October 15, 2022
The primary strategy employed by Republicans in order to win the 2022 mid-term elections is to blame Joe Biden for inflation. While he may bear some responsibility by handing out too much cash during the pandemic, that was a long time ago and does not explain worldwide inflation today. Inflation today can be blamed on a lot of factors outside of his control, but that is not how the blame game works. When you are the President, you get blamed rightly or wrongly for everything that happens on your watch. Given that premise, let’s start playing the blame game.
Donald Trump is responsible for one of the worst economies under any President despite an oversized and unpaid for tax cut. During his four years, the economy grew only 1.6% annually, which was the country’s worst performance since Herbert Hoover. You say there was a pandemic, but that is not how the blame game is played. You take the job, you take the blame, which was something Trump was never very good at. He was, in fact, the Blamer-in-Chief.
Barack Obama, who was responsible for America’s carnage according to Trump, actually grew the economy 2.1% annually for eight years, but many Republicans considered this too tepid. He was dealt a bad hand by the previous President, inheriting the Great Recession, but that is the way it goes. He gets the credit or the blame, depending on how you look at it.
George W. Bush inherited one of the best economies of all time, and ran it into a ditch, growing the U.S. economy at a 1.8% annual rate. He presided over the Great Recession. Admittedly, he had a lot of help ruining the economy from Congress, regulators, banks, mortgage companies, ratings agencies and others, but he gets the blame because that is how it works.
It looks like Bill Clinton may be one of the great Presidents of all time. He gets credit for a whopping 3.7% growth rate for eight years. I guess he was good at multi-tasking.
Bush 1.0 generated 2.0 growth. Ronald Reagan, considered by many Republicans to be one of the great Presidents, produced 3.4% growth during his tenure while Jimmy Carter, considered by the same people to be one of the worst Presidents, also generated 3.4%.
In the end, it is easier to just blame the President for everything, whether or not he has any control or influence over the factors that drive the economy. Thanks for playing the game.