Monday, April 09, 2007
An ec 10 student calls my attention to a recent article in which White House spokesman Tony Fratto and Clinton adviser Gene Sperling spar about whether the Bush expansion or the Clinton expansion is better. The discussion seems to presume that presidents have tight control over the economy. Of course, they don't. The tools of fiscal policy are blunt, and there are many other forces at work that determine economic prosperity. Regardless of which expansion is better, it tells you little about the relative merits of the two presidents' economic policies.