Now that Bubba left, I think it necessary to reflect on how and why he’s so admired.
First, he’s all the liberal Democrats have. They cannot peddle Jimmy Carter. All that’s left is Bubba. So let’s re-cap how we got here. For its more than a little irritating to view Clinton as an authority on much of anything. Any pontificating from either Clinton is worthy of a disciplined rebuke. So let’s begin with the facts.
Any Statesman who wishes to opine on the proper care and treatment of the national economy should consult Clinton’s true legacy.
Upon taking high office in 1993, President Clinton remarked that he inherited an economy that was far worse than he’d even thought. Turned out the economy he inherited was trucking along at 4% GDP. He did this to take credit for the impending recovery that was to take place. Nevertheless, he did so with great panache, for no one does partisanship better than William Jefferson Clinton.
What do I mean?
Badgered by a resurgent Conservative Congress, Clinton limited federal spending, acquiesced to welfare reform and announced the end of ‘big govmint.’ This along with very large increases in federal tax revenue generated by the dot-com bubble created the federal budgets excessive supply balance. However. . .
Bubba supported the underpinnings of the housing bubble including the repeal of two sections of the Glass-Stegall Act, he strengthened the Community Reinvestment Act and pressured the lowering of mortgage-lending standards (read Governor of NY Cuomo) that inflated our housing disaster only to leave office ripe for the busting.
The impact of this is discerned upon the formal Greenspan policy after 9/11 to lower interest rates contributing or worsening the housing bubble.
So much for what Presidents inherit!