Bob Gould: Who produces chaos? Who inherits chaos?

September 23, 2013 

A Sept. 18 letter writer said “Each president inherits chaos.” This is clearly an overstatement. In 1932, Roosevelt inherited chaos. In 2008, Obama inherited chaos almost as severe. In 1992, Clinton inherited problems. We had just had 12 straight years where the annual deficit increased every year increasing the debt by a factor of more than three. This was caused by major tax cuts for the rich (more than a factor of two) and deregulation of the savings and loans that cost the taxpayers $400 billion. Massive increases in defense spending also hurt.

After 12 years of deficit increases, Clinton produced eight years of deficit decreases ending with surpluses. In 2000, George W. Bush inherited no chaos. Everything was good and getting better. In 2008, when he left office everything was bad and getting much worse. Bush is the first two-term president to produce a decline in the stock market. In his eight years, 2 million jobs were created (these jobs were gone 3 months later). In Clinton’s eight years, 22 million jobs were produced. In summary, Democrats inherit chaos, Republicans produce chaos.



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