The "Conventional Wisdom" on the economy is:
The Democrats are for higher taxes, higher spending, and big government.
The Republicans are for lower taxes and lower spending, and a small government.
The available data prove that this impression is WRONG.
Democrats have done a far better job of fiscal responsibility in the era from Carter to Bush 43. According to Wikipedia, in the period from 1978 to 2005 (figures were not available for Bush 43’s second term), Democrats have significantly outperformed the Republicans on three major measures of the government – spending, debt, and GDP.
Federal spending increased 9.9% under Democrats, 12.1% under Republicans. Let me repeat that – spending went up faster under Republicans than Democrats.
Federal debt increased 4.2% under Democrats, 36.4% under Republicans. Reagan tripled it, Bush 43 doubled it and left a hole behind him.
Gross Domestic Product increased 12.5% under Democrats, 10.7% under Republicans. Democrats are better for business than Republicans.
Fiscally responsible Republicans. Spendthrift Democrats. That’s the conventional wisdom. The only problem is that the facts don’t agree with the Wisdom. Does anyone look at the data, or are we too busy screaming talking points?
Isn’t it the Bush Financial Madness (2 trillion dollar tax cuts, a trillion dollar drug benefit, and two wars – not funded) the reason that we’re in this current deficit mess?
Any questions?