For Halloween, GDP Growth of 2.0% Dressed Up As “Steady Improvement”
Trick or Treat? Which could it possibly be?
Same situation in 1992 as in 2012: An incumbent president is bedeviled by a recession. Late in the cycle, there is a slight improvement. Although in Bush’s case, it was a lot more than slight improvement — we passed from recession to recovery before the election; the economy was already growing when Clinton took office.
If that’s not the way you remember it, that’s because the media didn’t want you to know that.
And, as Newsbusters shows in the magical time machine that never forgets, in 1992, Bush’s 2.7% GDP was reported in the New York Times as a “gross national letdown.” But in the same scenario, if you just change the incumbent party and make the GDP growth even lower, it’s “steady improvement.”
The Potemkin Village called. They want they want their façades back.