The June 21 issue of BusinessWeek takes a look at Ronald Reagan's economic record. You probably noticed, as I did, that when Reagan died, there was a great amount of content in newspapers and on television that, had one not lived through the era, would have you believe that he was the greatest leader ever to lead a country.
I was still in high school when Reagan first came to power in the U.S. and he was there during most of my time at the University of Guelph. I did not think he was the greatest leader ever although 20 years ago, my opinion was probably shaped more by what peer group though than any rational examination of public policy. My peer group, for the record, did not think much of Reagan.
So now to BusinessWeek. The article says Reagan's “polices helped spur the 1980s boom and were integral to the high-tech revolution. But the poor paid a price.”
And here are BusinessWeek's numbers, presented in a chart, “How Reagan's Economic Record Stacks Up” I have re-arranged their presentation.
| GDP AAGR |
Consumer Prices AAGR |
Productivity AAGR |
Wages AAGR |
Unemployment Rate |
Poverty rate Total Change |
|
| 1 | Clinton: 3.6 % | Bush II: 2.0 % | Bush II: 4.5% | Clinton: 0.8% | Clinton:5.2% | Clinton: -3.1% |
| 2 | Reagan: 3.4 % |
Clinton: 2.6 % |
Bush I: 2.1% |
Bush II: 0.8% |
Bush II: 5.8 % |
Reagan: -0.9% |
| 3 | Carter: 3.4 % | Reagan: 4.1% | Nixon/Ford: 2.1 % | Nixon/Ford: 0.3% | Nixon/Ford: 5.8% | Nixon/Ford: -0.4% |
| 4 | Bush II: 2.7% |
Bush I: 4.1 % |
Clinton: 1.9% |
Reagan: -0.2% |
Bush I: 6.3% |
Carter: 1.9% |
| 5 | Nixon/Ford: 2.7 % | Nixon/Ford: 6.5% | Reagan: 1.5% | Bush I: -0.8% | Carter: 6.5% | Bush I: 2.0 |
| 6 | Bush I: 1.9 % |
Carter: 10.4% |
Carter: 0.9% |
Carter: -2.1% |
Reagan: 7.5%* |
Bush II: NA |
|
Stock |
Business Investment Avg as Share of GDP |
Federal Employment AAGR |
Federal Receipts Avg as share of GDP |
Federal Avg |
Budget Deficit Avg as share of GDP |
|
| 1 | Clinton: 11.2 % | Carter: 12.4% | Clinton: -1.4% | Bush II: 16.7% | Clinton: 19.6% | Clinton: 0.1 % |
| 2 | Bush I: 6.7% |
Reagan: 12.1% |
Bush I: -0.6% |
Bush I: 17.7% |
Bush II: 19.8% |
Nixon/Ford: 2.1% |
| 3 | Reagan: 6.0 % | Clinton: 11.4% | Bush II: -0.5% | Nixon/Ford: 17.8% | Nixon/Ford:19.9% | Carter: 2.4% |
| 4 | Carter: -3.4% |
Bush II: 10.6% |
Nixon/Ford: -0.2% |
Reagan: 18.0% |
Carter: 21.2% |
Bush II: 3.2% |
| 5 | Bush II: -5.7% | Nixon/Ford: 10.6% | Carter: 0.8% | Carter: 18.8% | Bush I: 21.9% | Bush I: 4.3% |
| 6 | Nixon/Ford: -6.0% |
Bush I: 10.4% |
Reagan: 0.9% |
Clinton: 19.4% |
Reagan: 22.3% |
Reagan: 4.3% |
Reagan had the highest unemployment rate of any postware President.
AAGR stands for Average Annual Growth Rate.
Bill Clinton's record looks pretty good in this light. By these broad measures
— measures that are reasonable symptoms, if you will, of the effect a national
government is having on an economy — Clinton looks to be one of the best-ever
post-war presidents. Clinton's numbers here are better than Reagan's in every
category save two: Federal receipts and business investment.