Perhaps Democrats can’t help themselves. They have to blame George W. Bush for our nation’s enduring economic woes because that’s what they were doing during his entire tenure in the White House — even before the economy went south. Paul Krugman kept predicting recessions that finally, like a stopped clock, he got it right. Megan McCardle once quipped that he “predicted eight of the last none recessions under the Bush administration.” So, I guess we could say that angry economist predicted nine of the last one recession under W?
With the president repeatedly reminding us how he inherited the recession from his predecessor, it seems he’s trying to get us all to believe, along with Krugman, that the entire Bush era was one of economic woe, that W was just another Herbert Hoover.
The problem with that narrative is that (Krugman notwithstanding), the economic downturn defined Hoover’s tenure, beginning barely seven months after he took office and lasting until he left the White House — more than three years later. For Bush, it only began nearly a full year after his party lost Congress — and after he had served well over 80% of his 8-year tenure.
Oh, and, one more thing. The main reason Hoover didn’t end the depression, as David Boaz reminds us, is that he didn’t follow Treasury Secretary Andrew Mellon’s advice:
Given that Obama’s adopted policies similar to those of Herbert Hoover, it’s no wonder we’re not seeing a robust recovery.