Matt Yglesias

The Record I

Paul Krugman takes a look at the broadest measure of unemployment:

Obviously, the President has only a limited influence over the course of the economy, but it’s not no influence.

16 Responses to “The Record I”

1. Arnold Evans Says:
   October 3rd, 2008 at 12:35 pm

   These axes: I wish the x axis went at least back to the start of Clinton’s first term to have two an entire other presidency to compare Bush’s to. And I wish the y axis started at zero, so that the visual range of change would correspond better with reality.

   If a Republican made this chart, I’d probably say it was deliberately designed to exaggerate its point. But since a Democrat made it, I’ll just roll my eyes a little.

2. daveNYC Says:
   October 3rd, 2008 at 12:43 pm

   U6 data only goes back to ‘94.

3. Gerald Fnord Says:
   October 3rd, 2008 at 1:59 pm

   As a good liberal (in the modern, superior, sense) I must be fair: the economic improvement in Clinton’s term might have something to do with the trimming of the deficit for reasons not under his control, and in fact against his wishes, in the form of a Republican Congress and the sex-scandal sideshow in the second term. (Actually it doesn’t hurt too much, since I always saw Clinton as an old-fashioned, moderate, Republican.)

   The increase in employment may also have had something to do with the same loose credit and Republicanoid regulation that has now entirely consumed our arse (having bit it months back) and now seems well-situated to start on our collective spine, or what’s left of it.

4. ResumeMan Says:
   October 3rd, 2008 at 4:21 pm

   Ummm…the deficit reduction was based on virtually the first actions in his first term, namely the Deficit Reduction package that he rammed through Congress in 1993 by one vote, without a single vote from any Republican. The bill that the Republicans swore was going to destroy the economy.

   Obviously other things happened after that. But the main thing that set things on the right path was that 1993 bill, which to be fair actually built on the 1990 (or 91?) compromise Bush I implemented, breaking his “no new taxes” pledge and doing as much as anything to doom his re-election.

5. Gerald Fnord Says:
   October 3rd, 2008 at 4:28 pm

   You’re right; I was wrong.

   However, I ‘ll also point-out that Clinton didn’t want to do this, if I understand the famous “Mr President-to-be, we’ve got a problem” talk he was given…maybe the first U.S.-Iraq War will eventually be seen as “Starve the Beast I” (I’m afraid we’re in the middle of the two sequels*, and just like the “Godfather”, the second sequel may drive some of us to suicide.)

   *”S.t.B. II: Heretic Boogaloo”, and “S.t.B. III: Attack of the Corrupt or Headless Ratings Agencies”.

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