Quote:
Originally Posted by Nodpete
Why, it's happened a lot of times and nothing changes.
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None of them has lasted half this long. The last long one, back in 1990, was certainly well remembered, and it ended after 20 days.
Folks today think Bush #1 was defeated because he raised taxes after pledging he wouldn't.
That's true, but in 1990, the year that the Reagan recession seemed to have finally been broken up at last, the summer shutdown dropped the country right back into a recession that wiped out all the economic gains of the previous months and the year before.
And it wasn't until 1992 that the U.S. finally recovered fully from that second recession. There were a lot of workers who had struggled for a long time before steady work finally came again in 1989, and they sure remembered 1990 in 1992.
Oddly, Bush's popularity also peaked in 1990 during Desert Storm. He was highly admired for the way he conducted that war by everyone.
If not for that recession, I think his tax increase would have been ignored in 1992. But 1990 bit our domestic industry very hard, and put the stock market into a solid, stagnant decline that persisted all the way into 1993.
The 1990 recession was also the pivotal year when many of our largest heavy industries began moving their production overseas or across the borders for the first time.
It was the year Bin Ladin started the Al Quida movement, and the year that set the stage for the rise of radical Islam's spread throughout the middle east.
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