As we noted this morning, the nation’s gross domestic product grew by 2.5 percent in the 3rd quarter, which isn’t great by any means. It’s better than the 1.3 percent in the 2nd quarter, or the 0.9 percent in the first quarter. But we have to do better. Overall, the projections I’ve seen predict 2.0 percent growth next quarter and on into 2012, although those numbers may now rise a bit.
Again, not great.
It started me wondering, though: How does 2.5 percent growth or 2 percent growth compare to the economic growth rate back when we had an MBA president in the White House, rather than this business-hating Marxist?
For example, what was the average annual real GDP growth in President Bush’s second term, from 2005-2008? Anybody care to guess?
Here, I’ll give you some choices:
A. 1.85 percent
B. 2.65 percent
C. 3.2 percent
D. 4.1 percent
The answer is A., 1.85 percent.
Now, maybe it’s unfair to focus on Bush’s last four years. Maybe we should look at his presidency as a whole: What was the average annual growth rate of real GDP from 2001 to 2008?
A. 2.04 percent
B. 2.7 percent
C. 3.1 percent
D. 3.5 percent
The answer, once again, is A. In the eight years of the MBA presidency, real GDP grew by an average annual rate of 2.04 percent. I just thought that might be useful for those who want to keep things in perspective.
– Jay Bookman