Economy: Dems vs. Republicans

A historic analysis of economic trends shows that the economy grew faster under Democratic presidents.

The stark contrast between the whiz-bang Clinton years and the dreary Bush years is familiar because it is so recent. But while it is extreme, it is not atypical. Data for the whole period from 1948 to 2007, during which Republicans occupied the White House for 34 years and Democrats for 26, show average annual growth of real gross national product of 1.64 percent per capita under Republican presidents versus 2.78 percent under Democrats.

Greater economic growth under Democratic presidents was also accompanied by decreasing income inequality.

It is well known that income inequality in the United States has been on the rise for about 30 years now — an unsettling development that has finally touched the public consciousness. But Professor Bartels unearths a stunning statistical regularity: Over the entire 60-year period, income inequality trended substantially upward under Republican presidents but slightly downward under Democrats, thus accounting for the widening income gaps over all.

Thanks for the tip, Jon.

Coming back to the current election, 66% of economists favor Obama compared to the 28% who support McCain according to a survey by the American Economic Association. (H/T: Political Wire)