“One of the Republican Party’s major successes over the last few decades has been to persuade many of the working poor to vote for tax breaks for billionaires.” --Nicholas D. Kristof, NY Times, 11/3/04
Try your luck on this Economic Quiz from an article published in the Los Angeles Times (9/19/04). Guess which post-World War II president did best on these eight measures of good management of the nation’s economy:
1. The highest growth in the gross domestic product?
2. The highest growth in jobs?
3. The biggest increase in personal disposable income after taxes?
4. The highest growth in industrial production?
5. The highest growth in hourly wages?
6. The lowest misery index (inflation plus unemployment)?
7. The lowest inflation?
8. The largest reduction in the deficit?
...and the winners are: 1. Truman 2. Clinton 3. Johnson 4. Kennedy 5. Johnson 6. Truman 7. Truman 8. Clinton (note: They are all Democrats).
The same article pointed out:
· During the 20th century, the Dow Jones Industrial Average rose an average of 7.3% a year under Republican presidents. Under Democrats, it rose 10.3% (a 41% gain for investors).
· Since World War II, the National Debt increased an average of 9.1% a year during Republican administrations, but only 3.7% during Democratic administrations.
· Since World War II, Democratic presidents oversaw on average an unemployment rate of 4.8%. For Republicans, it was 6.3%.