Economics for Demmies

I keep hearing about the failed economics under Bush, so I thought I would see for myself.

For 6 years (2001-2007), Republicans controlled the Congress and the White House. During that time:

• The gross domestic product was up each quarter except one (3rd of 2001)
• The unemployment rate was the lowest in modern history (between 4-6%)
• The stock market (DJIA) was relatively stable, with a 20% drop in 2003 and 20% increase between 2005 and 2007 (from baseline of approx 10800 at Bush's first innauguration)
• Adjusted Gross Income is calculated in different ways. However you look at it, average income increased beginning in 2002 and continuing through 2006-7.

For 2 years (2007-2009), Democrats controlled the Congress and Bush was in the White House. During that time:

• The GDP was positive 4/7 quarters, with 2 of them being the first two after the Democrats took over and before there was a chance for their policies to have a significant impact.
• The unemployment rate, which had been steadily falling for 4 years, slowly rose for one year and then rose rapidly beginning 1/08.
• The stock market (DJIA), which had been relatively stable, took a speculative 12% rise between 1/07 and 10/07 before beginning its gradual, then rapid 204% descent (current as of this blog date).
• Adjusted Gross Income has begun to fall since 2007.

DocBrain has concluded that the failed domestic policies of the Republicans was actually a fiction, especially when compared to the new Democrat policies. My analysis suggests that, while things went south under George W. Bush after 1/2007, it was due to the effect of Congress under Democrat rule during the last two years of the Bush presidency. As we see now, Congress pretty much calls the tune when it comes to domestic funding. Even the most ardent supporters of Obama cannot say that Obama believes in every provision of the stimulus package. He has said it himself. As we must hold Congress responsible for much of the pork in the current bill, we must also hold them responsible for bad economic decisions under Bush as well. Republicans can be held responsible for agreeing to parts of the absurd political agenda of the Democrats, such as failure to oversee bad loans for unaffordable housing.