Kenneth,
The there are three differences between Hoover and Bush's handling of the economy:
1. The Market Crash began when Hoover was President (not 9 months before taking Office as Bush).
2. Unlike President Bush, President Hoover didn't inherit a national economy that was clearly sliding into recession even as he was taking the Oath of Office (manufacturing jobs fell in October 2000, November 2000, December 2000, and January 2001).
3. Three years after the 29 Market Crash, the unemployment rate was 25%. Three years after the 2000 Market Crash the unemployment rate was around 6% (Germany for instance has a 10% unemployment rate).
Currently, according to the BLS, there are 138,600,000 people in America who are employed. In 2001, there were 136,933,000. In 2000 there were 136,891,000 employed Americans.
ftp://ftp.bls.gov/pub/suppl/empsit.cpseea1.txt
Sooner or later, a Democratic running for President, would have to explain how he would have avoided losing jobs, resulting from the 2000-2002 market crash and 2001 recession (since lowering taxes was such a bad idea). |
