 14 years volunteered time lecturing at local schools on Native American history and culture. Kohr is the webmaster of "International Brotherhood Days," (more...)

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