Progress, Regress

8/9/2019 Progress, Regress

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P

conom

icPe

rform

anceUnd

erPreside

nts

BillClin

tonand

eorgeW.Bush


2/14

PPresident Clinton took ofce at a time o large

defcits and high unemployment. The country was

headed in the wrong direction ater more than a

decade o supply-side economics. President Clinton

turned the country around by adopting progressive

economic policies that ocused on reducing the

budget defcit, halting the widening gap between

rich and poor, and spurring innovation and invest-ment. By the end o his term, these progressive

policies had yielded the longest sustained period

o economic growth in American history and more

than 23 million new jobs.

Blue = Clinton


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Despite the clear success o progressive policies in

the 1990s, President Bush returned the country to

the ailed economic strategy o ocusing on the very

wealthy under the theory that their success would

trickle down to everyone else. It didnt work out

that way. President Bush cut taxes repeatedly or

high-income earners and on capital gains, with the

promise that those cuts would result in impressivegrowth or everyone. The rich were doing very well

ater eight years o supply-side policies, but every-

one else was alling back. Median incomes and

wages were down, poverty was up, job growth wasanemic, and unemployment was beginning to soar.

Red = Bush


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1

New jobs created in millions

Jobs

23.1

2.6

Unemployment reached a 30-year low inDecember 2000 under President Clintonseconomic policies. But job growth underthe Bush administration was the worstin any cycle in more than 60 years, even

beore the onset o the Great Recessionrom 2001 to 2007.


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2

Percent increase in ination-adjusted DP

conomic growth

35

16

President Clintons economic policiesresulted in the longest period o economicgrowth in U.S. history. The economy grewmore than twice as ast under PresidentClinton than it did under President Bush.


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3

Change in median household income in ination-adjusted dollars

Household income

The median household income increased by 14 percent duringPresident Clintons two terms in ofce, the highest increaseor any two-term president. Under President Bushs economic

policies, median household income decreased or the frst timesince the mid-1960s.

Allhouseholds

White

AricanAmerican

Hispanic

$6,

43

7

$6

,988

$8,

894

$

7,

494

-$3,

557

-$2,

875

-$1,

512

-$2,

197


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4

Change in median annual wage in ination-adjusted dollars

Wages

$5,

553

$394

$4

,692

Wages and salaries rose singifcantlyunder President Clintons economicpolicies. But men actually saw their

wages decline and womens wagesstagnated under President Bush.

Men

Women

-$1,8

75


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5

Percent change in the poverty rate

Poverty

President Clintons economic policies helped bring nearly

8 million people out o poverty by the end o his administration,but 8.3 million people ell back into poverty over the course oPresident Bushs two terms.

All

White

AricanAmericanHispanic

-3.5

1.9

-2.2

1.2

-10.9

2.2

-8.1

1.7


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6

Percent living in poverty

Child poverty

President Clinton achieved particularsuccess reducing the number o childrenin poverty, lowering the rate by more than6 percent during his two terms in ofce.Hal o those gains were erased duringthe Bush administration.

Overallpoverty

Childpoverty

92 94 96 98 00 02 04 06 08

22.7

16.2

19.0

11.3

13.2

15.1


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7

Percent change

Health coverage and pensions

Healthinsurance

Employer-based

health insurance

Pension

1.3

-1.7

-5.7

6.3

-6.7

5.9

The number o uninsured Americansdeclined under President Clinton, evenas the population grew. Yet healthinsurance converage declined andthe employer-based system began to

unravel under President Bush.


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8

Percent change in net business investment as a share of DP

Business investment

-1.9

2.3

President Clintons economic policies

resulted in more business investment,while President Bushs term endedwith less business investment.


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9

Percent change in budget balance and debt as a share of DP

Decits and debt

President Clinton inherited a defcitand turned it into a surplus, the frst

in 30 years. President Bush inheriteda surplus but handed o the largestdefcit in postwar history.

Publiclyheld debt

-13.4

5.5

Budgetbalance

7.0

-5.6

Publiclyheld debt

-13.4

5.5

Budgetbalance

7.0

-5.6


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10

Percent change in spending and revenue as a share of DP

pending and revenue

President Clinton balanced thebudget by taking aggressive steps toboth reduce spending and increase

revenue. President Bush took theopposite approach and slashed taxes,especially or the very wealthy, whilesimultaneously increasing spending.

Revenue

3.1

-3.1

Spending

-3.9

2.5


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Documents

Progress, Regress