The Truth about the Economy & Presidents - Election 2024

So in an election year the GOP loves to tell the lie that they are the best party for the economy. THEY ARE NOT. 

The Economic Truth.

Every Republican president from Reagan, to both Bush presidents, to Trump have caused a recession, increased the deficit and instituted policies that increased inflation. 

1. Ronald Reagan (1981–1989)

• Recession: Reagan inherited a severe recession in 1981-1982, which was triggered by high inflation (from the 1970s) and efforts by the Federal Reserve to curb it by raising interest rates. The recession ended in late 1982, and economic recovery followed.

• Deficit: Reagan’s policies, particularly large tax cuts (Reaganomics) and increased defense spending, led to significant deficits. The national debt tripled during his presidency.

2. George H. W. Bush (1989–1993)

• Recession: The U.S. entered a recession in 1990-1991, partly due to the savings and loan crisis and oil price shocks from the Gulf War. This recession contributed to Bush’s loss in the 1992 election.

• Deficit: Bush inherited large deficits and despite his famous "no new taxes" pledge, he raised taxes in 1990 to reduce the deficit. However, the national debt continued to rise.

3. George W. Bush (2001–2009)

• Recession: Bush’s presidency saw two recessions. The first was the mild recession following the dot-com bubble burst and the 9/11 attacks (2001). The second, more severe one was the Great Recession (2007-2009), caused by the housing bubble burst and the financial crisis.

• Deficit: The Bush administration saw a sharp rise in the national deficit, especially after the 2008 financial crisis and the wars in Iraq and Afghanistan. Bush also enacted significant tax cuts, which contributed to rising deficits.

4. Donald Trump (2017–2021)

• Recession: Trump’s presidency saw the sharp economic contraction due to the COVID-19 pandemic in 2020, which caused the most severe downturn since the Great Depression. However, prior to the pandemic, the U.S. economy was growing steadily.

• Deficit: The Trump administration enacted large tax cuts (Tax Cuts and Jobs Act of 2017), which significantly increased the deficit. The deficit further exploded in 2020 due to COVID-19 relief spending.