In a recent editorial, The New York Times’ David Leonhardt opined that the economy performs better under Democratic presidents than under Republicans. Leonhart misses a lot of economic history, choosing instead to criticize Republican presidents, who, he writes, “often clung to theories that they want to believe — like the supposedly magical power of tax cuts and deregulation.”
Leonhardt’s central thesis is that the supposed reason the economy has performed better under Democratic presidents is that “Democrats have been more willing to heed economic and historical lessons about what policies actually strengthen the economy.” History doesn’t necessarily reflect that view.
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