“But the real problem with Clinton's sure-to-become-ubiquitous talking point [at the Democratic convention about job creation] is that it imputes to the President a level of power that he just doesn't have. Presidents don't get to wipe the slate clean and start the economy over from scratch; they must play the cards they are dealt. President Obama inherited a very bad hand indeed, with the bursting of the mortgage bubble. But he is far from alone in inheriting a bad hand.
His immediate predecessor, George W. Bush, inherited the bursting of the tech bubble that had helped make the late Clinton years seem so prosperous. George H.W. Bush inherited what was, at the time, the worst banking crisis since the Depression, courtesy of a real estate bubble that had left the country dotted with see-through office buildings that had been built on spec and never leased.
Ronald Reagan inherited stagflation from Jimmy Carter. Had Reagan been fixated on maximizing job creation in his first term, he never would have given political support to Paul Volcker's aggressive interest rate increases at the Federal Reserve, which succeeded in choking off inflation but at the cost of what was, at the time, the worst recession since the Depression.
Similarly, Richard Nixon inherited the inflation and various other distortions created by LBJ's guns-and-butter policies. Moreover, his elimination of those half million American jobs LBJ had created in South Vietnam was fairly popular, particularly among the men being displaced.”
Senator Blutarsky, blogger
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